DAILY BRIEFING: Asda sales keep growing; Elon Musk plans LA underground tunnel


DAILY BRIEFING: Asda sales keep growing; Elon Musk plans LA underground tunnel

City & Finance Reporter for the Daily Mail

Steady growth

Sales at Asda rose for the fifth consecutive quarter. The Walmart-owned supermarket booked a 0.4 per cent increase in like-for-like sales in the three months to the end of June.

Tunnel vision 

A 3.6-mile underground tunnel has been proposed in Los Angeles by Elon Musk’s Boring Company. The firm said the tunnel would carry ‘electric skates’ that carry passengers at 150mph from three possible metro stations to Dodger Stadium.

Upbeat: Sales at Asda rose for the fifth consecutive quarter

Upbeat: Sales at Asda rose for the fifth consecutive quarter

Upbeat: Sales at Asda rose for the fifth consecutive quarter

Car share 

Second-hand car site Auto Trader is joining forces with Cox Automotive, which provides market analysis, to create the business Dealer Auction. The joint venture is an online auction service for wholesale customers.

Swift exit 

The chairman of House of Fraser Frank Slevin has left after Sports Direct’s Mike Ashley bought the department store chain out of administration for £90million. Meanwhile, chief executive Alex Williamson is understood to have transferred to Sports Direct.

Flush sewer 

Hong Kong conglomerate CK Hutchison Holdings is ploughing an unspecified sum into UK sewer pipe monitoring business Nuron.

Slick service 

Oil services business Petrofac has hired a chief digital officer, Fady Sleiman, to improve its performance through tech.

New boss 

AIM-listed natural gas storage business Infrastrata has hired John Wood as chief executive officer to replace Adrian Pocock.

Health trading 

Former science minister Lord Drayson’s healthcare start-up Sensyne is today to begin trading on London’s junior market after raising £60million. The artificial intelligence firm, which analyses NHS patient data for medicine companies, is valued at £225million.

Name change 

Gold explorer Stratex International, listed on AIM, plans to change its name to Oriole Resources.

Room upgrade 

Hotel booking site Roomex, which is used by businesses including Dairygold and Mitsubishi, has raised £717million to build its business in a funding round led by technology investor Draper Esprit.

Profits boost 

Mutual life and pensions firm Royal London has reported a 9 per cent rise in first half profits to £358million. Funds under management rose £3billion to £117billion.  



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