India’s cabinet was met with opposition from large sections of the parliament, because of the decision that foreign companies can now own 51% of multi-brand retail stores. After Campbell Soup Co. posted a drop in first-quarter profits and Metro Group appointed a new CEO, both companies have work ahead of them. Meanwhile, General Mills blasted research that the lining of some soup cans increases levels of bisphenol A (BPA).
“We’re confident that the government, after seeing the value we bring to India and its people, will view this opening as a first step in further liberalizing FDI in retail” – President and CEO of Wal-Mart Stores International Doug McMillon welcomes the government of India’s decision for allowing 51% FDI in multi-brand retail.
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“We have more hard work ahead, and we won’t rest until we change the growth trajectory of the company” – Campbell’s president and CEO Denise Morrison said there is “hard work ahead” after the company posted a drop in first-quarter profits.
“We only have a few years left to act – all companies, even some of the top performers, need to move faster. Only then can we get rid of irresponsible oil palm plantations and end the unacceptable impacts of the industry on forests, wildlife and communities” – Adam Harrison, senior policy officer for WWF UK, speaking about the need for greater commitment to using sustainable palm oil from food companies.
“The excreted levels supposedly measured would be approximately 185 times below established US guidelines for safe exposure via consumption. It is questionable science, and poorly designed at that” – General Mills blasted research claiming that levels of industrial chemical BPA increased when volunteers consumed canned soup.
“The positive aspect is that Mike Clarke is now in command of a senior team that he has been able to fashion entirely around his own imperatives and requirements” – Investec analyst Martin Deboo said the appointment of Mark Moran as CFO will now mean CEO Michael Clarke now has a leadership team fashioned on his own last.
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By GlobalData“The former CEO, Dr Cordes, firmly set in place Metro’s international expansion efforts and e-commerce platforms and I think these will continue to be the priorities for the group in the years ahead” – Analyst Simon Chinn at Conlumino said new CEO Koch’s key priorities for the group should be international expansion and building e-commerce.
“The review is now well underway and, although not yet complete, it has identified significant efficiency gains and substantial cost savings, some of which have already been realised” – Goodman Fielder chairman Max Ould said a ‘strategic review’ is currently underway as he admitted disposals will be necessary to stabilise the troubled company.
“[This] again shows the limits of the quota mechanism and its structural shortcomings” – EU Agriculture Commissioner Dacian Ciolos attacked the EU’s sugar production quota straitjacket and wants the system scrapped by 2015.
“Following recurring rumours about the potential replacement of Carrefour’s CEO, the board of directors of the company formally denies all information published in the press on that subject” – Carrefour refuted talks that CEO Lars Olofsson is set to be replaced by Georges Plassat, former head of the French retail giant’s operations in Spain.
“This is a unique opportunity to turn our growth ambitions into reality. With this deal we take second position in the Dutch retail landscape. I’m impressed with what C1000 has achieved in recent years and we are confident that together we will be successful” – Frits van Eerd, CEO of Jumbo believes the deal will create Holland’s number two retail chain.
