Bloomberg Tesco Plc is forming a purchasing alliance with French retailer Carrefour SA to increase its leverage with suppliers in a consolidating and price-squeezed supermarket business. The alliance between two of Europe’s largest retailers, with combined annual sales of about $171 billion, aims to enhance the companies’ clout in buying branded goods and private-label items as competition from discounters like …

Bloomberg Competition just got even tougher for Air France-KLM as yet another low-cost operator offers cheap transatlantic flights from Paris, while the Franco-Dutch carrier struggles with a top management void and labour strife. British Airways parent IAG SA started discount links between the French capital and Montreal on Monday through its low-cost arm Level, taking direct aim at Air France-KLM …

Bloomberg Trax, a Singapore-based startup serving the retail industry, raised $125 million in a funding round led by Boyu Capital as it advances plans for an initial public offering. The IPO could take place in the next 18 to 24 months and the company is already in talks with both the Nasdaq and New York Stock Exchange, CEO Joel Bar-El …

PUNTLAND / WAM Teams from the Khalifa bin Zayed Al Nahyan Foundation have begun the distribution of emergency relief assistance to Somali families in villages in Puntland State, northeastern Somalia, as part of phase two of a campaign launched to assist those ravaged by drought in the region. 900 tonnes of food aid is being delivered to help recipients endure …

Bloomberg BMW AG and Hyundai Motor Co urged the US not to impose tariffs on auto imports, joining General Motors Co in pressing their case to the Commerce Department even as a top aide to President Donald Trump dismissed the concerns as “smoke and mirrors.” “It seems that the threat to impose these sanctions is designed to achieve certain goals,” …

Bloomberg However paltry the S&P 500’s return in the first half of 2018, at least it rose. Going by history, it’s a signal the rest of the world’s equity markets may be able to take solace in. Books have closed on a tumultuous six months that saw volatility surge amid trade wars and a faster-moving Federal Reserve. But while the …

Bloomberg The weekend is offering some respite for Bitcoin investors. The bellwether of the cryptocurrency world rose 8 percent to $6,338.22 in New York on June 30, according to Bitstamp prices. The gain, which comes after the digital asset crashed through the $6,000 threshold for the first time since February, means the token has still lost about two-thirds of its …

Bloomberg A global trade war is looming and emerging markets are plunging. Time to pile into US stocks. That’s the message from Wall Street prognosticators, who have stuck with full-year forecasts during a first half that’s been anything but smooth. After a torrid start to the year, the S&P 500 plunged into its first correction since 2016 and spent the …

Bloomberg Canada’s oil industry just moved one step closer to getting some relief from its pipeline woes. Enbridge Inc’s planned $7 billion replacement and expansion of its Line 3 conduit, linking Alberta’s oil fields to refineries in the US, was given the green light by regulators in Minnesota, clearing the way for the project to move ahead. The state’s Public …

Bloomberg Ethiopia’s nascent energy industry is gathering pace, with a unit of China Poly Group Corp. starting test output of crude oil in a volatile border region and the government estimating initial annual income of $1.2 billion when gas exports begin from the area. Oil and gas income will be a major boost to the landlocked Horn of Africa nation’s …