SFO publishes terms of deferred prosecution agreement with Tesco after reporting restrictions lifted January 23, 2019 The Serious Fraud Office (SFO) has published the full terms of the Deferred Prosecution Agreement (DPA) it agreed with Tesco following the 2014 accounting scandal. Reporting restrictions around the DPA – a voluntary agreement which allows companies to forego prosecution by fulfilling certain requirements – were lifted when former Tesco director Carl Rogberg was acquitted today. [...]
Charges dropped against former Tesco executive Carl Rogberg in fraud trial January 23, 2019 The case against the third defendant in the Tesco fraud trial Carl Rogberg has been dropped today. Tesco executive Rogberg, 52, a former finance director at the supermarket giant, was charged with fraud, alongside fellow executives Chris Bush and John Scouler after a hole was found in Tesco’s accounts in 2014, wiping £1.5bn from its [...]
Robinhood rival Freetrade moves into US stocks as transatlantic retail investing battle hots up January 22, 2019 London fintech startup Freetrade has today launched US stock trading on its app, in the midst of growing rivalry in the commission-free trading space. The app, which offers users the ability to invest in stocks and exchange-traded funds (ETFs) directly without paying commission, said it will start with a curated list of 120 US stocks, including the likes [...]
City Moves for 21 January – who’s switching jobs at Superunion, Opengamma and Aviva? January 21, 2019 Who’s changing jobs today? Superunion WPP global brand agency Superunion announced the appointment of Holly Maguire as UK managing director to drive the growth of its UK business. Holly will be responsible for managing key client relationships with the likes of Coca-Cola, IAG, Nestle, Tesco and Vodafone, and building the success of Superunion since its launch [...]
Lloyds prepares for Brexit with Berlin banking licence January 18, 2019 Lloyds Banking Group has secured a banking license for its Berlin subsidiary as the Brexit deadline date approaches. The lender has previously run the office on a standard passporting licence, however all British banks with customers in the EU could lose the licence after March 29 therefore Lloyds is seeking further regulatory approval, Reuters reported. [...]
Consultants ‘braver’ about challenging clients who treat women inappropriately, says PwC January 17, 2019 Advisers are “getting braver about…calling out our clients” who act inappropriately towards female consultants, a partner at PwC told a tech industry event in east London today. The partnership at PwC gets “incensed” when client chief executives shout at female partners, said Mads Thomson, who leads the the professional services firm’s technology consulting business in [...]
Premier Foods logistics issues take a slice out of third quarter revenues January 17, 2019 Mr Kipling maker Premier Foods saw sales fall in the third quarter after logistics problems ate into revenues. The food manufacturer, which also makes Bisto and Oxo cubes, said sales fell 2.2 per cent to £256m in the 13 weeks to 29 December. Read more: Tesco and M&S reveal stockpiling amid concerns of a 'no deal' [...]
Hammond tells business chiefs no deal could be ‘taken off the table’ on leaked conference call January 17, 2019 Chancellor Philip Hammond has told business chiefs a no deal Brexit could be “taken off the table” and Article 50 rescinded, according to a leaked conference call transcript. In a conversation with 11 business leaders after Theresa May’s deal was defeated in parliament on Tuesday night, Hammond said the result led to two issues. Firstly, [...]
Business titans tell ministers ‘next six months are critical’ in post-Brexit vote conference call January 16, 2019 Some of the UK’s highest-flying executives reportedly lashed out at the government after its historic defeat on Theresa May’s Brexit deal in parliament yesterday. The bosses of Balfour Beatty, Amazon and Tesco confronted cabinet members who failed to rule out a no-deal Brexit following the government’s massive defeat in a heated conference call immediately after [...]
Profiting from the retail revolution: What’s hot and what’s not? January 15, 2019 It turns out that so-called Super Thursday wasn’t so super after all. Despite being lauded as a day when retailers boast strong figures from the festive period, last Thursday proved to be a mixed basket of results. With consumers feeling the pinch and Brexit-sized uncertainty looming large over the high street, it’s not surprising that [...]