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LONDON (Reuters) – British retailer Marks & Spencer, seeking to avoid a repeat of last Christmas when its performance was ruined by excessive food waste, is rolling out a supply chain programme it says will crack the problem.

Reporting on festive trading in January, two months before the COVID-19 pandemic brought much of Britain to a standstill, Chief Executive Steve Rowe said that while M&S had enjoyed record food sales its profit margins were dented by high levels of waste.

M&S normally accounts for just over 3% of the UK grocery market but at Christmas it punches above its weight, selling, for example, one in four of all fresh turkeys consumed.

Nevertheless, the group has been dogged by food availability issues and waste levels that are amongst the highest in the industry.

For Rowe, attempting to boost M&S’s fortunes after a decade of failed reinventions, the antidote to waste is

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KEY POINTS

  • The move is expected to create thousands of green jobs
  • Investments of over $35B were seen in offshore wind in the first half of 2020 
  • U.K. leads Germany, China, and Denmark in offshore wind power

British Prime Minister Boris Johnson pledged Tuesday to tap United Kingdom’s offshore wind energy to power every home in the country by 2030, to be a part of the world’s shift away from fossil fuels.

“As Saudi Arabia is to oil, the U.K. is to wind—a place of almost limitless resource, but in case of wind without the carbon emissions and without the damage to the environment,” Johnson said in a statement.

Johnson’s government launched a new target to generate 40 Gigawatt of energy by 2030. This is 15 times more than what offshore wind currently delivers across the world and four times more than U.K.’s own offshore wind capacity, according to The

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Walmart
WMT
has tied up a deal to sell the U.K. supermarket group Asda Group to gas station tycoons the Issa brothers and private equity firm TDR Capital for £6.8 billion ($8.8 billion) after a merger with Sainsbury was blocked last year.

The transaction—made on a debt-free and cash-free basis—is set to close in the first half of 2021 subject to the usual regulatory approvals. Under the new ownership structure, the Issas and TDR Capital will have majority ownership of Asda through equal shareholdings, with Walmart retaining an ongoing equity investment.

Walmart says that it will have a continuing commercial relationship, expected to be a supply and sourcing arrangement, and it will also retain a seat on the Asda board.

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The Bank of England’s chief economist, Andy Haldane, believes the media has focused on the risks to the economy and downplayed the strength of the UK’s recovery. In a speech to business executives in Cheshire, he called it “Chicken Licken” economics after the children’s story character who feared the sky would fall on its head after it was hit by an acorn.

So what is the good news that Haldane thinks we should be focused on – and the bad news he would rather we didn’t dwell on too much?

Reasons to be cheerful:

  • The Bank of England expects GDP to increase by 20% in the third quarter, or by about 1.5% a week.

  • The fast recovery will leave the economy about 3-4% below its pre-Covid level by the end of the third quarter – not the 18% the BoE forecast in May.

  • UK consumers have adapted and have been

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By James Davey

LONDON (Reuters) – Dave Lewis steps down on Wednesday after six years as Tesco chief executive, during which he got Britain’s biggest retailer back on track after an accounting crisis, leaving new challenges for his successor Ken Murphy.

Murphy, 53, who was formerly at healthcare group Walgreens Boots Alliance , faces the long-term impact of the coronavirus crisis, a recession and possible disruption when Britain’s Brexit transition period finishes at the end of 2020.

Tesco was on its knees shortly after former Unilever executive Lewis, 55, joined in 2014 when an accounting scandal knocked millions off its profits and billions off its share price.

But by October last year, Lewis declared Tesco’s turnaround complete, its position as clear market leader among Britain’s supermarket groups reinforced.

Lewis received a total pay package of 6.4 million pounds ($8.2 million) in 2019-20.

Murphy, an Irishman who is taking on his

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LONDON (Reuters) – Dave Lewis steps down on Wednesday after six years as Tesco chief executive, during which he got Britain’s biggest retailer back on track after an accounting crisis, leaving new challenges for his successor Ken Murphy.

Murphy, 53, who was formerly at healthcare group Walgreens Boots Alliance

, faces the long-term impact of the coronavirus crisis, a recession and possible disruption when Britain’s Brexit transition period finishes at the end of 2020.

Tesco was on its knees shortly after former Unilever executive Lewis, 55, joined in 2014 when an accounting scandal knocked millions off its profits and billions off its share price.

But by October last year, Lewis declared Tesco’s turnaround complete, its position as clear market leader among Britain’s supermarket groups reinforced.

Lewis received a total pay package of 6.4 million pounds ($8.2 million) in 2019-20.

Murphy, an Irishman who is taking on his highest profile business

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BRUSSELS (Reuters) – Europe and Britain’s car industries called on Monday on the two sides to urgently clinch a free trade agreement, warning that a disorderly Brexit would cost the sector 110 billion euros ($130 billion) in lost trade over the next five years.

FILE PHOTO: Parked cars are seen at the Vauxhall plant as the outbreak of the coronavirus disease (COVID-19) continues, in Ellesmere Port, Britain March 16, 2020. REUTERS/Phil Noble

Less than four months before a post-Brexit transition period ends in December, Britain and the European Union’s talks on a trade deal for 2021 onwards have been plunged into crisis, after Britain tabled a plan to break the divorce treaty both sides signed in January.

Failure to secure a deal would lead to tariffs. That would make vehicles more expensive and cause a drop in demand that could eliminate production of 3 million vehicles over the next five

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The U.K. and Japan announced on Friday that they had reached agreement on a trade deal, boosting Britain’s hopes of being able to strike similar agreements with other major economies once it has cut its ties with the European Union’s single market.



a sign in front of a building: Japanese automobile manufacturer Nissan operates a production facility in Sunderland, England.


© Getty Images
Japanese automobile manufacturer Nissan operates a production facility in Sunderland, England.

• Britain’s first bilateral trade deal after Brexit mirrors the trade agreement reached a few months ago by the EU with Japan. According to U.K. officials, it will increase trade between the two countries by £15 billion a year, over an unspecified period of time.

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• That would amount to a nearly 50% increase in trade, from a current £29 billion, or $37 billion (as of 2018). But according to trade experts, the increase would have been larger if the U.K. had chosen to stay in the single market and benefited from

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