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CBS News reports that Tesco, the British-based retailer planning a major foray into US retailing, has acquired close to 90 acres of land in Riverside, California, where it plans to build a new distribution center.

• The New York-based Conference Board said yesterday that its June confidence index rose to 106.5 from a revised 105.4 in June. Analysts had expected a drop to 104.

• Ahold-owned US Foodservice announced that it has acquired Savage Foods, a St. Louis-based custom meat processor that distributes to independent restaurants, hospitality and lodging customers and other foodservice businesses.

• Hallmark announced that it will launch a bi-monthly magazine next month that will help them “feel connected and celebrate life,” and that will focus, among other things, on food and nutrition issues. The premiere issue will carry 30 ad pages from the likes of Estée Lauder, Unilever, and Kraft.

• Time Inc. announced that the September issue of “Teen People” will be the last, but that it will maintain the property’s website as a way of engaging the magazine’s target audience.

• McDonald's Corp. on Tuesday said it will sell its remaining stake in the Chipotle Mexican Grill chain by the end of October to focus on its traditional hamburger restaurants.
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