Friday newspaper round-up: Morrisons, JLR, Intel

2nd Aug 2024 07:21

(Sharecast News) - Morrisons is testing out raising the temperature of its freezers by 3C in the first move by a UK supermarket to depart from a long-held industry standard, in order to save energy and money. The Bradford-based chain said it would increase the temperature on appliances in 10 of its stores to -15C from -18C, the industry standard set almost 100 years ago and left unchanged. - Guardian

The UK's Serious Fraud Office has charged Glencore's billionaire former head of oil trading with conspiring to make corrupt payments to benefit the commodities company's oil operations in West Africa. Alex Beard, who ran Glencore's oil division from 2007 until his retirement in 2019, will face charges alongside former Glencore executives Andrew Gibson, Paul Hopkirk, Ramon Labiaga and Martin Wakefield after a long-running investigation into allegations of bribery at the company. - Guardian

Jaguar Land Rover (JLR) is among a string of luxury carmakers to be hit by major disruption after flooding in Switzerland paralysed a top aluminium producer. The company is scrambling to find alternative suppliers after Novelis, an Indian-owned manufacturer that runs a mill in the alpine city of Sierre, was forced to shut down operations at the end of June. Porsche, BMW and Mercedes have also been affected. - Telegraph

The future of Harland & Wolff is hanging in the balance after the historic Belfast shipyard was handed a $25 million emergency bailout. The company, best known for building the Titanic, also announced that it would scrap plans for a long-awaited restart of ferry services between Cornwall and the Scilly Isles, without a single sailing. - The Times

Intel, the US chipmaker, is planning to cut 15,000 jobs as it attempts to turn around its manufacturing operations, which have fallen behind in artificial intelligence developments. The company's shares fell 20 per cent to $29.05 in after-hours trading in New York on Thursday after it announced a drastic cost reduction plan and forecast lower than expected revenue for the current quarter. Intel also said it would suspend its dividend. - The Times