Tesco facing US court case as four firms sue over 2014 accounting scandal October 11, 2015 Tesco is being sued by a group of US funds over the 2014 accounting scandal which caused the supermarket's share price to collapse. In September last year, the company revealed that its profits had been overstated by £263m and the aftermath saw shares drop to a ten-year low. The Western and Southern Life Insurance Company, [...]
From London property and Tesco to Sports Direct and haunted houses: Here’s what got us talking this week October 9, 2015 It was a week in which plastic bags suddenly became the big new commodity, Google became free to be evil and somewhere lurking in your neighbourhood, proof of "ghost-free" houses became a thing. Here's what got us talking 1) We nailed the property conundrum We don't like to brag but we may have finally found the [...]
Moody’s to Tesco: Sales and profit performance must improve if you want to retain your credit rating October 9, 2015 Moody's has said Tesco will need to "improve substantially" in the second half of this year if it is to meet its target operating profit of £940m. The embattled retailer this week released its first half results, recording a 55 per cent drop in group operating profit. Tesco also notched up a 1.1 per cent drop in UK [...]
Bank’s decision to hold rates helps FTSE rise – London Report October 9, 2015 THE BANK of England’s decision yesterday to keep interest rates at record low levels contributed to rises in the blue-chip FTSE 100 index. A continuing surge in energy and mining shares also helped the index to maintain a run of rises. The FTSE 100 ended 0.6 per cent stronger at 6,374.82 points, outperforming major European [...]
Tesco share price rises as bosses dip into their pockets and buy stake in troubled supermarket chain October 8, 2015 Tesco's board have thrown their support behind the embattled supermarket group by buying nearly half a million pounds worth of shares. Chief executive Dave Lewis has spent £200,000 of his own cash to buy his first 99,950 shares in the grocer. Non-executive directors Richard Cousins and Mikael Olsson have also invested in the business for the [...]
Tottenham , Dartmouth and Folkestone: These are Britain’s high street rising stars October 8, 2015 Tottenham has been crowned one of the country’s “rising stars” as part of a competition to find the best high streets in Britain. The gritty north London suburb, which has been trying to shake off its recent history of violence and riots, was one of 10 high streets that came runner-up after missing out on [...]
Mining and Tesco shares help FTSE 100 to a six-week high – London Report October 8, 2015 Surging mining stocks and a surprise rise in Tesco’s shares buoyed the London market yesterday, with the FTSE 100 ending at its highest closing level since the summer. The blue-chip index finished up 0.2 per cent at 6,336.35 points – its highest closing level since 20 August. The FTSE came down off its earlier intraday [...]
Tesco’s share price falls: Troubled supermarket reveals profits down 55pc, scraps plans to sell Dunhumby October 7, 2015 Tesco's share price fell this morning as the UK's biggest retailer revealed it was struggling to show signs of an improvement a year after its profit black hole was discovered under new chief executive Dave Lewis. The figures The troubled supermarket's UK like-for-likes fell 1.1 per cent for the six months to August 31, while UK's [...]
FTSE 100 index ends up as commodities and energy rally – London Report October 7, 2015 Energy and mining stocks yesterday advanced on the back of stronger commodity prices as Britain’s top shares index extended gains from Monday’s session. The blue-chip FTSE 100 index, which surged 2.8 per cent on Monday, ended 0.4 per cent higher at 6,326.16 points. The index, however, is still down about 3.5 per cent this year [...]
Tesco first half results: Analysts question whether “Drastic Dave” Lewis has been drastic enough October 7, 2015 Tesco may have beaten expectations for UK sales in the first half of this year, but analysts are warning that the troubled supermarket still has a long way to go if it is to shrug off the many problems facing the UK's biggest retailer. Tesco's profits fell 55 per cent in the six months to 31 [...]