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•  In the UK, "Asda has begun a discounting push and overhaul of its product ranges as the billionaire Issa brothers put their stamp on Britain’s number three supermarket.

"The chain told customers this month that it had slashed the prices of some ranges including desserts and baking products. More cuts are expected to be introduced as early as next week, industry sources said. Some product ranges are meanwhile due to be pared backed by as much a quarter.

"The moves come after Asda said it would invest £100m in discounts and advertising as the price wars between grocers heat up against a tough economic backdrop for consumers.  The Issa brothers, backed by private equity firm TDR, are understood to want to focus on low prices to go head-to-head with the German discounters Aldi and Lidl."