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 [...]
Fan’s attempt to give Red Bull its wings back fails to get off ground October 13, 2014 Following last week’s devastating news that Red Bull doesn’t give you wings and the drink brand’s subsequent $13m settlement for misleading advertising, one fan has taken into his own hands to cheer up the energy drink company. Davey Kulter set up a crowdfunding Indiegogo campaign to “give Red Bull its wings back”. He [...]
Best of the Brokers for 14 October 2014 October 13, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com TESCO Cantor Fitzgerald has puts its target price under review and has no rating on the retailer after it said there could be “a lot more issues” for Tesco in the wake of an internal audit review of its commercial practices. WH SMITH [...]
Tesco woes mount as two more senior executives head for exit October 13, 2014 TESCO is set for further upheaval after the supermarket giant confirmed the resignation of company secretary Jonathan Lloyd yesterday. Lloyd – who advises the board on legal and governance issues – resigned last month before the discovery of the £250m overstatement in profits that stunned investors and has cost billions of pounds in market value. [...]
Tesco board to lose two members as chief exec Dave Lewis continues to rebuild October 12, 2014 Tesco is said to be losing two of its most senior executives, as the beleaguered supermarket looks to rebuild from the shock revelation of a £250m profit overstatement last month. Company secretary Jonathan Lloyd is reported to have resigned, while the chairman of the audit committee Ken Hanna is said to be stepping down [...]
Tesco share price dips again after supermarket pulls out of Margate superstore October 10, 2014 Tesco's share price dipped again today after it emerged the troubled supermarket had ditched its controversial plans to build a megastore in Margate. Tesco had fought for years to be given approval for the seafront, with many in the coastal town arguing that the plans were “an eyesore” and would have made the regeneration [...]
Dragons Den star Peter Jones opens Jessops inside Sainsbury’s supermarkets October 8, 2014 Jessops, the camera chain brought out of administration by Dragons Den star Peter Jones last year, has opened its first store inside a Sainsbury’s supermarket. The retailer yesterday launched in Sainsbury’s superstore in Newport, South Wales, and plans to open a further two stores in Waterlooville, Hampshire, and Maidenhead, Berkshire, within months. “This is a [...]