1. China and the US have agreed to restart trade negotiations next month, which gave a boost to markets across the world. It will be the first time that the two sides would meet face to face since July. Since then US President Donald Trump has launched new tariffs on even more Chinese imports.
2. The rand gave back some of its gains this week after the release of a grim current account deficit number. The deficit grew to 4% of GDP, from 2.9% in the first quarter. The currency was last trading at R14.88/$.
3. FirstRand reported a 5% increase in its headline profit to R27.9 billion in the year to end-June. Almost two-thirds of its profit came from FNB, with the rest from RMB (25%), Westbank (7%) and its various other businesses, including the Aldermore Bank in the UK.
4. The share price of Capitec jumped more than 4% after the bank released a strong profit update. For the six months to end-August, its headline earnings per share rose by between 18% to 21%, the company said
5. The Competition Tribunal has conditionally approved a deal between South African Breweries and Diageo South Africa, which will see Diageo SA transfer some of its Smirnoff branded coolers to South African Breweries.
The 10 largest grocery chains in the world by sales
Reported by Áine Cain
Grocery stores are a ubiquitous sight across the globe.
But which companies boast the biggest chains?
The e-commerce insights firm Edge by Ascential recently ranked international grocery chains by net sales, as part of its July 2019 report on the state of the business.
The company calculated its estimates on in-store and online net sales for 2019 based on its database, Retail Market Monitor, which analyzes 2,500 retailers globally. The report also provided forward-looking estimates for in-store and, when applicable, online sales for 2024.
Edge by Ascential analysts draw on data from public sources in most cases, and the firm also makes its own estimates based on industry averages, comparable store formats, and historical performance.
The report found that retailers based in the United States snagged the top four spots on the list. Multiple non-US companies did make the top 10, however.
Here's a look at the biggest global grocers by overall net sales - and how they're expected to grow in the coming years:
10. Target
In-store net sales for 2019: $71 billion
Online net sales for 2019: $7 billion
Estimated in-store net sales for 2024: $79 billion
Estimated online net sales for 2024: $18 billion
9. Tesco
In-store net sales for 2019: $82 billion
Online net sales for 2019: $4 billion
Estimated in-store net sales for 2024: $89 billion
Estimated online net sales for 2024: $6 billion
8. Aeon
In-store net sales for 2019: $82 billion
Estimated in-store net sales for 2024: $110 billion
7. Carrefour
In-store net sales for 2019: $106 billion
Estimated in-store net sales for 2024: $124 billion
Estimated online net sales for 2024: $6 billion
6. Aldi
In-store net sales for 2019: $108 billion
Estimated in-store net sales for 2024: $135 billion
5. Lidl Kaufland
In-store net sales for 2019: $117 billion
Estimated in-store net sales for 2024: $145 billion
Estimated online net sales for 2024: $3 billion
4. Kroger
In-store net sales for 2019: $119 billion
Estimated in-store net sales for 2024: $135 billion
Estimated online net sales for 2024: $9 billion
3. 7-Eleven Holdings
In-store net sales for 2019: $120 billion
Estimated in-store net sales for 2024: $168 billion
2. Costco
In-store net sales for 2019: $151 billion
Online net sales for 2019: $7 billion
Estimated in-store net sales for 2024: $120 billion
Estimated online net sales for 2024: $168 billion
1. Walmart
In-store net sales for 2019: $503 billion
Online net sales for 2019: $49 billion
Estimated in-store net sales for 2024: $568 billion
Estimated online net sales for 2024: $101 billion
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