After nine years, Tesco gives up on China

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After nine years, Tesco gives up on China

by Wochit 0:59 mins

After nine years, Tesco gives up on China

by Wochit 0:59 mins

After nine years in China, British supermarket firm Tesco is to fold its unprofitable operation into a state-run company as a minority partner, becoming the latest foreign retailer to give up on trying to crack China. The price of oil rose above $105 a barrel as positive economic news from China outweighed expectations that the U.S. Federal Reserve would soon start withdrawing its bond-buying program. Herbalife said that China has granted it a license to conduct its direct-selling business in Yunnan province Government data showed Surprisingly strong rebounds in China?s exports and imports in July, after more than two years of slowing growth, although an imminent rebound still looks improbable.

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