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Tesco demands supplier price cuts in discount battle

Tesco demands supplier price cuts in discount battle

Business
Tesco has reportedly asked suppliers to agree price cuts as it steps up its battle with budget supermarkets.The move is part of its shift to an "everyday low pricing strategy", which will see it use fewer promotions.A Tesco spokesperson said: "We are committed to open, fair and transparent partnerships with all of our suppliers."Tesco has given suppliers a deadline of 10 July to agree, according to the Grocer.Several suppliers told the trade publication that they faced pressure from the supermarket to lower their prices.Some raised concerns over the timescale of the demands, as well as a lack of clarity over how the change in promotions would work in practice. Tesco shoppers buying more during fewer trips Tesco sells Polish supermarket business Tesco laun...
Cafe Rouge and Bella Italia owner cuts 1,900 jobs

Cafe Rouge and Bella Italia owner cuts 1,900 jobs

Business
Casual Dining Group, owner of Bella Italia, Cafe Rouge and Las Iguanas, is to cut more than 1,900 jobs and close 91 restaurants after calling in administrators.It blamed the "extreme operating environment" - which has seen restaurants shut since the start of the coronavirus lockdown in March. The closures represent more than a third of the company's 250 UK sites around the UK. It leaves around 4,050 employees still in work, with 1,909 facing redundancy. Image: 34 Bella Italia sites will shut It comes a day after Sky News revealed that specialist turnaround funds are vying to take control of the brands.The announcement adds to the grim toll of thousands of job losses already announced in recent days as the coronavirus jobs crisis deepe...
Hunger stalks children in Yemen as UN cuts aid programs

Hunger stalks children in Yemen as UN cuts aid programs

World
AL-HANABIYA, Yemen -- When Issa Nasser was born late last year in a village in northern Yemen, his weight was about 3 kilograms, or 6.6 pounds. Now, the 7-month-old infant weighs nearly the same — less than half the average weight for his age — and has wafer-thin skin and emaciated limbs. Issa’s condition mirrors what the U.N. children’s agency warned about last week, that millions of children in war-torn Yemen could be pushed to the brink of starvation as the coronavirus sweeps across the Arab world’s poorest country and as humanitarian agencies suffer from a huge drop in funding. The baby's father, Ibrahim Nasser, a 51-year-old displaced fisherman now living in the village of al-Hanabiya in the district of Abs in Hajjah province, said the family has spent most of Issa's months-long life
Canara Bank cuts repo-linked lending rate by 40 bps

Canara Bank cuts repo-linked lending rate by 40 bps

Finance
NEW DELHI: State-owned Canara Bank on Saturday announced reduction in its repo-linked lending rate (RLLR) by 40 basis points (bps) to 6.90 per cent. Meanwhile, the Bengaluru-based bank also slashed its marginal cost of fund-based lending rate (MCLR) by 20 basis points across various tenors. The revised lending rates will be effective from June 7, Canara Bank said in a statement. All new retail loans (housing, education, vehicle), credit to MSMEs are linked to RLLR. Many banks have passed on the benefit of reduction in 40 bps in repo rate announced by the Reserve Bank of India in May through cuts in their RLLR. Recently, some lenders, including Punjab National Bank, Bank of India and UCO Bank, slashed their lending rates linked to repo rate by 40 bps. With the reduction, it said the one-yea...
Renault cuts 15,000 jobs in major restructuring

Renault cuts 15,000 jobs in major restructuring

Business
Renault is cutting 15,000 jobs worldwide as part of a €2bn (£1.8bn) cost-cutting plan after seeing sales plunge because of the virus pandemic."This plan is essential," said interim boss Clotilde Delbos, who announced cuts in production to focus on more profitable car models.Some 4,600 job cuts will be in France, and the firm said on Friday that it had begun talks with unions.On Thursday, Renault's strategic partner Nissan unveiled huge job cuts.Renault, 15% owned by the French state, said six sites are under review. Nissan backs UK plant but protests erupt in Spain France announces €8bn rescue plan for car industry The company is slashing costs by cutting the number of subcontractors in areas such as engineering, reducing the num