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(Reuters) – Baby products retailer Mothercare said on Friday that its Chief Executive Officer Daniel Le Vesconte has stepped down after just five months at the helm. Chairman Clive Whiley and Chief Financial Officer Andrew Cook will lead the operating board until the process to find a CEO replacement is completed, Mothercare said on Friday. …

Mothercare CEO Daniel Le Vesconte steps down after 5 months Read More »

By John Revill and Noele Illien ZURICH (Reuters) -UBS and the Swiss government signed on Friday an agreement to cover up to 9 billion Swiss francs ($10.00 billion) in losses from its emergency takeover of Credit Suisse, the country’s largest bank and the government said. The deal comes with various conditions, including a requirement that …

UBS, Swiss government agree on Credit Suisse loss guarantee Read More »

STOCKHOLM (Reuters) – Sweden’s economy is split between export and manufacturing businesses which are doing well and retail-facing firms which are having a hard time, a regular survey by the central bank showed on Friday. “The business sector is clearly divided, both in terms of its view of economic activity and the need to continue …

Two-speed economy in Sweden, central bank business survey shows Read More »

LONDON (Reuters) -Tesco, Britain’s biggest retailer, has been reported to the competition regulator by consumer group Which? over its failure to provide detailed pricing information on its loyalty card offers. With UK food inflation close to record highs, Britons are shopping around and comparing prices at different supermarket groups. Which? said on Friday that Tesco’s …

Tesco reported to competition watchdog by consumer group over pricing concerns Read More »

ZURICH (Reuters) – The Swiss government has signed an agreement with UBS to cover up to 9 billion Swiss francs ($10.01 billion) in losses from its emergency takeover of Credit Suisse, the finance ministry said on Friday. “To make the takeover possible, the government granted UBS a guarantee for any losses incurred in the liquidation …

Swiss government says it has reached agreement with UBS on loss guarantees Read More »

(Reuters) – AstraZeneca said on Friday it had signed an agreement with Quell Therapeutics potentially worth more than $2 billion to develop cell therapies that could cure autoimmune diseases. The agreement includes developing, manufacturing and commercialising cell therapies that have the potential to be curative in type 1 diabetes and inflammatory bowel disease indications, the …

AstraZeneca signs $2 billion agreement with Quell to develop cell therapies Read More »

(Reuters) -The California Department of Motor Vehicles on Thursday approved Mercedes-Benz’s automated driving system on designated highways under certain conditions without the active control of a driver. California is one of Tesla’s largest markets, accounting for 16% of the carmaker’s global deliveries last year, according to Reuters calculations. But the German carmaker beat Tesla to …

Mercedes-Benz beats Tesla for California’s approval of automated driving tech Read More »

NEW YORK (Reuters) -Facebook owner Meta Platforms on Thursday gave employees a sneak peek at a series of AI tools it was building, including ChatGPT-like chatbots planned for Messenger and WhatsApp that could converse using different personas. Company executives speaking at an all-hands meeting also demonstrated a coming Instagram feature that could modify user photos …

Meta previews generative AI tools planned for its platforms Read More »

By Natalie Grover LONDON (Reuters) – Novartis’ soon-to-be spun off generics division Sandoz is betting on biosimilars, copies of high-priced drugs used to treat illnesses such as rheumatoid arthritis and cancer, to fuel its future as a standalone company, executives said on Thursday. Sandoz hosted its first-ever capital markets day in New York to make …

Novartis’ Sandoz wagers its standalone future on biosimilar success Read More »