Carrefour CEO steps up digital push, inks deal in China

The logo of Carrefour. (Reuters/Stephane Mahe)
Updated 23 January 2018
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Carrefour CEO steps up digital push, inks deal in China

PARIS: Carrefour’s new chief executive on Tuesday pledged to slash costs, step up investment in e-commerce in the face of competition from Amazon and to open up the capital of Carrefour China to local investors, as part of a plan to boost growth at the world’s second-largest retailer.
Alexandre Bompard, at the helm since July, faces the challenge of improving business in Carrefour’s core French market, where it has been losing market share to unlisted rival Leclerc.
He is also aiming to boost profitability and cash flow, and speeding up the company’s expansion into e-commerce, where Carrefour was late to invest..
Carrefour, Europe’s largest retailer and the second-biggest in the world behind Wal-Mart, will invest 2.8 billion euros ($3.43 billion) by 2022 to accelerate its online offer, while also cutting costs by 2 billion euros on a full year basis by 2020.
Carrefour, the largest private sector employer in France, said a voluntary redundancy plan would be offered to 2,400 employees at its head office in France.
Bompard unveiled the plan after Carrefour said last week that its 2017 operating profit could fall by 15 percent amid weak sales. This marked its second profit warning in six months.
($1 = 0.8165 euros)


Researchers find new security flaw in Intel chips

Updated 15 August 2018
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Researchers find new security flaw in Intel chips

WASHINGTON: Researchers have discovered a new security flaw that could let hackers pry information from supposedly secure virtual vaults in Intel chips, the company warned on Tuesday.
Intel said software updates are already available and it did not appear anyone had taken advantage of the “Foreshadow” vulnerability, which has been likened to troubling “Meltdown” and “Spectre” flaws exposed in computer chips early this year.
“If used for malicious purposes, this class of vulnerability has the potential to improperly infer data values from multiple types of computing devices,” Intel said on its website.
“Intel has worked with operating system vendors, equipment manufacturers, and other ecosystem partners to develop platform firmware and software updates that can help protect systems from these methods,” it said.
The “Meltdown” and “Spectre” flaws roiled the Silicon Valley chip maker, prompting a series of lawsuits and a congressional inquiry about Intel’s handling of the matter
“We are not aware of reports that any of these methods have been used in real-world exploits, but this further underscores the need for everyone to adhere to security best practices,” Intel executive vice president and general manager of product assurance and security said of “Foreshadow” in a post on Intel’s website.
“Once systems are updated, we expect the risk to consumer and enterprise users running non-virtualized operating systems will be low.”