Some unpleasant developments for employees in the UK as well as in the US, where a cost-cutting plan with massive layoffs is expected to be revealed. The title of the world’s most valuable publicly traded company has changed hands, and the British supermarket price battle is being joined by an additional contestant to challenge the discounters. Find out more about those stories and what is happening in other parts of the retail world. Enjoy!
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Cutting costs and prices Tesco reviews its pay rates for bank holidays, Sundays, late nights and overtime hours +++ Morrisons has announced it will be reducing prices on more than 1,000 items, and the founder of easyJet, Sir Stelios Haji-Ioannou, has launched easyFoodstore, a discount food store selling everyday groceries for 25p each.
Looming deadline Sainsbury’s formal offer for the Home Retail Group, which is expected to be at the agreed price of GBP 1.3 billion, is due by 5pm today. However, Sainsbury’s could seek an extension to the deadline in order to complete due diligence.
Some struggle, some succeed Once Yahoo will have reported its fourth-quarter results today, it is expected to reveal cost-cutting plans that include the shortening of 15 % of its workforce and closing several business units +++ Google's holding company Alphabet surpasses Apple as the world’s most valuable publicly traded company.
Tariff boosts Egypt has raised tariff rates on a wide range of imports. The new decree affects hundreds of items with customs tariffs raised by as much as 100% on items such as some fruits and nuts, while duties on other goods were increased by 25-50%.