UPDATE 1-UK's Asda promises 1 bln stg investment in price cuts
November 14, 2013 at 10:02 AM EST
LONDON, Nov 14 (Reuters) - Supermarket chain Asda, the British arm of Wal-Mart Stores Inc, said it would spend over 1 billion pounds ($1.6 billion) on price cuts and product innovation as it looks to expand its share of the UK grocery market.