Amazon chief executive Andy Jassy has vowed to double down on the company’s struggling grocery store business, despite recently announcing that its growth plans were on hold. Jassy told the Financial Times (£) that the ecommerce giant was ready to “go big” on bricks-and-mortar stores, blaming a lack of “normalcy” during the pandemic for a series of stumbles.
A ‘Big Read’ in the Financial Times (£) asks if Amazon CEO Andy Jassy can turn around the ecommerce behemoth around. “Plunging market value, falling revenue, lay-offs . . . Andy Jassy has a daunting in-tray.”
Amazon workers at a warehouse in Coventry have announced seven more days of strike action as they continue their push for better pay (The Guardian).
Households struggling with the high cost of living have stopped bulk-buying frozen food because they fear they may not be able to afford to keep their freezers running, according to Iceland (The Times £).
The soft drink Lilt has been pulled from UK shelves after 48 years and will be rebranded as a new type of Fanta (The Guardian).
The Grocer covers Coca-Cola axing its tropical soft drinks brand after almost 50 years and looks at the move more in-depth in the Daily Bread blog here, writing that the relaunched drink could thrive in the Fanta stable.
The UK has suffered a loss of business investment since the 2016 Brexit referendum worth £29bn, or £1,000 a household, according to a study by a senior Bank of England official (The Guardian).
Jonathan Haskel, an external member of the Bank’s monetary policy committee, said that the “productivity penalty” resulting from Brexit equated to about £1,000 per household, or 1.3 per cent of gross domestic product (The Times £).
Snickers and M&M’s maker Mars Wrigley has been fined by US safety regulators after two workers at one of its factories fell into a vat of chocolate (Telegraph).
Regulators from the Occupational Safety and Health Administration fined Mars Wrigley’s Pennsylvania factory more than £12,000 after an incident in June last year (Mail).
Footfall bounced back strongly last week as workers returned to offices after several days of rail strikes, in the latest sign of a recovery for Britain’s city centres (The Times £).
FRP Advisory has told shareholders to expect more restructuring in the coming months after the number of company collapses reached its highest level since the financial crisis (The Times £).
Weekly weight-loss jabs that are popular with celebrities will soon be made available through high street chemists in England, despite controversy over their use (The Guardian).
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