Tesco's UK boss stepping down
Tesco’s UK boss Jason Tarry is to leave the business in March and be replaced by Aldi’s former UK boss Matthew Barnes.
Tarry, 56, who has spent 33 years at Tesco including six heading up the UK business, said it was “the right time for me to move on.”
Tarry has not indicated what he plans to do next. He had been touted as a replacement for David Potts at Morrisons but that slot has now been filled by former Carrefour France boss Rami Baitiéh.
Tarry has also been flagged as a possible new chief executive for Asda, a post which remains vacant, although the business is led by co-own Mohsin Issa.
Full story: US economy grows at fastest pace in nearly two years
The US economy grew at its fastest pace in nearly two years in the third quarter as higher wages from a tight labor market helped to power consumer spending, again defying dire warnings of a recession that have lingered since 2022, my colleague Dominic Rushs reports.
Gross domestic product increased at a 4.9% annualized rate last quarter, the fastest since the fourth quarter of 2021, the Commerce Department’s Bureau of Economic Analysis said in its advance estimate of third-quarter GDP growth. Economists polled by Reuters had forecast GDP rising at a 4.3% rate.
Estimates ranged from as low as a 2.5% rate to as high as a 6.0% pace, a wide margin reflecting that some of the input data, including September durable goods orders, goods trade deficit, wholesale and retail inventory numbers were published at the same time as the GDP report.
The economy grew at a 2.1% pace in the April-June quarter and is expanding at a rate well above what Fed officials regard as the non-inflationary growth rate of around 1.8%.
While the robust growth pace notched last quarter is unlikely sustainable, it was testament to the economy’s resilience despite aggressive interest rate hikes from the Federal Reserve. Growth could slow in the fourth quarter because of the United Auto Workers strikes and the resumption of student loan repayments by millions of Americans.
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