business news in context, analysis with attitude

• The New York Times reports this morning that Tesco will pay $554 million (US) "to set up a new joint venture supermarket business in China with a state-run partner," China Resources Enterprise, described as "a huge Chinese supermarket and convenience store operator with about 3,000 outlets in China and Hong Kong."

Tesco will roll its existing and unprofitable China business, with 134 stores, into the new venture.

‘‘Through this deal we have a strong platform in one of the world’s most exciting markets, and it will move us more quickly to profitability in China,’’ Philip Clarke, the chief executive of Tesco, said in a news release Wednesday.
KC's View:
Is it just me, or does it seem like Clarke is spending a lot of time cleaning up messes - China, Fresh & Easy - left over from the previous administration?