Tesco results: Three things you need to know after today’s annual loss announcement April 22, 2015 Tesco's results are out and there's a lot to take in – market reaction had been mixed this morning, initially up and now largely flat. Here are the three key things you need to know about Tesco this morning after shock losses at the supermarket. 1. How huge? This huge To put Tesco's £6.38bn loss [...]
Merrill Lynch International hit with record £13.2m fine as the FCA slams the “severity” of its misconduct April 22, 2015 Merrill Lynch International (MLI) has been fined £13.2m for failing to properly report a number of transactions between 2007 and 2014. This is the highest fine imposed by the FCA for this type of failing. The watchdog said the amount levelled at the firm “reflects the severity of MLI's misconduct, failure to adequately address [...]
Video: Here’s what Dave Lewis has to say about Tesco’s massive £6.4bn loss April 22, 2015 Tesco chief Dave Lewis has said he is not happy with the "significant" numbers in today's full-year results in which the supermarket reported record losses of £6.38bn. In a video discussing the latest figures alongside finance chief Alan Stewart, created by Tesco, when asked what's gone wrong, Lewis said the numbers were " significant" and [...]
Tesco: The decline and fall of the supermarket giant and its share price in one chart April 22, 2015 The business world is reacting to the news that Tesco has racked up a £6.38bn loss – one of the biggest losses ever made by a UK company. The beleaguered supermarket’s pre-tax losses for the year are even higher than the £5bn markets had been expecting. There was also a big hit from the writedown of [...]
Rolls-Royce share price opens higher as John Rishton stands down as chief executive to be succeeded by Warren East April 22, 2015 Shares in troubled engineering giant Rolls-Royce opened four per cent higher this morning, at 1,049p, after chief executive John Rishton announced his intention to stand down. Rishton, who has been with the company for four years with the company, was promoted to the top job four years ago. He'll step down on 2 July. He [...]
Ladbrokes share price slides profits hit by punters and new taxes April 22, 2015 The numbers Ladbrokes' share price is down two per cent this morning after reporting a fall in operating profits cent year-on-year of 22 per cent to £14.3m. Group net revenue rose 3.3 per cent for the quarter to 31 March. The digital side of the business continues to grow strongly with mobile betting up 62.7 per cent. Why [...]
Tesco racks up record £6.38bn loss in worst year in supermarket’s history April 22, 2015 Tesco has racked up a £6.38bn loss – the worst year in the supermarket's 96-year history. It's one of the biggest losses ever made by a UK company, and the biggest ever made by a British retailer. The beleaguered supermarket's pre-tax losses for the year are even higher than the £5bn markets had been expecting. One-off [...]
Payday lender Wonga to drop toxic name and advert puppets after losses April 21, 2015 Payday lender Wonga is planning to replace its toxic brand with a new name and a range of products beyond its core payday lending business, its bosses said yesterday. The online loans firm made a £37.3m loss in 2014 on falling lending and a sharp rise in costs. It is under financial strain as [...]
Wonga re-branding: Experts predict payday lender to pick a very boring new name April 21, 2015 Wonga is likely to pick a dull name to deflect attention in future, brand consultants told City A.M. The online payday lender ran a hugely successful branding campaign, rapidly becoming the most high-profile firm in its sector. “Its success was also its downfall,” said Sholto Lindsay-Smith from brand consultancy Industry. “It was the most catchy name [...]
Savills beefs up rural presence with Smiths Gore acquisition April 21, 2015 Property company Savills yesterday announced a deal to buy Smiths Gore – a rural property specialist. Smiths Gore has operated as a partnership with 532 staff, across 31 UK offices and 14 estate offices, all of whom will transfer into Savills Rural Energy and Projects (REP) division or its Country Residential Agency business. The takeover [...]