Tesco, Sainsbury’s and Morrisons: Have investors given up on supermarkets? October 1, 2014 Tesco's share price has fallen 3.4 per cent today. Wm Morrison's has declined by 5 per cent. Sainsbury's share price tumbled 6.6 per cent. Although they operate in the same sector, each of these three supermarkets is suffering its own problem. So what is happening? Tesco's well documented £250m black hole in its [...]
Endless Capital sells Kiddicare two months after £2m takeover September 30, 2014 ENDLESS Capital has sold Kiddicare to online retailer Worldstores just two months after buying the mother and baby products site for £2m from Morrisons. The turnaround specialist bought Kiddicare in July after Morrisons’ disastrous ownership of the site. The Yorkshire-based grocer bought Kiddicare in 2011 for £70m as part of its bid to build its [...]
Morrisons exec is charged with insider dealing September 29, 2014 MORRISONS’ former treasurer and head of tax has been charged with insider dealing ahead of the retailer’s £216m tie-up with Ocado last year. The Financial Conduct Authority (FCA) said yesterday it had charged Paul Coyle with two offences of insider dealing. He will now face criminal proceeding and is set to appear before Harrogate Magistrates’ [...]
Morrisons ex-treasuer and head of tax Paul Gerard Coyle charged with insider trading over Ocado shares September 29, 2014 A former treasurer and head of tax for Morrisons has been charged with insider dealing in relation to Ocado share trading. Paul Gerard Coyle has been charged by the Financial Conduct Authority with two counts of insider dealing related to trading shares in the online grocery delivery service between February and May 2013. A £200m partnership between [...]
City Moves for 29 September 2014 | Who’s switching jobs September 28, 2014 Deloitte The business advisory firm has announced two appointments to its hedge fund practice. Chris Farkas (pictured) joins as UK hedge fund leader. He was European head of hedge fund consulting in Deutsche Bank’s prime brokerage group, and has also held senior roles at GlobeOp and Goldman Sachs. Brian Forrester, a partner with Deloitte in [...]
Tesco rushes in new finance boss September 23, 2014 TESCO has rushed in its new finance director Alan Stewart to start two months earlier than planned after a £250m profit error and new industry data yesterday showing a slide in quarterly sales plunged the retailer into further turmoil. The retailer, which had billions of pounds knocked off its share price after revealing the error [...]
London Report: Tesco’s woes and miners’ China fears drag down market September 22, 2014 SHARES in giant retailer Tesco tumbled yesterday 11.5 per cent to 203p – their lowest in 11 years – because of fears that first-half profits were overstated by around £250m, dragging down the FTSE 100. The blue-chip index was off 64.29 points, 0.94 per cent, at 6,773.63 points. Supermarket rivals Morrison and Sainsbury’s were hit [...]
Premier League: Sluggish Spurs anger Pochettino as Baggies grab all three points September 21, 2014 TOTTENHAM HOTSPUR 0 WEST BROM 1 SPURS boss Mauricio Pochettino was left furious by his team’s drab performance yesterday, as the north Londoners failed to win for the third Premier League game in a row. Playing against a West Brom side that started the day at the foot of the table, Spurs failed to register [...]
London bus strikes: Here are the routes affected September 18, 2014 NB. This article was written in September 2014. If you're searching for info on the January 2015 bus strike, click here As if the travel chaos yesterday wasn't bad enough, Unite has announced strike action affecting around 50 bus routes will take place on Monday. TFL has warned the action is “likely to [...]
Britain’s biggest companies call on Westminster for fundamental business rates reform September 16, 2014 Some of Britain's biggest businesses including Marks & Spencer, Sainsbury's, Tesco, General Motors and Tata Steel have called on the government to rip up the current business rate regime claiming the current system is “a critical problem for all of British business”. The controversial tax delivers around £25bn to the Treasury every year, but [...]