Tesco GCA probe: More supermarkets could be investigated, says watchdog February 6, 2015 More supermarkets could be investigated by the Groceries Code Adjudicator (GCA), a watchdog for UK businesses has warned. Yesterday, the GCA launched an examination of Tesco's relationships with its suppliers, saying it had acquired enough evidence to suggest bullying and delays in payments had taken place. Christine Tacon, adjudicator for the GCA, [...]
Tesco probed over supplier mistreatment February 5, 2015 TESCO could be “named and shamed” if found guilty of breaching supplier rules, the grocery industry’s watchdog Christine Tacon said yesterday after launching her own investigation into Britain’s biggest supermarket chain. The retailer sent shockwaves through the industry in September when its new chief executive Dave Lewis revealed profits had been overstated by £263m following [...]
Afren share price falls 16 per cent after S&P downgrade on possible default February 5, 2015 Embattled oil producer Afren's share price closed down 13 per cent today, after major credit ratings agency Standard & Poor's (S&P) warned of a possible default. Afren's share price had fallen as much as 15.8 per cent to 9.35 per pence share in mid-morning trade. However, it was still above this year's low of 4.2 pence [...]
Tesco faces investigation by yet another regulator over payment to suppliers February 5, 2015 Tesco has fallen under the scrutiny of yet another regulator, as a huge black hole in profits continues to raise questions about the supermarket's practices. In September last year, Tesco revealed that it overstated its group profits for the six months to 23 August by an estimated £250m, which was soon revised up to £263m. [...]
Apple taps US bond market for $5bn to fund its share buyback February 2, 2015 APPLE was last night issuing new bonds thought to be worth $5bn (£3.3bn) to fund a host of “general corporate purchases,” including share repurchases. Despite its record quarterly profits of $18bn, the tech giant is making the most of historically-low costs of corporate borrowing. In its Securities and Exchange Commission (SEC) filing Apple said the [...]
Afren share price jumps 88.7 per cent after debt deadline moves February 2, 2015 Shares in oil firm Afren shot up by 88.7 per cent yesterday, following news at the close of trading on Friday that the company has been given extra time to repay its debts. The Africa-focused firm has obtained a deferral of a $50m (£33m) amortisation payment, which was due on 31 January, until 27 February, [...]
Quindell insists Slater & Gordon talks still on as share price tanks 20 per cent February 2, 2015 Quindell has moved to reassure investors that talks are still ongoing with legal giant Slater & Gordon after its share price tanked this morning. The troubled insurance claims processor, whose share price had been rallying since the start of the year, saw its share price fall by as much as 20 per cent today. [...]
Afren share price nightmare: Seplat gets another deadline extension over potential bid January 30, 2015 Embattled oil producer Afren will have to wait a little longer before it learns if rival Nigerian company Seplat is going to make it a formal takeover offer. Seplat now has until 5pm on 13 February to decide whether it'll firm up an informal offer originally made in December. City analysts had voiced doubts over [...]
Afren share price nightmare: Day of reckoning is here January 30, 2015 Embattled oil producer Afren will today find out if it's been thrown a lifeline by rival company Seplat, a move that could provide one possible solution to the company's funding crisis. Nigerian oil and gas explorer Seplat recently extended the deadline for its informal takeover offer – but at 5pm tonight its time will be [...]
Why tomorrow will be crucial for embattled Afren January 29, 2015 Tomorrow could be the day of reckoning for beleaguered oil and gas company Afren, whose shares crashed 72 per cent just two days. Nigerian rival Seplat has until tomorrow to make an offer, although it could ask for another extension, as it did … . throw it a lifeline … "We see low likelihood of an [...]