2023

LONDON (Reuters) – British supermarket group Asda said on Monday retail director Ken Towle is leaving the business less than ten months after starting the job. Asda, owned since 2021 by brothers Mohsin and Zuber Issa and private equity company TDR Capital, said the departure of Towle, who was responsible for the group’s over 600…

New York (Reuters) – A team of Reuters reporters on Monday won a George Polk Award for reports that revealed the widespread use of child labor among suppliers to Hyundai Motor Co in the U.S. state of Alabama. The series of stories, “Undocumented and Underage,” has prompted at least 10 probes by U.S. and Alabama…

LONDON (Reuters) -Tesco, Britain’s biggest retailer, will raise the hourly pay rate for store workers by 7% from April, another increase that will likely catch the attention of the Bank of England, which is worried about inflationary pressure in the economy. The supermarket group, one of the country’s largest private sector employers, said store workers…

By Vera Eckert FRANKFURT (Reuters) -Germany will do most of the work this year to prepare its power market for greater reliance on renewable supplies by the end of the decade, Economy Minister Robert Habeck said on Monday. Habeck aims to overhaul the 550 terawatt hours a year (TWh) market as demand increases and production…

By Noah Browning LONDON (Reuters) -Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia’s plans to rein in supply. Brent crude rose 59 cents, or 0.7%, to $83.59 a barrel by 1020 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday,…

STOCKHOLM (Reuters) -Telecoms gear maker Ericsson plans to cut about 1,400 jobs in Sweden as part of a broader plan to reduce costs globally, it said on Monday. The company had earlier announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including…

By Emily Chow SINGAPORE (Reuters) -Oil prices rose on Monday amid optimism over China’s demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. Brent crude rose 70 cents, or 0.8%, to $83.70 a barrel by 0720 GMT. U.S. West Texas Intermediate (WTI) crude for March,…

ZURICH (Reuters) – Novartis on Monday announced the appointment of Gilbert Ghostine as chairman-designate of Sandoz, the generics unit Novartis wants to spin off later this year. Ghostine has been CEO of Geneva-based Firmenich, the world’s largest privately owned perfume and taste company, since 2014. He will become the chairman of the new board at…

By Rae Wee SINGAPORE (Reuters) – The dollar was on the front foot on Monday, supported by a strong run of economic data out of the United States that traders bet will keep the Federal Reserve on its monetary policy tightening path for longer than initially expected. The greenback firmed slightly against most major currencies…