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• Wal-Mart’s Asda Group announced that it plans the equivalent of more than $175 million (US) worth of price cuts in the first quarter of this year, on both food and nonfood items. CEO Tony Page said, "We're putting our money firmly where our mouth is with this multimillion investment in prices. Shoppers should expect to see even more aggressive cuts throughout the year - this is just the beginning."

Indeed, the move is expected to further ramp up the ongoing price war with Tesco.

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