Tesco boss vows to make discount chain Jack’s the ‘cheapest in town’. Tesco (TSCO) has vowed to be the “cheapest in town” as it threw down the gauntlet to Lidl and Aldi by launching the discount chain Jack’s. The supermarket giant has created 1,800 Jack’s own brand products as part of a £25m investment, which will lead to 10 to 15 discount stores being rolled out in the next year. Chief executive Dave Lewis said it would cater to the “economically challenged that need a bargain and the affluent shopper that wants a bargain,” as he revealed the chain in Chatteris, Cambridgeshire.
Competition watchdog confirms probe of Sainsbury’s-Asda merger. The Competition and Markets Authority (CMA) is to move to a further in-depth investigation into the proposed merger between Sainsbury (J) (SBRY) and Asda. Earlier this year the CMA opened its Phase 1 investigation and have now opened a Phase 2 inquiry after confirming that the deal raises sufficient concerns.
Northgate (NTG) suffers investor rebellion over executive bonuses. Almost 60% of shareholders who voted at Northgate’s annual general meeting (AGM) voted against proposed changes to executive bonuses. These changes will remove the earnings per share (EPS) performance measure from bosses’ long-term incentive (LTI) plans. Instead, the awards will be judged on total shareholder returns.
Sky (SKY) will include Netflix in its pay-TV packages for the first time from November, using the popularity of the streaming service to increase uptake of its own on-demand programming and latest set-top box. Netflix will be bundled with Sky’s own boxsets of programmes such as Succession and Patrick Melrose in an add-on costing £10 per month on top of a subscription.
The head of supply chain at B&Q owner Kingfisher (KGF) is stepping down halfway through the company’s five-year transformation plan as the retailer unveiled tumbling profits. Arja Taaveniku, who joined from Ikea three years ago to shake up the operation as chief offer & supply chain officer, will be replaced by Henri Solère, who has worked for Kingfisher for 11 years and was previously in charge of its Bathroom range.
London buses take shine off Stagecoach’s regional growth. Stagecoach Group (SGC) has endured a mixed summer, with London bus contract losses taking the shine off a strong performance on its regional services. UK bus operations outside the capital grew by 3.2% on a like-for-like basis over the 16 weeks to August 18. However in London Stagecoach missed out on a string contract tenders and was hit by escalating fuel and staff costs. Like-for-like revenue in the capital shrank by 2.2%
Questor: it may be selling Costa but Whitbread (WTB) will remain an ‘extraordinary’ business
