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UK
retailer Tesco enters US
London: Britain's biggest retailer Tesco Plc has
entered the US market and will initially set up its US
grocery stores, "Fresh & Easy Neighborhood Market",
in the greater Phoenix area. Tesco, with stores in 12
countries, said it has secured 20 sites in and around
Phoenix and additional locations were being researched.
It is also focusing on Las Vegas, Los Angeles and San
Diego with the stores due to open later this year.
Tesco
said it has enjoyed strong success in countries throughout
Europe and Asia and is excited to bring that success to
America.
Tesco's
announcement is the first major unveiling of the plans
for its US stores. Until now, it was a closely guarded
secret due to the intense competition in the US retail
market from competitors like world leader Wal-Mart Stores
Inc.
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Nortel
Networks to slash jobs
Toronto: Nortel Networks Corp. plans to cut 2,900
jobs, or 8.5 per cent of its workforce, over the next
two years in the US and shift another 1,000 employees
to lower-cost locations like China, India and Mexico as
the company struggles to shore up its profits.
Nortel,
which currently employs about 34,000 workers, said it
will also reduce its global real estate portfolio by 500,000
square feet in 2007. At the end of 2006, Nortel occupied
about 11 million square feet of real estate.
The
news sent shares of Nortel jumping C$1.28, or 4.2 per
cent, to C$31.95, on the Toronto Stock Exchange. In New
York, the stock was up $1.09 at $27.02.
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Cisco's
profit, higher than expectations
New York: Cisco Systems revealed a stronger-than-expected
outlook and quarterly profit as demand for network equipment
to handle Web traffic was as strong as ever. The company's
shares shot up 5 pc on the news.
Cisco
chief executive John Chambers forecast revenue in the
fiscal third quarter to grow 19 pc to 20 pc against an
average 17 per cent forecast from Wall Street analysts.
Net income for the fiscal second quarter ended January
27 rose to $1.9 billion, or 31 cents per share, from $1.4
billion, or 22 cents per share, in the same quarter a
year earlier.
The
California-based company has also been expanding into
video, as seen in last year's acquisition of cable set-top
box maker Scientific-Atlanta.
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