Today’s news in brief-15/2/24

The UK has entered a technical recession as its GDP contracted by 0.3% in the final quarter of 2023. This marks the first recession since the onset of the Covid-19 pandemic. The decline in GDP was larger than expected, with key sectors like manufacturing, construction, and wholesale experiencing significant downturns. While there were slight increases in some sectors like hotels and vehicle rentals, overall economic growth for the year was weak, reflecting the aftermath of the financial crisis in 2009.

Jeff Bezos, founder of Amazon, has sold over $4 billion worth of Amazon shares in February alone, marking his first sale since 2021. This comes as Amazon’s share prices reached new highs. Bezos, who stepped down as CEO in 2021, plans to sell a total of 50 million shares over the next year, worth approximately $8.4 billion. His transition to the role of executive chair reflects his ongoing involvement in the company’s operations.

Poundland has announced plans to refurbish 150 stores by August, starting with locations in England and Ireland. The ‘Project Evo’ transformations aim to modernize stores with refreshed signage, flooring, and lighting. This significant investment reflects Poundland’s commitment to enhancing the shopping experience for customers and improving working conditions for employees.

VF Corporation has appointed Caroline Brown to its board of directors. Brown brings over 30 years of experience in the fashion industry, having held executive roles at various luxury brands. Her appointment reflects VF Corporation’s strategy to refresh its board and leverage expertise in areas such as sustainability and brand transformation.

Kingfisher has set a new target for 20,000 colleagues to complete apprenticeships or formal qualifications by 2030. This commitment aligns with its focus on learning and development, aiming to empower employees and support career progression. Kingfisher also emphasizes gender diversity goals, aiming for 35% women in senior leadership and 40% women in management by 2025/26. This holistic approach underscores the company’s commitment to talent development and inclusivity in the workplace.