Dave Lewis, CEO of supermarket chain Tesco, has announced he will step down in the summer of 2020 after completing a turnaround plan at Britain's biggest retailer.

He joined Tesco five years ago from Unilever when the chain revealed a $7.8bn loss, the biggest ever suffered by a UK retailer, and was instrumental in the supermarket giant's turnaround. Lewis overhauled relationships with suppliers, lowered prices versus competitors, and reduced costs – predominantly through cutting jobs, including a further 4,500 announced in August. 

"With the turnaround complete and as we begin to implement the next steps of our sustainable growth strategy, now is the right time to plan a smooth and orderly succession," the 54-year-old said. 

Lewis will be replaced by Ken Murphy. 

A tweet by fast food franchise Burger King telling customers it was selling "milkshakes all weekend" has been banned for condoning anti-social behaviour.  

The tweet was addressed to "people of Scotland" and came a day after a McDonald's in Edinburgh was requested by police to stop the sale of ice cream and milkshakes before a rally led by Nigel Farage, leader of the Brexit Party. In the past there have been a slew of dairy-related incidents involving politicians, with a number of European candidates having milkshakes thrown over them. Burger King has said it does not "endorse violence". 

The Advertising Standards Agency (ASA) said the tweet was "irresponsible". 

Norway's $1.1 trillion sovereign fund will drop shares in companies solely dedicated to oil and gas exploration as part of a compromise deal after the government watered down a proposal to ditch all businesses with links to the oil industry. 

It will continue to have stakes in refineries and other downstream firms on the basis that big energy companies are investing heavily in renewable sources. The decision will affect the fund's holding in roughly 95 companies, with a value of $5.92bn. 

Norway is Europe's second-largest producer of oil and gas after Russia. 

Gambling groups Flutter Entertainment and Stars Group Inc are set to marge in an all-share deal creating one of the biggest online betting and gambling operators in the world. 

Shareholders of Flutter, parent company of Paddy Power Betfair, will own 54.64% of the new company with Stars' shareholders taking 45.36%. The Financial Times says that the deal values the companies at £10bn. The merger would make the combined company the biggest gambling company in the world by revenue, with the pair announcing they had a combined revenue of £3.8bn in 2018. 

The merged group will have its headquarters in Dublin and its main listing in London.

Switzerland's second biggest bank Credit Suisse expects $250 million boost in annual profits from higher net interest income after risk calculating in dollars rather than Swiss francs. 

The Zurich-based company have said it calculates its 'risk-weighted assets' in dollars to better align to capital usage. The firm has said this will lead an increase in their net interest income. 

It also said the change has been approved by Swiss markets supervisor FINMA and will be enacted in the final quarter of this year.

Germany's five leading research institutes slashed their growth forecasts for Europe's biggest economy, blaming weak demand for manufactured goods and business uncertainty. 

The revisions reflect concerns that a slowdown in Germany could affect the wider euro zone economy. The institutes said they expect the German economy to grow by 0.5 percent this year and 1.1 percent next year – down from 0.8 percent and 1.8 percent. 

"An economic crisis with a pronounced underutilization of the German economy is ... not in sight, although the cyclical downside risks are currently high," the institutes said. 

The government will publish its own updated growth forecasts later this month. 

With input from Reuters