BUSINESS LIVE: John Lewis hires its next chair; CVS suffers cyber incident; Gold continues to soar

Just before close, the FTSE 100 was up 0.39% to 7,941.79.

Meanwhile, the FTSE 250 was 0.70% higher at 19,863.22.

(PA) – Tesco has joined forces with global retailers to put $125million (£99million) worth of investment into firms that are transforming the grocery sector and making it fit for the future.

The supermarket giant said the collaborative grocery venture fund – W23 Global – would look to support start-ups and scale-ups that are using technology to shake up the industry.

Tesco said it will contribute $25million (£20million) over five years into the most innovative companies.

The fund also has the support of retailers including Woolworths Group, which has operations in Australia and New Zealand; Canada’s Empire Company; US and European giant Ahold Delhaize; and Africa’s Shoprite.

Each firm is an equal investor and partner in the fund, and their bosses will sit on the investment committee.

W23 Global is looking for firms that are harnessing technology to benefit shoppers by making their experiences in store and online faster, more personalised and connected.

They may also be addressing the grocery sector’s biggest sustainability challenges including reducing emissions and waste reduction, packing innovation, transparency from brands about products, and healthy eating.

Expectations for looming interest rate cuts were boosted on Monday after research showed a slump in new starter salary growth.

Salaries for new full-time workers rose at their weakest rate in over three years in March, while temp wages increased at their slowest pace in four months, according to a report from KPMG and the Recruitment and Employment Federation.

Helix Exploration comes to London this week after its AIM market IPO was heavily oversubscribed.

Looking to raise £7.5 million, institutions, family offices, and high net-worth investors were willing to commit £22 million to the helium explorer.

The United States ‘will not accept’ a situation where cut price Chinese goods flood the global market, battering industries elsewhere, US Treasury Secretary Janet Yellen told Beijing as she wrapped up four days of high-level talks.

‘There is much more work to do,’ Yellen said at a news conference in the Chinese capital today. ‘And it remains unclear what this relationship will endure in the months and years ahead.’

Iconic British brand Ted Baker is to shut 15 stores across the UK and cut around 245 jobs after plunging into administration.

The company behind the fashion brand’s UK shops, No Ordinary Designer Label Limited (NODL), hired administrators from Teneo last month.

Gold prices jumped to a record high on Monday after China’s central bank continued buying up the precious metal for its reserves.

An ounce of gold hit $2,355 in Asian trading as the People’s Bank of China bolstered its gold reserves to 72.74 million fine troy ounces in March, its 17th successive month of purchases, according to official statistics.

The average pension saving through the auto-enrolment scheme will provide just £22,800 per year after tax for people entering the workforce today, according to comparison website Finder.

Nationwide is under pressure to give members a say on its £2.9billion takeover of Virgin Money after a petition yesterday hit its target.

The building society, led by Debbie Crosbie, has said that it is not necessary to consult its 16m members – but Virgin Money shareholders will get a vote.

A petition set up by Nationwide members has secured 500 signatures, which could pave the way for a special meeting.

London-listed stocks have started the week on a cautious note as investors brace for US and UK economic data, which could prompt investors to reassess interest rate cut bets, while a rise in industrial metal miners limited losses on the benchmark index.

Leading sectoral gains, industrial metal miners have added 1.9 per cent as Shanghai copper prices jumped to a record high following supply cuts and positive demand prospects.

Precious metal miners also have also advanced 1.2 per cent, tracking an extended record rally in gold prices.

Focus will be on the upcoming US Consumer Price Inflation data, due on Wednesday, and Britain’s GDP figures on Friday.

Meanwhile, the European Central Bank is broadly expected to keep interest rates on hold in its monetary policy meeting on Thursday.

Top US financial firms kick off the earnings season on Wall Street later this week.

CVS Group experienced ‘considerable operational disruption’ over the last week after it was struck by a cyber incident, the London-listed firm said on Monday.

The veterinary services provider, which runs 500 practices across the British Isles, the Netherlands, and Australia, told shareholders the attack involved ‘unauthorised external access’ to a small number of its IT systems.

Norfolk-based CVS took its computer systems offline in response, thereby preventing additional outside access.

John Lewis Partnership has appointed the former chief executive of Tesco UK and Ireland as its next chair, replacing Sharon White when she steps down later this year.