Business
Retail giant pays staff their first bonus since 2022
The John Lewis Partnership is set to award its employees an annual bonus for the first time in four years, a move that signals significant progress in the high street giant’s ongoing turnaround strategy.
The retail group, which operates John Lewis department stores and Waitrose supermarkets, confirmed its “partners” will receive a 2 per cent bonus for the financial year ending 31 January.
This decision follows a 6 per cent increase in profits before tax, bonus, and exceptional items, reaching £134 million.
The company also reported a 5 per cent rise in overall sales to £13.4 billion, with both brands contributing to the growth.
However, the partnership recorded a pre-tax loss of £21 million, a stark contrast to the £97 million profit seen a year prior.
This downturn was attributed to exceptional charges, including significant write-downs related to its outdated technology systems.
Despite the positive step for staff, the company maintains a “cautious” outlook for the current financial year, citing a “challenging macroeconomic environment” as a potential headwind.
Jason Tarry, chairman of the John Lewis Partnership, said: “Our multi-year plan to invest in customers and our brands for the long term is working; we have grown customer numbers and achieved record satisfaction.
“Despite a subdued market, a challenging lead into the crucial peak period and increased taxes, we took the decision to continue investing in the business, and have delivered cash and profit growth.”
The company’s strategy under the former Tesco UK boss has seen it pump more investment into its stores as JLP renewed its focus in its core retail business.
The firm is currently investing £800 million across its stores as part of a long-term investment.
It has refurbished 23 Waitrose stores over the past year, as well as five John Lewis shops.
It also launched the Topshop brand across all its 32 department stores last month as part of investment into its fashion offer.
Last month, Mr Tarry also pulled the plug on the partnership’s plans to build around 10,000 rental properties in order to focus further on retail.
It abandoned the build-to-rent ambitions launched under previous chairwoman Dame Sharon White in 2020, blaming higher costs and caution in the property market.
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HCLTech allows employees at its Chennai office to work from home on March 12 and 13 after cafeteria operations were hit by the LPG crunch.
Several Indian companies with employees in the region have mapped staff locations, advised safety protocols and set up internal war rooms to monitor developments.
A shortage of cooking gas has begun to disrupt corporate offices in India, with HCLTech allowing employees at its Chennai office to work from home on March 12 and 13 after cafeteria operations were hit by the LPG crunch, according to a report by Mint.
The move came after several cafeteria vendors were unable to operate due to the shortage of commercial LPG cylinders, prompting the company to offer employees the option of remote work for two days, Mint reported citing two senior executives aware of the development.
The disruption highlights the spillover impact of the ongoing LPG supply constraints, which have already forced many restaurants in several cities to temporarily shut operations as commercial cylinders become scarce.
According to the report, the issue is also beginning to affect corporate campuses that rely heavily on commercial LPG for large-scale food preparation.
Queries sent to HCLTech seeking confirmation on the development had not received a response at the time of publishing, the report added.
The shortage comes amid a broader geopolitical backdrop as tensions in West Asia, following the conflict involving the US, Israel and Iran, begin to create ripple effects across supply chains and energy markets.
India Inc is also starting to feel the wider impact of the regional tensions. Global search firms have said companies with planned or existing exposure to the region are putting senior-level hiring on hold due to rising uncertainty.
Consulting firms have also warned that bonuses could come under pressure in companies exposed to the region, particularly in sectors such as energy, real estate, construction and logistics, where the conflict could disrupt business activity.
The conflict has drawn in several countries in the region and forced governments to take sides. For India, the stakes are high as more than nine million Indians live and work in the Gulf Cooperation Council (GCC) countries, including Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
According to the Mint report, several Indian companies with employees in the region have mapped staff locations, advised safety protocols and set up internal war rooms to monitor developments.
Meanwhile, food-related disruptions linked to the LPG shortage have also prompted Infosys to issue advisories at some of its campuses.
The company informed employees at its Bengaluru offices that cafeterias would function with limited menu options due to an “impending situation regarding availability of commercial LPG”. Live food counters have been suspended and staff have been advised to bring home-cooked meals.
Chennai offices have also seen similar advisories, according to the report.
HCLTech and Infosys together employ a large workforce in India. At the end of last year, Infosys had 337,034 employees, while HCLTech had 226,379 employees, with roughly three-fourths of their workforce based in India.
The LPG shortage has also pushed up prices. The price of a 14.2 kg domestic LPG cylinder was recently increased by Rs 60, while commercial 19 kg cylinders have become costlier by Rs 144 across major cities.
Industry observers say that if supply disruptions persist, the shortage could begin affecting more corporate campuses and food service providers in the coming weeks.
March 12, 2026, 14:48 IST
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Business
China orders immediate ban on March fuel exports amid ongoing Middle East conflict: Report – The Times of India
China on Thursday ordered its refiners to immediately halt exports of refined fuel for March in a bid to manage potential domestic shortages triggered by the escalating Middle East conflict, Reuters reported citing sources.The directive was issued by the National Development and Reform Commission (NDRC) and covers shipments of gasoline, diesel and aviation fuel, four sources familiar with the matter told the news agency.The move comes as global oil prices surged again on Thursday climbing above $100 per barrel after Iranian attacks on shipping effectively disrupted traffic through the Strait of Hormuz.The strikes followed US and Israeli attacks on Iran that reportedly killed Supreme Leader Ali Khamenei, intensifying the regional conflict.In response to rising energy market volatility, the International Energy Agency on Wednesday announced that its member countries would release 400 million barrels of oil from emergency reserves to help ease supply concerns linked to the war.The release is also the sixth such coordinated action since the organisation was created to respond to major supply disruptions following the 1973 oil crisis.Meanwhile, the United States department of energy also said that it would release 172 million barrels of crude oil from the Strategic Petroleum Reserve.The department said the release would “beginning next week” and would “take approximately 120 days to deliver based on planned discharge rates,” according to a post on X.The conflict, which began on February 28, is now approaching the two-week mark and involves nearly a dozen countries, raising fears of prolonged disruption to global energy supplies.This is a developing story.
Business
Stock market crash today (March 12, 2026): Nifty50 opens below 23,600; BSE Sensex down over 900 points on continuing US-Iran war – The Times of India
Stock market crash today: Continuing the down trend, Nifty50 and BSE Sensex, crashed in opening trade on Thursday with the US-Iran war showing no signs of stopping and oil prices climbing again. While Nifty50 went below 23,600, BSE Sensex was down over 900 points. At 9:16 AM, Nifty50 was trading at 23,592.00, down 275 points or 1.15%. BSE Sensex was at 75,950.65, down 913 points or 1.19%.Market analysts are of the view that indices are likely to remain volatile as investors track developments in the West Asia conflict, fluctuations in crude oil prices and sustained overseas selling.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “External headwinds have pushed the market into a weak zone. With the war continuing to rage with no signs of let up and Brent crude again bouncing back to $100 levels, the weakness is likely to persist. Even though DIIs are continuously buying in the market, DII buying is not helping the market to recover since FIIs are sustained sellers and show no signs of reversing their strategy in this uncertain global environment.” “For investors, markets can be very frustrating during certain times. This is one such time. The lesson from market history is that attitude and temperament are important in these trying times. Experiences from previous geopolitical conflicts tell us that markets bounce back smartly once the conflicts get over. Therefore, investors should remain invested and continue with systematic investment plans. Long term investors can use market weakness to slowly accumulate high quality bluechips across sectors. This is also the right time to churn portfolios in favour of high quality stocks.”Foreign portfolio investors continued to offload domestic equities, net selling shares worth Rs 6,267 crore during Wednesday’s session. Domestic institutional investors partly offset the pressure, emerging as net buyers to the tune of Rs 4,966 crore.US stocks ended lower on Wednesday as investors looked past a relatively mild inflation reading and instead focused on intensifying hostilities and the wider implications of the US-Israeli war on Iran.Asian stocks declined on Thursday, extending what has been a volatile week in global markets. A renewed rally in oil prices and increasing stress in the private credit market added to concerns among investors.Oil prices climbed in Asian trading even after authorities announced large releases of crude from strategic reserves aimed at easing prices following the Iran conflict.Meanwhile, gold prices edged lower on Thursday as a stronger US dollar weighed on the metal. (Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
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