Tesco probe finds evidence of inappropriate behaviour by staff October 19, 2014 THE INVESTIGATION into Tesco’s £250m black hole is understood to have found evidence that a small group of staff deliberately misled its auditors as they struggle to meet sales targets. The UK’s largest supermarket chain is due to report its delayed half year results on Thursday, with chief executive Dave Lewis set to update the [...]
George Osborne braced for bad news on deficit reduction – London Report October 19, 2014 Public finance figures due out tomorrow are likely to be a blow to chancellor George Osborne, with tax receipts lowered by very low earnings growth. Economists predict that Osborne is now unlikely to meet fiscal targets for the year, despite improved economic activity, stronger house prices and an improved labour market. Howard Archer, of IHS [...]
Tesco’s profits overstatement might be less than it thought October 18, 2014 Did Tesco overestimate its overestimate? The supermarket last month claimed to have discovered a profits black hole of £250m, but now it looks like that figure could be less than originally thought. Sources have told Sky News that the grocer is likely to tell the City it had a shortfall of between £200m and £250m [...]
Moody’s thinks Tesco, Sainsbury’s, Asda and Morrisons’ profit margins will continue shrinking October 17, 2014 Profit margins at the so-called “big four” supermarkets will shrink even further than they have already as they fight a losing battle against discounters, according to rating agency Moody's. "Further price cuts could be particularly credit negative for Tesco and Morrison as their cost-cutting and efficiency measures are unlikely to fully offset the negative impact [...]
Warren Buffet sells down Tesco stake October 16, 2014 WARREN Buffett, the world’s third richest man, has sold 245m shares in Tesco, just weeks after describing his investment in the troubled retailer as a “huge mistake”. Buffett’s Berkshire Hathaway, which first invested in Tesco in 2006, has reduced its stake from 3.6 per cent to below the three per cent limit at which investors [...]
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. [...]
Tesco suspends more staff over profit error October 14, 2014 TESCO announced yesterday it had suspended another three executives over the discovery last month of an accounting error which led first-half profits to be overstated by £250m. The retail giant did not disclose the names of the three executives, but Sky News is reporting them to be Tesco’s wine director Dan Jago, Sean McCurley, director [...]
Tesco share price dips again as three more executives suspended after Jonathan Lloyd and Ken Hanna depart October 14, 2014 Shares in Tesco fell for a second day in a row as the supermarket revealed a further three executives have been suspended, bringing the total number of people suspended to eight in the wake of its profit overstatement. Shares fell more than two per cent at its lowest this morning on yesterday's close of 180.60 pence [...]
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 [...]
Falling Brent crude oil and prices at the pump delay interest rate hike October 13, 2014 Tumbling oil prices on world markets are expected to pull British petrol prices down even further in the coming weeks, with economists pushing back their predictions for when interest rates will finally rise. Brent oil prices plummeted more than $2 a barrel during yesterday’s trading, touching their lowest levels since 2010. At around $88 per [...]