The Week Ahead: Tesco, Coinbase IPO, JD Sports, JPMorgan, Goldman Sachs April 12, 2021 Some of the biggest banks are set to report earnings this week, with JPMorgan, Wells Fargo and Goldman Sachs all due on Wednesday. On a macro level, Tuesday’s UK GDP figures and inflation data from the US are undoubtedly going to be important. Meanwhile, the largest US cryptocurrency exchange, Coinbase, goes public. City A.M. looks at [...]
This week: Tesco set to report higher sales following pandemic boost April 12, 2021 Tesco is expected to post rising sales this week as its supermarkets stayed open throughout the pandemic. The UK’s biggest grocer may also reveal more muted profits in its update for investors on Wednesday, however, as they are forecast to be broadly in line with last year’s profits. Analysts have predicted that the supermarket, which [...]
Ranked: Monzo tops list of best UK banks as digital services thrive February 15, 2021 Digital fintechs Monzo and First Direct provide better service to customers than traditional banks, according to a recent survey. Ipsos MORI conducted a review of around 1,000 customers from each of the 19 biggest personal current account providers in the UK to rank the best and worst banks. The findings are designed to compare the [...]
Tate & Lyle appoints new finance chief following CFO’s departure for Tesco January 21, 2021 Tate & Lyle announced this morning the appointment of a new chief financial officer. Vivid Sehgal will take up the role in May but he plans to join the board of directors in March to work alongside the current chief financial officer Imran Nawaz. Current CFO Nawaz announced his departure in October as he moves [...]
Tesco adds £1bn in online sales as customers splash out over Christmas period January 14, 2021 Tesco added an extra £1bn in online sales in the run-up to Christmas as new lockdown measures accelerated the shift to digital shopping. The supermarket said online sales growth surged more than 80 per cent in the 19 weeks to 9 January, and orders have continued to grow after the festive season. Tesco broke its [...]
UK supermarkets bring in security to enforce mask wearing as Covid cases rise January 12, 2021 Supermarkets are ramping up Covid safety measures, with many of the major UK grocers planning to make masks mandatory and to only allow one person per household in store. Tesco, Waitrose and Asda have joined Sainsbury’s and Morrisons in announcing that customers without masks will be turned away, unless they are exempt for medical reasons. [...]
UK supermarket sales soar to record-breaking £11.7bn in December January 5, 2021 UK supermarkets recorded their busiest ever month in December as grocery sales soared to £11.7bn amid bar and restaurant closures during the festive period. Morrisons was the strongest performer of the Big Four UK supermarkets, with sales jumping 13.1 per cent, followed by Tesco, which toasted a 11.1 per cent rise in sales. Sainsbury’s recorded [...]
Former Tesco chief Dave Lewis amongst New Year’s Honours December 31, 2020 Former Tesco boss Dave Lewis has been knighted in the New Year’s Honours List, alongside a number of business figures given gongs. Ocado boss Melanie Smith receives a CBE in recognition of her firm’s upscaling during the lockdown pandemic, and Co-op retail chief Joanne Whitfield receives the same honour. Read more: Retail wonks expect a [...]
Tesco completes £8bn Malaysia and Thailand business sale prompting £5bn shareholder windfall December 18, 2020 Tesco has completed the £8bn sale of its Thailand and Malaysia businesses and is gearing up to pay a £5bn special dividend to shareholders. The supermarket announced this morning that the division’s have been acquired by C.P. Retail Development Company, which is backed by Charoen Pokphand Group, CP All Public Company and Charoen Pokphand Foods. [...]
Tesco to complete £8bn sale of Thai and Malaysian units this month December 9, 2020 Tesco is set to complete the sale of its Thailand and Malaysia businesses later this month after all conditions for the deal were satisfied. The UK supermarket giant announced in March that it was going to sell the two Asian businesses to Thai conglomerate CP Group. The deal is worth £8bn. Tesco is seeking to [...]