Troubled British supermarket giant Tesco on Friday issued another profits warning and slashed its shareholder dividend by 75 percent, blaming challenging trade and high investment costs. In reaction to the dire trading update, Tesco shares plunged 8.0 percent to 226.6 pence in early deals on London's FTSE 100 index, which was up 0.23 percent. Britain's biggest retailer added that new chief executive Dave Lewis will start on Monday -- one month earlier than planned -- in order to carry out a review of "every aspect" of the business. Trading profit was forecast at between £2.4 billion and £2.5 billion ($4.0 billion and $4.2 billion, 3.0 billion euros and 3.15 billion euros) in the 2014/2015 financial year, Tesco said.
Malaysia Airlines will slash thousands of staff, trim routes, replace its CEO and could see future stake sales to outside investors under plans announced Friday to save it from bankruptcy after two devastating disasters. State investment fund Khazanah Nasional, which has taken control of the failing flag carrier, said it planned to pump 6 billion ringgit ($1.9 billion) into the airline under a plan it hopes will return the company to profitability within three years. Khazanah's Managing Director Azman Mokhtar said, however, there were no plans to change the carrier's name -- now deeply tarnished by its association with the MH370 and MH17 tragedies. "The combination of measures announced today will enable our national airline to be revived," said Azman.