Elon Musk launches 'America Party'
Posting on X on Saturday evening, Musk wrote: “By a factor of 2 to 1, you want a new political party and you shall have it! Today, the America Party...
Tesco is set to respond to Asda’s price-cutting strategy as it reports full-year results. While Asda aims to reclaim market share with lower prices, analysts question its sustainability. Tesco, with a strong balance sheet, expects steady growth despite rising costs.
Tesco is poised to address the pricing challenge posed by rival Asda when it reports its full-year results on Thursday. Asda, the UK’s third-largest grocer, recently announced a strategy to cut prices to reclaim lost market share, even if it means sacrificing profits. However, many analysts are sceptical about Asda's ability to sustain a price war, citing rising prices in the UK grocery market and questioning whether its majority owner, TDR Capital, will provide enough financial backing.
In contrast, Tesco and its close competitor Sainsbury's both have stronger balance sheets, positioning them to better weather the pricing storm. Tesco's market share has remained robust, with the latest data showing a 27.9% slice of the UK grocery market, a slight increase from the previous year. Analysts believe Tesco, along with discount chain Aldi, has a solid strategy in terms of price perception and doesn't need to react aggressively to Asda’s move.
For the year to February 2025, Tesco expects a retail adjusted operating profit of around £2.9 billion, reflecting steady growth despite rising operational costs. Analysts predict continued growth for Tesco in 2025/26, even as market pressures mount.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
Following a deadly glacier collapse in Blatten, near the Swiss Alpine village of Kandersteg, the town is on high alert as melting permafrost and shifting rock threaten another potential disaster after it was buried a month ago.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Microsoft is closing its direct operations in Pakistan after 25 years, shifting to a partner-led model to serve the market.
The European Union will drastically reduce imports of Ukrainian wheat and sugar, by up to 80%—to protect its farmers, a move expected to shift Ukraine's exports toward Asia and Africa.
The Bank of England has launched a public consultation on future banknote designs.
Unexpected weakness in Germany's manufacturing orders in May signals ongoing uncertainty in industrial demand, despite a yearly rise and sector-specific gains.
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
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