M&S is closing 100 stores, AI 'will create more jobs than it destroys', and more top news
Marks and Spencer is closing 100 stores over the next four years. The iconic retailer has revealed 14 of the stores that will be shutting down, including those in Darlington, Walsall and Northampton. It confirmed 21 have already closed as part of cost-cutting measures started in November 2016. Sacha Berendji, director of retail operations at the firm, said the move was "vital for the future of M&S", which hopes to move a third of its sales online.
Also … Tesco is closing its clothing and homewares website Tesco Direct, putting 500 jobs at risk. The retailer said it couldn't find a way to make the business profitable.
Artificial Intelligence will create more jobs than it destroys, the majority of British business leaders believe. More than 70% of UK CEOs quizzed by KPMG said that, in the short term, AI will lead to more employment opportunities than fewer. Some 62% said this will be the case in the long term, too. Masayoshi Son, CEO of Softbank, which owns UK tech firm Arm Holdings, said almost all blue-collar workers will be replaced by "metal-collar" workers, but added: "Humans will continue to do jobs in high-touch segments such as the arts, social enterprises and entertainment, selling and marketing."
Brits are less happy than they used to be, a new survey has found. Last summer, more than 8,000 people were surveyed for the Sainsbury’s Living Well Index, which looks into the nation’s mood and people’s views of how "well" they're living, and they were surveyed again in February. The results show people's happiness dipped between the first and second survey, with train delays and extreme weather partly responsible for the drop. The most recent survey found one in four parents are "intensely worried" about money or debt.
In other news involving Sainsbury’s, the supermarket giant is facing scrutiny over “shocking” changes to contracts, that threaten to leave some workers ￡3,000 per year worse off. More than 100 MPs have signed a letter criticising the changes to paid breaks and Sunday rates, which could see as many as 13,000 Sainsbury’s employees take a hit to their paypacket. Sainsbury’s has said the handful of staff who lose out will have their pay topped up for the next 18 months. The competition watchdog is currently investigating Sainsbury’s ￡12bn tie-up with Asda.
Network Rail’s new CEO will be paid 27% less than his predecessor to run the UK’s train infrastructure. Andrew Haines, whose term as CEO of the Civil Aviation Authority (CAA) ends in the summer, will be paid ￡588,000 including benefits, with a possible 9% bonus. Haines, famed for cost-cutting and transformation at the CAA, will replace retiring chief executive Mark Carne in autumn. The appointment follows "meltdown Monday" which saw commuters travelling on Northern and Thameslink services particularly affected by the introduction of new timetables.
US cable TV giant Comcast has inched ahead in its bid for Sky. Culture secretary Matt Hancock has said Comcast’s ￡22bn bid for Sky is unlikely to be referred to the country’s competition regulator. Comcast is up against Rupert Murdoch’s 21st Century Fox, which already owns 39.1% of Sky. The Fox takeover has prompted regulatory concerns about Murdoch’s control over the UK media market. The culture secretary is to decide by 4th June whether Comcast should face regulatory scrutiny.
Idea of the Day: Diversity is a “requirement” for great companies, says former Campbell Soup CEO Denise Morrison. It’s not just the right thing to do – it helps shape better businesses.
“Diversity is the future. It’s a true reflection of the society we serve. If we don’t mirror our consumers, it will be impossible to connect with them.”
This article has been updated. From earlier: ‘Robo’ financial advisors do not give customers enough warning about risk, costs and charges, according to the Financial Conduct Authority. Also: BP’s outgoing chairman has the company must prioritise attracting talent over tinkering with executive pay packets. Also: Culture secretary Matt Hancock said Comcast’s ￡22bn bid for Sky is unlikely to be referred to the country’s competition regulator.
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6 年How do they work that out? That the use of AI’s will create more jobs? DOH????!!!! As they will be REPLACING human employees how can that be? Maybe I’m missing the logic behind this, but to me, if robots do the job of humans then humans won’t be needed and,therefore, no job no wages = how can we live and survive?
CEO at HomeSukh
6 年We still have requirement for Delhi NCR: 1) Marketing Executives/Managers 2) Paid Internship (HR/Mktg) Send your CV at [email protected] along with salary expectation immediately
Scaffolding Professional (USED HAKI / LAYHER Sales)
6 年As someone who has shopped all my life in M & S and who has spent my Career in Sales here's how it goes ... the Shirt that was always around ￡25.00 and accessible has for years been selling at ￡37.50 and is no longer competitive. So I wait for the Sale and buy at ￡19.00! Simple maths for M & S .. you lost the ￡6.00 I and others would have happily paid . .I observe the continuing foot traffic, but like the old tyre kickers, more items gets rehung after deliberation than make the till ... all rather sad. But that's today's economics ... if sales fall and customers stay away ... penalise the existing faithfull ! It would appear your on notice M & S
Business Manager at TNL Engineering Works Pte Ltd
6 年Reminds me of the show Humans by AMC, an unfamiliar (hence, scary) concept that brings with it many opportunities. We ought to constantly reinvent ourselves; there’s no guarantee we would not be disintermediated one day.
Founder of textile sales agency and overseas production facilty, with extensive knowledge about international markets, supported by technical experience in both production and development of textiles.
6 年M&S is closing stores and hoping to sell more online, while Tesco is closing Tesco Direct! In the contrary Amazon and Ebay are growing, who are not even paying 1% tax. What is happening to British Brands?