These are the worst examples of how Tesco mistreated suppliers January 26, 2016 THE Groceries Code Adjudicator (GCA) has released a scathing report today into Tesco's treatment of suppliers, concluding that the supermarket "seriously" breached the industry's code of practice by prioritising its own finances at suppliers' expense. Below are some examples of how Tesco mistreated its suppliers. "Aspirational" Margin Targets The supermarket watchdog found that suppliers were often forced to pay [...]
Another Royal Dutch Shell shareholder Allianz Global Investors backs its takeover of BG January 26, 2016 Another Shell shareholder has thrown its weight behind the oil giant's takeover of BG. Oil prices have nearly halved since Shell made the £47bn bid for BG in April, subjecting the deal to increased scrutiny. One shareholder subsequently warned the deal no longer makes sense with the oil price so low. But Chris Wheaton, an oil analyst [...]
Purplebricks, the Neil Woodford-backed property company, sees its revenues and profits soar up 814 per cent January 26, 2016 Purplebricks, the hybrid online estate agent which floated on AIM in December, has announced interim results for the six months ending October this morning. The figures Gross profits rocketed up 814 per cent, to £4.1m from £400,000 the year. Revenues were up to £7.2m, from £800,000 his time the year before, a 777 per cent increase. Despite [...]
Tesco “seriously” breached grocery code, says supplier watchdog Groceries Code Adjudicator January 26, 2016 Tesco has been given a slap on the wrist over its relationship with suppliers during the lead-up to the accounting scandal which rocked the supermarket in 2014. Supplier watchdog the Grocery Code Adjudicator (GCA) said Tesco seriously breach of the code of practice, prioritising its own finances over treating suppliers fairly and acting unreasonably when delaying payments to suppliers, often for lengthy periods [...]
Goldman Sach’s head of commodities research Jeffrey Currie: More oil price volatility as storage hits capacity January 26, 2016 The global supply glut means millions of barrels of oil are sitting in tanks at oil fields and ports waiting for export across the world – but Goldman Sachs has warned storage space is running out. There’s no precise figure on oil storage capacity, with very little data outside of the OECD. But Goldman's head of commodities research, Jeffrey Currie, [...]
Carphone Warehouse to close 134 stores as Dixons Carphone merger success continues January 26, 2016 More than 130 standalone Carphone Warehouse stores are to be closed, as the business continues to merge its retail arms. Parent company Dixons Carphone said it had decided to roll its three-in-one store format, which includes PC World and Currys alongside the phone specialist, out across the whole UK and Ireland market having received a big thumbs up from customers [...]
Google tax deal: Taxing companies is after all just a stealthy way to tax people January 26, 2016 Another day, another deluge of headlines about a multinational’s tax affairs. It seems that Google’s £130m payment is motivated, in part at least, by concerns over George Osborne’s “diverted profits tax.” He claims it’s a great success, others describe the amount is “derisory .” Both miss the point spectacularly. We shouldn't be taxing companies in [...]
CMC announces the price range for its February IPO, giving it a market capitalisation of more than £730m January 26, 2016 Spread-betting company CMC Markets has announced it is looking at a price range of between 235p and 275p when it floats on the London Stock Exchange in February. At the midpoint of the range, the company would have a market capitalisation of £736m, and is offering 90.4m ordinary shares, representing 31 per cent of the company's [...]
Apple earnings: What to expect from first quarter results on Tuesday as iPhone 6s and 6s Plus risk sales slowdown January 26, 2016 Apple will reveal its most crucial earnings in years as fears have been stoked about softer sales after the launch of the iPhone 6s and 6s Plus as well as Apple Watch. Revenue is expected to come in at $76.6bn (£53.7bn) and earnings per share of $3.23, a rise of 2.7 per cent and 5.6 per cent, according to analyst [...]
Savills names Nick Ferguson new chairman as Peter Smith steps down January 26, 2016 Savills has named Sky boss Nick Ferguson its future chairman, after Peter Smith steps down from the role in May. Ferguson joins the board as a non-executive director from today (26 January) and will take up the reins when Smith retires after the property group's AGM. Savills chief executive Jeremy Helsby said: "On behalf of everyone at Savills [...]