Tesco’s share price jumps as Kantar figures reveal the supermarket has grown sales for first time in a year – but it is still losing market share February 10, 2015 Tesco's share price jumped nearly two per cent this morning after figures revealed it had grown for the first time since January 2014. The UK's biggest retailer recorded sales growth of 0.3 per cent to £7.9bn for the 12 weeks to February 1, according to Kantar Worldpanel. But that was not enough to stem the [...]
Tesco defends supplier price cut demands February 8, 2015 TESCO defended itself last night against accusations that it was putting pressure on suppliers to cut prices in line with falling commodity costs, saying it held regular talks in a bid to obtain the best prices for customers. The ailing supermarket chain, which is in the process of turning itself around following last year’s accounting [...]
City Moves for 09 February 2015 | Who’s switching jobs February 8, 2015 Cohn & Wolfe The communications agency has appointed Helen Ridgway as chief executive of technology agency AxiCom, which it acquired seven years ago. Cohn & Wolfe, in turn, is part of WPP. Ridgway co-founded AxiCom 20 years ago. Her client base includes Tyco and Microsoft Devices Group. Insight Investment Shankar Athreya has been appointed head [...]
Falling foul of local Japanese culture: Raw fish and faux pas in the land of the rising sun February 8, 2015 It’s customary in travel articles about Japan to talk about how weird it is, and it is weird. This got me thinking: what do the Japanese find weird when they come to the UK? I asked my tour guide as she led me through the bamboo gardens of Kodaiji temple on the outskirts of Kyoto. [...]
Tesco tells suppliers to cut prices as commodities slump February 8, 2015 Tesco has delivered a stern message to its suppliers: cut prices or your products could be taken off the shelves. The scandal-hit supermarket is still rebuilding its reputation following the revelation of ia £263m profit blackhole last year, yet an ongoing price war with discounters such as Aldi and Lidl has kept its [...]
Tesco GCA probe: More supermarkets could be investigated, says watchdog February 6, 2015 More supermarkets could be investigated by the Groceries Code Adjudicator (GCA), a watchdog for UK businesses has warned. Yesterday, the GCA launched an examination of Tesco's relationships with its suppliers, saying it had acquired enough evidence to suggest bullying and delays in payments had taken place. Christine Tacon, adjudicator for the GCA, [...]
Tesco probed over supplier mistreatment February 5, 2015 TESCO could be “named and shamed” if found guilty of breaching supplier rules, the grocery industry’s watchdog Christine Tacon said yesterday after launching her own investigation into Britain’s biggest supermarket chain. The retailer sent shockwaves through the industry in September when its new chief executive Dave Lewis revealed profits had been overstated by £263m following [...]
Tesco faces investigation by yet another regulator over payment to suppliers February 5, 2015 Tesco has fallen under the scrutiny of yet another regulator, as a huge black hole in profits continues to raise questions about the supermarket's practices. In September last year, Tesco revealed that it overstated its group profits for the six months to 23 August by an estimated £250m, which was soon revised up to £263m. [...]
Serious Fraud Office must stay at arm’s length from government February 4, 2015 Other than their membership of the UK’s blue-chip share index, what unites Barclays, G4S, GlaxoSmithKline, Rolls Royce Holdings and Tesco? The answer is that they all feature prominently in the caseload of David Green, the director of the Serious Fraud Office. Britain’s principal white-collar crime-fighting agency has come a long way since Green inherited the [...]
Tesco Bank technical problems hit one in 20 customers February 4, 2015 Tesco’s banking operations have suffered a technical problem which is preventing some customers from accessing their accounts. Tesco Bank has been hit by a computer fault which means customers are unable to view their current accounts, savings and loans information online. Credit card customers are unaffected by the issue. The bank estimated the glitch was [...]