Tesco has axed more than 100 executive jobs from middle management in a fresh move to whittle down staff numbers at its head office.
The Observer said the managers were responsible for teams of buyers in different product categories. The paper said the move has fuelled speculation that Tesco is readying itself for new corporate activity.

Safeway and Philip Green, the retail entrepreneur, will this week hold what is believed to be their first official meeting since he declared his interest in buying the supermarket chain in January. Safeway sources told the Sunday Times that the company wanted to know how serious Green was about making a bid. The paper said Safeway had asked for a meeting two weeks ago after Green’s advisers requested further financial information.

Marks and Spencer will this week unveil details of its new credit card and nationwide loyalty scheme.
The Mail on Sunday said that M&S’ five million storecard holders will be offered the new all-purpose credit card.