Tesco share price rises as it confirms Serious Fraud Office has launched a criminal investigation October 29, 2014 The Serious Fraud Office has launched a formal criminal investigation into accounting errors at Tesco which led to a £263m profit black hole. Despite that, shares rose 2.6 per cent in mid-afternoon trading. The SFO had previously said it was “following developments at Tesco with interest” after the supermarket’s profit overstatement was first revealed in [...]
MPs take aim at regulators on Co-op Bank October 22, 2014 EX-CITY regulator the Financial Services Authority (FSA) should be probed as part of the investigation into the near-collapse of the Co-op Bank and the failed attempt to sell it TSB, MPs said in a report today. The Treasury Select Committee also wants the whole process of auditing banks to be investigated by the Financial Reporting Council, which [...]
Tesco share price continues to fall as Warren Buffett’s Berkshire Hathaway reduces exposure to troubled supermarket October 16, 2014 Warren Buffett's Berkshire Hathaway has reduced its exposure to Tesco, as the troubled supermarket's share price tumbled further. Until yesterday the legendary investor had around a four per cent holding, the fourth largest stake in the grocer, but has sold more than 245 million shares, cutting that down to less than three per cent. [...]
Don’t ignore the corporate culture challenge: Action and integrity at the top are critical October 15, 2014 It is probably breaking with corporate culture to write about a report that hasn’t yet been published. We say “probably”, because the assumed culture at the Association of Chartered Certified Accountants (ACCA) and most other organisations is that we keep things under wraps until publication date. But it’s just too relevant and timely to [...]
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 [...]
The City is under attack from Brussels – for being a symbol of capitalism October 5, 2014 The City is England’s smallest county by area and population, so the fact that over 700,000 people are employed in finance and associated professional services in London is a testament to its importance and prosperity as a giant of the financial world. It is the world’s leading exporter of financial services: the value of the [...]
UK supermarkets vs German discounters: Morrisons gets tough as Buffett attacks Tesco October 2, 2014 Britain’s embattled supermarkets have finally begun their fight back against German discounters Aldi and Lidl who have been eating their lunch in recent months with double-digit growth in the sector. Morrison, the UK’s fourth biggest supermarket, will launch its first customer loyalty card today, along with a price-matching scheme that its chief executive has labelled [...]
Warren Buffett admits he made “a huge mistake” on Tesco as share price tumbles again October 2, 2014 Warren Buffett has admitted making a “huge mistake” by investing in Tesco, as the supermarket's share price continued to fall today. The legendary investor, and second richest man in the world, is currently the third largest shareholder in Tesco, through his venture Berkshire Hathaway, which owns a 4.1 per cent stake. He first [...]
Tesco share price falls on £2.5bn credit facility claims September 30, 2014 Tesco share price fell again today – though far less than in recent days – after it emerged the embattled supermarket had sought a £2.5bn banking facility to prop it up against any impact from credit ratings downgradings. The supermarket was 0.4 per cent down in early trading today, with its share price continuing [...]
Tesco’s week from hell: £250m black hole, 16 per cent fall in share price since Friday September 26, 2014 Was this the week Tesco hit rock bottom? Having discovered a huge black hole in its finances, shares have fallen from Friday's closing price of 229.6p, to a low of 191.23p in early morning trading today. That's a fall of almost 17 per cent. Here's a handy, cut-out-and-keep guide to Tesco's week from hell Monday [...]