Tesco's Matthew Barnes to exit as Ashwin Prasad takes the helm
The chief executive of Tesco's UK business is to step down after just over a year in the role as part of a raft of leadership changes at Britain's biggest supermarket.
Matthew Barnes, who joined in March last year, is to be replaced next month by Ashwin Prasad, the group's chief commercial officer.
The grocer said that Barnes, 52, previously Aldi's chief executive for the UK and Ireland, was stepping down to 'pursue other opportunities'. It is not yet known if he has another role lined up.
Ken Murphy, group chief executive, thanked Barnes for his 'obsession with customers' and said that Tesco had gone from 'strength to strength' under his leadership.
Tesco, which holds 27.9 per cent of the grocery retail market, has remained
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
19 minutes ago
- Reuters
Qualcomm bypasses logic gate with $2 bln UK deal
LONDON, June 9 (Reuters Breakingviews) - Artificial intelligence is so fast-moving and potentially all-encompassing that it makes sense for technology giants to pay up just to stay relevant. Look at all the money Microsoft (MSFT.O), opens new tab and (AMZN.O), opens new tab have poured into large language model developers OpenAI and Anthropic. That helps to explain why $162 billion semiconductor behemoth Qualcomm (QCOM.O), opens new tabagreed, opens new tab to buy $2.4 billion UK-based Alphawave (AWE.L), opens new tab on Monday. Overpaying to have a chance at cracking the massive AI data centre market is worthwhile for CEO Cristiano Amon. The deal has been a while in the making. Reuters reported in April that $140 billion chip architecture licenser Arm had considered buying Alphawave, which has a range of intellectual property related to semiconductors, with the aim of developing AI processors. That deal didn't happen, but Qualcomm's now has. The two sides agreed a price that implies a 96% premium to Alphawave's March 31 undisturbed level. Amon is giving the target's investors the option of receiving cash, shares or a special new security that will eventually turn into Qualcomm stock. The latter consideration seems designed to allow Alphawave's founders, who own a special type of share, to participate on the same economic terms as everyone else. On the surface, the price looks punchy. The offered enterprise value is $2.4 billion, according to a joint statement. With analysts pencilling in just $46 million of EBITDA this year for Alphawave, based on estimates gathered by LSEG, the implied multiple exceeds 50, compared with about 35 on average for peers Marvell Technology (MRVL.O), opens new tab, Credo Technology (CRDO.O), opens new tab, InterDigital (IDCC.O), opens new tab and Astera Labs (ALAB.O), opens new tab. Still, Amon isn't buying Alphawave for near-term earnings. The deal gives Qualcomm a shot at growing into the massive data-centre market, which is all the more important because the company needs to diversify away from smartphones. Key customer Apple is seeking to reduce its reliance on Qualcomm kit for iPhones. The market for AI data centre central processing units – or CPUs, which are like the brain of a computing system – is growing at a handy 10% compound annual rate, according to figures cited by JPMorgan analysts. Marvell, Broadcom (AVGO.O), opens new tab and others are already making moves and laying claim to turf that Qualcomm might like to own. Alphawave's high-speed intellectual property helps connect chips and move data around quickly, which could boost Amon's product offering as he seeks to build on the recent success of signing up a major Saudi Arabian data-centre customer. The good news is that this is a manageable bet relative to Qualcomm's size. The outlay is equivalent to less than one quarter's free cash flow, according to forecasts gathered by Visible Alpha. Given that, and the chance to unlock the next leg of growth, Amon arguably can't afford not to try. Follow Karen Kwok on LinkedIn, opens new tab and X, opens new tab.
BreakingNews.ie
32 minutes ago
- BreakingNews.ie
Nigel Farage calls for ‘re-industrialisation' of Wales
Nigel Farage has said his party wants to restart Port Talbot's blast furnaces and 're-industrialise Wales'. On a visit to South Wales, the leader of Reform UK said the resumption of traditional steelmaking and coal production is the party's long-term ambition if it comes to power. Advertisement The speech came one year ahead of the Senedd elections in May next year, where the party is looking to end Labour's 26 years of domination. Addressing reporters, Mr Farage acknowledged that plans to open a traditional furnace could take years and cost 'in the low billions'. The GMB Union has branded the plans 'more lies from an opportunistic chancer'. Port Talbot's remaining blast furnaces were shut down in September, with a new electric arc furnace being built in their place. Advertisement Tata Steel, the owner of the plant, said the closure of the furnaces was necessary, with the steelworks losing £1m a day. 'Our ambition is to re-industrialise Wales,' Mr Farage said. 'We are going to be using more steel over the next few years than we have probably ever used. 'As we increase military spending and as we attempt a house building programme in Wales, and even more so in England, of massive proportions, just to catch up with the population explosion over the last 20 years, we are going to need a lot of steel.' Advertisement Tata Steel's Port Talbot steelworks in south Wales (Ben Birchall/PA) The Reform leader said 'specific types of coal' are needed in the UK, particularly for a new blast furnace. 'I'm not saying let's open all of the pits,' he said. 'What I am saying is coal, specific types of coal for certain uses that we still need in this country – and we certainly will need for the blast furnaces here – we should be producing ourselves rather than importing.' While he acknowledged 'mining is dangerous', Mr Farage said the industry could provide well-paying jobs. Advertisement The Reform leader acknowledged the plan to open a new furnace would cost 'in the low billions' and would be 'no easy thing'. 'It's a massive, expensive job to reopen blast furnaces, we're going to need cheaper energy, we're going to need much cheaper coal, we are going to need private business partners prepared to come into a joint venture,' he said. Responding to the GMB Union allegations that his party's plans were 'lies', Mr Farage said the union was tied to the Labour Party as one of its biggest funders. He said: 'They see us as a challenge, and therefore, they'll be rude about us. Advertisement 'What you will find is that increasingly, GMB members are going to vote for us, and the more GMB members vote for us, the more upset GMB officials and leaders will become. 'Frankly, the trade unions have done nothing to protect British workers through open borders over the last 20-25 years.' During his speech, Mr Farage said he doubted that the electric arc furnace, which is due to come online in 2028, 'will ever, ever be switched on'. Challenged on what evidence he had, he argued that with British energy prices being so high, it would be producing 'very, very expensive secondary steel'. He added: 'I hope I'm wrong, an electric arc furnace is not the real deal, but it's better than nothing.' Mr Farage said the party's campaign for the Senedd election next May 'starts today', but would not say when Reform would announce a leader in Wales. Regional officer Ruth Brady, speaking at the GMB's annual conference in Brighton, said: 'The people of Port Talbot will see this for what it is – more lies from this opportunistic chancer. 'Nigel Farage was happy to let British Steel go to the wall. He'll trot out any line when the cameras are rolling. He doesn't care about steel communities or steel workers.' Ms Brady said the plans to shut the blast furnaces were made by the last Tory government and the union wanted Labour to 'make good on their promises to our members in Port Talbot'. Political opponents hit out at Reform's plans, with a Welsh Labour spokesperson saying the people of Wales would 'see through' Mr Farage's false hopes and promises. 'His answer is to bring back the mines. The only thing Nigel Farage is trying to mine is votes from communities that have already gone through tough times,' they said. 'Nigel Farage has today brought his fantasy politics and magic money tree to Port Talbot. He's gambling with real people's livelihoods.' Darren Millar, leader of the Welsh Conservatives in the Senedd, accused Mr Farage of making 'wild promises' without speaking to Tata. Welsh Liberal Democrat MP David Chadwick argued mining was Wales' past, not its future. Nigel Farage acknowledged 'mining is dangerous' but said the industry could provide well-paying jobs (Ben Birchall/PA) 'My relatives in South Wales worked hard to ensure that their children and grandchildren wouldn't have to do the dangerous work of going down the pits and for future generations to have better opportunities in life,' he said. 'The fact that Nigel Farage doesn't see this shows how poorly he understands Welsh communities.' Heledd Fychan, speaking for Plaid Cymru, accused Mr Farage of 'taking advantage' after the industry said reopening the existing furnaces would be 'impossible.' 'You can imagine my surprise at his calls to reopen the coal mines in Wales, especially considering the actions taken by his political hero, Margaret Thatcher,' she said. 'Reform clearly have no interest in actually improving the lives of the people of Wales, they can only come up with unrealistic and unsubstantiated headlines that will be of no material benefit to the people of Port Talbot or Wales. Greenpeace also hit out at the plans, saying bringing back British coal 'has about as much chance of success as resurrecting dinosaurs'.
The Independent
39 minutes ago
- The Independent
Warning over 10% price hike trick when paying by card abroad this summer
Holidaymakers could see costs rise by 10 per cent this summer as 'dynamic currency conversion' (DCC) provides traders with tempting opportunities to profit from people paying with plastic. DCC, also known as 'cardholder preferred currency', has been around for many years. Hotels, restaurants and shops with significant numbers of tourists often provide the option to pay at a fixed conversion rate. The appeal to the traveller is that they will know instantly how much they have spent in sterling. But they are certain to lose out on the transaction. The practice looks harmless: simply an additional choice. When you ask to pay with plastic or a card stored on a mobile phone abroad, the terminal will often display two figures: the bill in euros (EUR) or other local currency, and a figure in pounds (GBP). Some holidaymakers may fondly assume that the sterling amount is the equivalent to the local currency at current exchange rates. In fact, the cost in pounds includes a margin of up to 10 per cent. This is pocketed by the bank, which passes some of the cash back to the merchant. Anyone who avails of dynamic currency conversion is voluntarily accepting a price increase that could add £1 to every £10 spent – a fast way to lose a slice of hard-earned cash. Many holidaymakers know, when asked abroad if they would like to pay a sterling amount rather than the local currency, always to say 'No'. When offering dynamic currency conversion, merchants are supposed to follow strict guidelines: But during the course of a journey through Europe this month, it has become clear that some traders are not playing fair. Once local currency has been selected, that should be the end of it. But some card machines are programmed to come up with another screen, typically reading: 'Do you accept that if you choose not to take advantage of the guaranteed exchange rate, you will be subject to whatever rate the card company uses?' Below it, there is a box marked 'Accept' and another, 'Reject'. Customers who are paying attention will select 'Accept' because they understand that their bank will just use the appropriate prevailing rate – and that it will be better than the DCC deal. But if 'Accept' is selected, it turns out to be applied to a different question, ie 'Do you accept the DCC rate of exchange?' The correct, counter-intuitive answer is 'Reject'. Some proprietors may not even let customers get this far. After a satisfying lunch of dumplings and tea at a restaurant on the Royal Route leading south from the Old Town of Warsaw, the waiter simply selected 'GBP' on the machine, adding 10 per cent to the cost of the meal. When challenged about this scam, he claimed the machine was faulty and that nothing could be done. For holidaymakers withdrawing cash abroad, ATMs generally offer dynamic currency conversion. It should also be declined. The profitability to the bank becomes clear by noting the GBP sum, selecting local currency and afterwards checking the account online to see the actual sum debited by the bank.
