Supermarket Asda is preparing to do battle with rival Morrisons in the £1.5bn (€1.68bn) auction of frozen food retailer Iceland, it was reported today.

The chief executive of Asda today said initiatives such as price-matching and the revamp of the supermarket’s upmarket Extra Special range helped trigger a return to sales growth in its third quarter.

Discount supermarket Aldi has slumped into the red in a sharp turnaround in fortunes following its boom year in 2008, figures showed today.

Asda must sell a quarter of Netto’s UK stores in order to gain clearance for its £778m acquisition of the discount chain, it emerged today.

British supermarket giant Asda said today it was snapping up the UK arm of discount retailer Netto in a move set to add another 193 stores to its estate.

BRITISH farmers have joined their Irish counterparts in an attack on low Irish beef prices.

The new owners of Somerfield cut their losses on the Kwik Save chain by selling the brand and the majority of its stores today.