Carrefour pulls out of Singapore


The world's second-biggest retailer, France's Carrefour, will be announcing half year results later today.

Carrefour has issued several profit warnings and seen its share price cut in half since 2010.

The company is now looking to turn around its business by pulling out of non-core markets and reducing costs.

It plans to cut up to 600 jobs in France, and earlier this week, the retailer announced it will stop operating in Singapore, nearly 15 years after it opened its first store in the Republic.

The BBC's Sharanjit Leyl reports on the low-cost competition Carrefour has been facing in Singapore.

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