Tesco sheds three more executives in wake of profit overstatement October 14, 2014 Tesco has asked three non-executive directors to leave the company, taking the total number of departures in less than a month since it revealed a £250m black hole in its profit to eight. The supermarket said in a statement: "We have asked three employees to step aside to facilitate the investigation into the potential overstatement [...]
Venezuela default almost inevitable, say Reinhart and Rogoff October 14, 2014 Venezuela will almost certainly default on its foreign debt, according to Harvard economists Carmen Reinhart and Kenneth Rogoff. They add that the beleaguered Latin American economy has already defaulted on "every conceivable kind of domestic debt". The world-renowned economists wrote that the Venezuelan economy had been so badly mismanaged by the socialist government that GDP [...]
Facebook’s Mark Zuckerberg shells out $100m for Hawaii holiday sanctuary October 14, 2014 Mark Zuckerberg has splashed out over $100m on two pieces of land on Hawaii's stunning Kauai North Shore, according to Forbes. The properties are reported to total 700 acres. The first purchase was the Pila'a beach, which consists of 383 acres of dazzling white sand. The private beach was owned by Pfleunger properties, a company belonging [...]
Burberry profits vulnerable to forex as revenue rises amid digital growth October 14, 2014 Fashion house Burberry has enjoyed a rise in underlying revenue of 14 per cent to £1.1bn for the first half. Burberry cheerfully reported a strong performance across all regions and continued digital growth. Retail sales climbed 15 per cent to £748m, with double-digit growth in Asia Pacific and the Americas. Chief executive officer Christopher Bailey [...]
French expert on regulation and firms wins Nobel October 13, 2014 TOULOUSE University’s Jean Tirole yesterday won the 2014 Nobel Prize for economics for his work on large firms and regulation. The highly-coveted award carries prize money of 8m Swedish kronor (£775,000). This year’s prize was focused on “taming powerful firms”, particularly in industries with just a few key players. Tirole, who is the scientific director [...]
How much legislation actually comes from Brussels? October 13, 2014 There has been a great deal of controversy surrounding how much British legislation has its origins in Brussels. Ukip have claimed ad nauseam that 75 per cent of Britain's laws are made in Brussels – but are they right? A research paper published in 2010 from the House of Commons Library may shed some light [...]
Jean Tirole wins 2014 Nobel Prize for economics October 13, 2014 Jean Tirole has won the 2014 Nobel Prize in economics for his work on large firms and regulation. The highly coveted Sveriges Riksbank award in economic sciences dedicated to the memory of Alfred Nobel carries prize money of 8m Swedish krona (£775,000). This year's prize was focused on "taming powerful firms", particularly in industries with [...]
General election TV debate: Ukip’s Nigel Farage invited to face main Westminster party leaders October 13, 2014 Ukip has just received its latest batch of good news with leader Nigel Farage being invited to take part in next year's general election TV debates with the main Westminster party leaders. The broadcasters explained their decision saying it was the result of "changes in the political landscape". The BBC, Sky, ITV and Channel 4 [...]
2014 Nobel Prize in economics: Who’s in the frame to win? October 13, 2014 Later today the Nobel Prize in economics will be announced. Winners of the prestigious award are notoriously hard to predict but a slew of gifted economists have been mentioned as strong contenders. Last year, the prize in economic sciences was awarded to Eugene Fama, Lars Hansen and Robert Shiller for their work in predictions. Or [...]
YouGov profits take a hit but pollster remains confident October 13, 2014 Polling company YouGov has reported a fall in profit before tax of 51 per cent to £1.5m for the year ended 31 July. Group revenue climbed eight per cent to £67.4m while current trading was in line with the board's expectations. YouGov's revenue from data products and services soared by 30 per cent and now [...]
