|Bid||18.2450 x 0|
|Ask||19.0450 x 0|
|Day's range||20.1200 - 20.1200|
|52-week range||17.0150 - 20.5000|
|Beta (5Y Monthly)||0.92|
|PE ratio (TTM)||-0.00|
|Forward dividend & yield||0.51 (2.58%)|
|1y target est||N/A|
(Bloomberg) -- In the heart of New Delhi’s largest wholesale bazaar, merchants who normally compete with each other have united against a common enemy.“Amazon, Flipkart!” one merchant after another shouts into a microphone from a small stage in Sadar Bazaar’s central traffic circle. Some 50 other shopkeepers gathered around shout back in unison: “Go back! Go back!”The sit-in, which created more chaos than usual among the rickshaws, motorbikes and ox-carts plying the market road, was one of as many as 700 protests against Amazon.com Inc. and Walmart Inc. -- owner of local e-commerce leader Flipkart -- that organizers say took place at bazaars across India on a recent Wednesday.Predatory PricingIndia’s shopkeepers are mobilizing against the global e-commerce giants, alleging they are engaged in predatory pricing in violation of new rules meant to protect local businesses. At stake is the future of retailing in a country with 1.3 billion consumers, where Walmart and Amazon have sunk billions of dollars trying the crack the market and capture its growth potential.“Amazon and Flipkart are a second version of the East India company,” said Praveen Khandelwal, national secretary of the Confederation of All India Traders at the Delhi protest, referring to the British trading house whose arrival in India kicked off nearly 200 years of colonial rule. “The motive of Amazon and Flipkart is not to do business, but to monopolize and control.”India’s government in October announced an investigation into the allegations of predatory pricing. Amazon and Walmart said in statements to Bloomberg News last week that their operations comply with Indian laws, and that they act only as a third-party marketplace.The conflict comes amid a broader global backlash against the breakneck expansion of tech firms -- from protests by taxi drivers against an Uber-clone in Jakarta, to couriers for a Softbank-backed delivery startup creating a bonfire of their backpacks in Bogota in protest of low wages and poor benefits.Worsening PainIndia’s slowing economy -- it expanded at the slowest pace in more than six years last quarter -- and the accompanying consumption slowdown has worsened the pain of these neighborhood stores.Representing about 70 million small merchants who collectively control almost 90% of India’s retail trade, India’s shopkeepers union has shown itself to be a strong political force. The traders are an important part of the voter base of Prime Minister Narendra Modi’s Bharatiya Janata Party.“For a government, especially a government of the BJP, which has the support of small businessmen, it may not be prudent or politically advisable to totally ignore such demands,” said Sandeep Shastri, a political scientist at Jain University in Bangalore. “They would have to be seen taking some steps at least.”The union’s power is a significant reason the government has placed such onerous restrictions on foreign retailers -- including a minimum $100 million investment and strict local sourcing rules. Because of the hurdles, the likes of Walmart and Carrefour SA have all but given up on opening their eponymous stores in the country.The shopkeepers won a key victory against the foreign e-commerce players last year when the government tightened regulations on how the platforms are allowed to sell goods. The rules, aimed at creating a level playing field on pricing, forced Amazon and Flipkart to pull thousands of items from their virtual shelves and restructure large parts of their local operations.The changes, coming after Walmart announced its acquisition of Flipkart, threw the foreign companies into chaos and prompted analysts to question their India investments. With Amazon shut out of China and Walmart’s e-commerce performance in the U.S. decidedly mixed, both companies have settled on India as key to growth. Amazon CEO Jeff Bezos has pledged to spend $5.5 billion to win India, while Walmart’s $16 billion Flipkart deal was the retailer’s biggest ever.Now the shopkeepers are alleging Amazon and Flipkart are circumventing the rules with predatory pricing and deep discounting. They are demanding the government shut down the companies’ online marketplaces until they are in compliance.Amazon said its sellers have complete discretion on what price to sell their products. Flipkart said it provides sellers with data to help determine what product offerings will sell best at what price, but business decisions are ultimately the sellers’ to make.The flash point for the latest escalation was Diwali, a Hindu festival that’s occasion for a gift-giving bonanza akin to Christmas in Western countries. This year’s festival in October came amid a slowdown in consumer spending that’s hit everyone from carmakers to shampoo sellers. But while the shopkeepers union said its members saw as much as a 60% drop in Diwali sales, Amazon and Flipkart managed to report record revenue from the six-day festival.The shopkeepers union argued that the online holiday deals must be in violation of the new rules, prompting Commerce Minister Piyush Goyal to announce an investigation.“E-commerce companies have no right to offer discounts or adopt predatory prices,” Goyal said in October. “Selling products cheaper and resulting the retail sector to incur losses is not allowed.” Another government official said policy makers are looking at setting up a dedicated e-commerce regulator.A spokesperson for the commerce and industry ministry didn’t respond to an email seeking comment.Vinod Kumar, a 35-year-old shopkeeper selling women’s cosmetics in the Delhi bazaar, is looking for relief. Standing by his small stall, he picks up a bottle of a rosewater-based hair product. He sells it for 40 rupees (56 cents), but says customers can get it from Amazon or Flipkart for 30 rupees, with delivery right to their home.Heat, Crowds“If everything is available online, why would anyone come here to face the heat and the crowds?” he says. “My business is shrinking by the day.”Kumar says if the situation continues he may go out of business, as many other shops already have.Overall data show sales at traditional mom-and-pop shops are still growing in India. Though these stores have seen a decline in their share of total retail sales since 2014 as e-commerce and organized retail chains grab market share, the consumer market is expanding at such a pace that absolute spending with mom-and-pop shops increased nearly 60%, according to consultancy Technopak Advisors. That pace of absolute growth is projected to slow slightly to 50% over the next five years.That may be cold comfort to Muhammad Yusuf. The 72-year-old, who runs a jewelry shop at the Delhi bazaar, says he’s unable to match the prices online, has cut his staff from six employees to two and is in danger of not being able to pay rent.Yusuf is conspicuous in the e-commerce protest, however, in that he’s sporting a fleece jacket bearing the Amazon logo. Asked why he’s wearing it, he shrugs and says he needed something to keep him warm and found it in a clothing stall nearby. He bought it because it was cheap.(Updates with India’s GDP growth data in the eighth paragraph.)\--With assistance from Shruti Srivastava.To contact the reporter on this story: Ari Altstedter in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Rachel Chang at email@example.com, Jeff Sutherland, Bhuma ShrivastavaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
When the little known Ken Murphy takes over next year as CEO of Tesco, Britain's biggest retailer, he will inherit something current boss Dave Lewis did not have the luxury of when he joined in 2014 - a strategy and a stable business. When former Unilever executive Lewis became CEO of Tesco on Sept. 1, 2014, the supermarket group was already reeling from a dramatic downturn in trading. Three weeks later, an accounting scandal plunged it into the biggest crisis in its history.
Tesco boss Dave Lewis, credited with saving Britain's biggest retailer from collapse in 2014, will step down next summer after declaring its turnaround complete, handing over to a relative unknown catapulted into one of the sector's top jobs. Celebrating its 100th anniversary, Tesco is five years into a recovery plan launched by Lewis after an accounting scandal capped a dramatic downturn in trading. Successor Ken Murphy, a former executive at healthcare group Walgreens Boots Alliance, will become the second outsider to lead Tesco, following in the footsteps of former Unilever executive Lewis.
* China's conciliatory statement boosts European stocks * STOXX 600 +0.7%, FTSE 100 +1.2% * Tech stocks outperform, luxury underperforms * Pearson and Imperial Brands slump on profit warnings Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: rm://firstname.lastname@example.org A DEEPER LOOK INTO THE LONDON TRIO'S PROFIT WARNINGS (1009 GMT) A cigarette maker, an airline and an education group - what's the one thing in common between them today? Combined $5 billion has been wiped from London blue-chips Pearson, Imperial Brands and British Airways-owner IAG as they warned on full-year profits.
French retailer Carrefour SA has seen sales boosted by the use of blockchain ledger technology to track meat, milk and fruit from farms to stores and will extend it to more products to increase shopper trust, an executive said on Monday. Blockchain's digital tracking technology allows customers to see detailed information on products like when it was harvested or packed - reassuring them on the quality of items they buy and allowing them to avoid products with genetically modified organisms, antibiotics or pesticides if they want. Carrefour has launched blockchain information for 20 items including chicken, eggs, raw milk, oranges, pork and cheese, and will add 100 more this year with a focus on areas where consumers want reassurance, like baby and organic products.
HONG KONG/PARIS/FRANKFURT (Reuters) - Carrefour, Europe largest retailer, is exploring the sale of a minority stake in its loss-making business in China and has started sounding out potential buyers, people familiar with the matter said. Carrefour's China business is valued at around $1 billion (£784 million) and the retailer is working with BNP Paribas on the deal, the sources said. A Carrefour spokeswoman said on Friday: "There is nothing particularly new to say about the matter", when asked about China.
PARIS/FRANKFURT/BEIJING (Reuters) - Carrefour, Europe largest retailer, is exploring the sale of a minority stake in its loss-making business in China and has started sounding out potential buyers, people familiar with the matter said. Carrefour's China business is valued at around $1 billion and the retailer is working with BNP Paribas on the deal, the sources said. A Carrefour spokeswoman said on Friday: "There is nothing particularly new to say about the matter", when asked about China.
French retailer Carrefour and U.S. waste recycling company TerraCycle launched on Tuesday the test for their 'Loop' initiative which they hope will tackle the problems of plastic waste threatening to destroy the environment. The 'Loop' online platform will allow shoppers in the Paris area to buy orange juice, powder detergent or shampoo in reusable containers that do not result in waste. Users put down a refundable deposit via the Loop website when ordering products, which are delivered in reusable glass and metal bottles, and shipped in a tote bag to shoppers' doors.
PARIS (Reuters) - A sale of Carrefour's business in China is not on the agenda, a spokeswoman for the French retailer said on Wednesday in answer to market rumours that had sent the share higher. Carrefour's ...
20% of the top 10 global grocers will use blockchain for food safety and traceability by 2025, according to Gartner. “Blockchain can help deliver confidence to their customers, and build and retain trust and loyalty,” says Joanne Joilet, Senior Research Director at Gartner. “Grocery retailers are trialling and looking to adopt the technology to provide transparency for their products. Additionally, understanding and pinpointing the product source quickly may be used internally, for example to identify products included in a recall.” Walmart, for instance, is now requiring suppliers of leafy greens to implement a farm-to-store tracking system based on blockchain. Others, such as Unilever and Nestlé, are also using the technology to trace food contamination. “As grocers are being held to The post Grocery retailers take lead on blockchain adoption, Gartner appeared first on Coin Rivet.
Carrefour plans to axe 3,000 jobs at its large hypermarket stores in France through a voluntary scheme, more than previously announced, a spokeswoman told Reuters on Friday. Under an offer made to unions on Friday, it could increase the number of potential voluntary departures by 1,770 through an additional early retirement scheme, the spokeswoman said, declining to comment on the costs and potential savings that the plan could generate. Carrefour aims to sign an agreement with unions in mid-May and to carry out the plan in the second half of the year.
Carrefour wants to track 20% of all in-house products on the blockchain by the end of 2019. It currently uses the technology to track 20 out of its 300 Carrefour-branded products across the supply chain, and plans to add about 40 more over the coming months, says Carrefour Blockchain Programme Director Emmanuel Delerm. Carrefour has implemented blockchain pilots in six countries, including France, Italy, Spain, and China. Customers can access information about the origin of the product they’re buying by scanning a QR code on the packaging. “When we tested this feature in China – we tested it with a Chinese pomelo – we got incredible figures,” Delerm says. “Customers scanned one out of two (or three) pomelos to check The post Carrefour places big bet on blockchain appeared first on Coin Rivet.
* European stocks falter as cyclicals drag * Deutsche Bank, Commerzbank end merger talks * Nokia drops 9 pct after surprise quarterly loss * Q1 beat sends ASM International to all-time high * Huhtamaki ...
Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. European stocks are under pressure in early deals, with all the major bourses in the red after weakness in Asia and on Wall Street overnight and as investors digest a slew of poor earnings from Nokia to Peugeot and UK housebuilder Taylor Wimpey. Finnish telecom equipment maker Nokia is down 10 percent at 6-month lows and set for its worst day since late 2017 after it reported a surprise Q1 loss.
Carrefour's shares rose on Thursday after the French supermarket retailer reported late Wednesday that sales growth had accelerated in the first quarter of this year. Carrefour's shares were up 3.6 percent in early trading, helping to lift the stock price of its French rival Casino by around 1 percent. "While we expect the sales trend to slow in coming quarters, we see the new initiatives launched in Q1, including additional price investments and new formats as steps in the right direction," wrote Deutsche Bank analysts.
Carrefour said revenue growth accelerated in the first quarter, driven by robust sales in Brazil and an improving performance in the core French market where hypermarket sales turned slightly positive. Finance Chief Matthieu Malige said the quarterly performance "confirms and reinforces management's confidence in the relevance of the transformation plan initiated in 2018". Carrefour, which is Europe's largest retailer, is in the midst of a five-year plan it launched in January 2018 to cut costs and jobs, boost E-commerce investment and seek a partnership in China with Tencent.
Nestlé and Carrefour are working on a pilot that will apply blockchain technology to the Mousline instant mashed potato product, available in Carrefour stores around France. This is the result of the companies joining the IBM Food Trust platform. Using a QR code on the product’s packaging, shoppers will be able to access information on the production supply chain, including the varieties of potato used, information on quality control, and places and dates of storage prior to reaching the store. “This pilot is the result of a successful partnership with Carrefour and a great step forward on our blockchain journey. We are using this technology to bring more transparency to our products by providing accurate, trusted and impartial information. That The post Nestlé, Carrefour to track mashed potato brand with blockchain appeared first on Coin Rivet.
Carrefour plans to cut 1,229 jobs as it downsizes its large hypermarket stores in France under a plan to boost sales and profits at Europe's largest retailer, the Force Ouvriere union told Reuters. The plan, which is being discussed with the FO, CFDT and CFE-CGC unions, entails departures via a conventional collective bargaining agreement, said FO union representative Michel Enguelz. Carrefour had earlier confirmed to Reuters that it was in talks over a conventional collective bargaining agreement, but the company did not specify any figures over possible job losses.