Political disruptions have pushed back Alibaba's Hong Kong IPO, while Amazon set ups its biggest campus worldwide in India. In Europe, M&S has lost Saudi Arabian partner Fawa Alhokair, and Morrisons shuts up shop in London. Meanwhile, Walmart sues Tesla over solar panel fires. Read on, and enjoy the rest of your day!




Thursday, 22 August 2019





Hello ,

Political disruptions have pushed back Alibaba's Hong Kong IPO, while Amazon set ups its biggest campus worldwide in India. In Europe, M&S has lost Saudi Arabian partner Fawa Alhokair, and Morrisons shuts up shop in London. Meanwhile, Walmart sues Tesla over solar panel fires. Read on, and enjoy the rest of your day!




Europe


Having doubts ▪ Marks & Spencer is no longer in a partnership with Fawaz Alhokair. The Saudi Arabian retailer has retreated from its franchise deal with the British retail group along with several other stores which are seen to be 'underperforming.'



Shaky ground ▪ The Morrisons located in Crawley, London, is shutting up shop. The store has been open only 5 years, and 128 jobs will be affected by the closure. Other forces are also crowding around the supermarket chain, with overseas investors reportedly interested after the drop in the pound.



Reporting results ▪ Portuguese retail giant Sonae has seen an 11% rise in sales for the first half, going up to almost EUR 3 billion. Meanwhile, fashion retailer TK Maxx's owner TJX has raked in over GBP 1 billion in second quarter sales.




United States


Amazon expansion ▪ The online retailer has opened its biggest campus yet. The outpost is located in India, which is rapidly becoming one of Amazon's biggest growing markets. It will cover almost 10 acres, and house over 15,000 employees. The e-commerce titan has also launched a new website in Israel, catering to local sellers.



Fiery lawsuit ▪ Walmart is suing Tesla after the solar panels installed in hundreds of the world's biggest retailer's stores caused several fires. Walmart has accused the automotive and energy company of 'widespread negligence,' and wants to remove the panels from all of its locations.



Going strong ▪ Thanks to a star-studded Q2 Target's stocks have skyrocketed by 20%. The US discounter's market value has been put at USD 52.67 billion, up from 43.819 on Tuesday. Budget home decor retailer At Home Group is also pushing forwards, with three new locations planned.




Asia


Protest disruption ▪ Alibaba will be delaying its potential USD 15 billion Hong Kong IPO, according to sources close to the company. The swathe of protests and political unrest in the region have caused market concerns, and the online powerhouse will possibly launch the deal in October.



Beverage moves ▪ Asia-Pacific bottling giant Coca-Cola Amatil has revealed a special dividend for shareholders as baseline profits increase. Meanwhile, the company will also be ensuring that any bottles of less than a litre will be made entirely from recycled plastic by the end of the year.



Backed up ▪ Eastern Ventures, a Jakarta-based venture capital fund has managed to pull in USD 75 million from investors including the co-founders of both Facebook and Alibaba. The company will be using the funds to invest in start-ups in Indonesia.




Environment action


Plastic progress ▪ German discounter Lidl is implementing reusable mesh bags for fruit and veg in all of its stores across the its home country. The bags are 49c each, and will help reduce the use of single-use plastic. The move comes after the bags were introduced in Belgium.



Flushed away ▪ In a UK first, upmarket grocer Waitrose has introduced a wet wipe that is sewer friendly. The plastic free product has been given the 'Fine to Flush' all-clear by Water UK, meaning it will break down effectively if flushed.