PRESS DIGEST - BRITISH BUSINESS - JAN 15 =6
Wal-Mart (WMT.N) is planning to compete directly with Tesco's (TSCO.L) Fresh & Easy format by opening four similar pilot stores in Arizona. Experts say the move could have expensive implications for Tesco as Wal-Mart's prices are likely to be lower due to its 'intense purchasing power'. Wal-Mart also has wider and deeper U.S. consumer data than Tesco and therefore may better align the merchandise of its shops.
HANDS RAISES 250 MILLION OPUNDS TO FUND EMI OVERHAUL
Guy Hands has raised 250 million pounds in new equity to fund the planned shake-up of EMI. Mr Hands will today detail restructuring plans for EMI to the company's staff, managers and artists, and is expected to announce up to 2,000 job cuts in the recorded music division and a substantial reduction of the roster of artists. At present only about 15 per cent of the artists on EMI's books make the company any money. The new funds will enable Terra Firma to pay for job cuts and bolster EMI's balance sheet as it looks to meet its obligations over its 2 billion pound loan facility with U.S. investment bank Citi.
Prepared for Reuters by Durrants.
