Company Briefs: Deliveroo Amazon ANZ Bank
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Deliveroo
Deliveroo slashed projections for sales growth this year after the value of transactions on its platform grew more slowly in the latest quarter, reflecting challenges facing the delivery service's consumers.
The London-based company said gross transaction value was projected to rise 4 per cent to 12 per cent this year, after previously forecasting growth of 15 per cent to 25 per cent, according to a statement yesterday. Its stock was down around 60 per cent this year before yesterday's announcement as investors turned to profit-generating businesses rather than fast-growing and money-losing technology companies.
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Amazon
Amazon.com's grocery business in Britain will match prices on hundreds of everyday items to those offered by rival Tesco in an aggressive move against the country's largest supermarket chain.
Produce, meat and fish are among the categories that Seattle-based Amazon will match and lock to the prices offered by Tesco's Clubcard loyalty initiative, according to a statement on Monday.
Britain's grocers are battling to keep prices low for shoppers while coping with soaring inflation.
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ANZ Bank
Australia & New Zealand Banking Group will acquire Suncorp Group's banking operations for A$4.9 billion (S$4.7 billion) as it seeks to add customer growth. The lender will seek to raise about A$3.5 billion of equity to help fund the takeover of the smaller Brisbane-based business, according to a statement yesterday.
That is a 12.7 per cent discount to Friday's closing share price. Suncorp Bank will continue to be led by chief executive Clive van Horen who will report to ANZ's CEO Shayne Elliott. The deal is expected to complete in the second half of 2023.
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