Inside a Tesco supermarket in the U.K. Photo: Chris Ratcliffe / Bloomberg via Getty Images

The implosion of Big Retail has hit the U.K.'s two biggest grocers, Tesco and Sainsbury, which are slashing thousands of jobs to combat competition and rising wages, Bloomberg reports. Tesco is cutting 1,700 management positions, but adding another 900 "roles with broader responsibilities." Sainsbury is also cutting jobs in management across 1,400 stores.

The big picture: They're facing "cost pressure stemming from a rise in the minimum wage and the pound’s decline following the Brexit vote," per Bloomberg. Competition with discount grocers such as Aldi and online retailers such as Amazon is also keeping Tesco and Sainsbury from hiking up their prices.

Go deeper

Fed chair warns economy will feel the weight of expired stimulus

Treasury Secretary Steven Mnuchin and Fed Chair Jay Powell bump elbows before House hearing on Tuesday. Photo: Joshua Roberts/Pool/AFP via Getty Images

Federal Reserve Chairman Jerome Powell told the House Financial Services Committee on Tuesday that the expiration of Congress' coronavirus stimulus will weigh on the U.S. economy.

Why it matters: Powell warned that the effects of dried-up benefits are a looming risk to the economy, even if the consequences aren't yet visible.

40 mins ago - World

Beijing draws Chinese companies even closer

Illustration: Annelise Capossela/Axios

Chinese Communist Party Secretary Xi Jinping announced last week that the party must strengthen its leadership over private companies, and that entrepreneurs must meet the party's needs. 

Why it matters: Xi's new announcement will increase fears that Chinese businesses may serve as a Trojan horse for the CCP.

Scoop: Trump to meet with Supreme Court candidate Barbara Lagoa on Friday

Lagoa and Florida Gov. Ron DeSantis. Photo: Joe Raedle/Getty Images

President Trump plans to meet with shortlisted Supreme Court candidate Barbara Lagoa during a campaign visit to Florida on Friday, according to two sources familiar with his plans.

What we're hearing: Sources who know both Trump and Lagoa say they still expect the president to pick Judge Amy Coney Barrett, but they view the Lagoa meeting as a wild card because they say she has a charismatic personality that would appeal to Trump.

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