London Report: New US pharma rules drag down UK drug firms September 23, 2014 THE FTSE 100 took a tumble yesterday as pharma shares were hit by overnight news that the US had announced new rules to reduce the benefits available to its companies buying overseas businesses for tax reasons. The FTSE 100 suffered a 1.44 per cent fall to 6676.08 points, its worst performance since 3 March. Poor economic [...]
Tesco loses more market share as supermarket sector slows to record low September 23, 2014 Growth in the supermarket sector has slowed to an all-time low, with Tesco once again losing market share to Asda, Aldi and Lidl. The troubled supermarket, which yesterday revealed a £250m black hole in its profits, saw its market share drop 4.5 per cent in the 12 weeks to September 14. During the [...]
Tesco share price slides a further 5 per cent despite early start of finance boss Alan Stewart September 23, 2014 Shares in Tesco slipped a further five per cent this morning as the supermarket continued to feel the fallout from serious accounting errors uncovered yesterday. Investors failed to be reassured by news that new finance chief Alan Stewart has been parachuted in two months early from his garden leave at M&S to steady the ship. [...]
Marks & Spencer finance boss Alan Stewart joins Tesco two months early following £250m profit overestimate September 23, 2014 Alan Stewart will assume his new role as chief financial officer of Tesco from today – over two months earlier than originally planned. Yesterday, the troubled retailer reported it had overstated its first-half profit expectations by £250m, leading to its biggest share price fall in 11 years. In July Stewart announced his plan [...]
Tesco profits crisis: Dave Lewis must do “whatever it takes”, says shareholder September 22, 2014 Tesco could be forced to raise cash by way of a rights issue or by speeding up the sale of its UK and overseas assets, as the troubled supermarket chain launched a probe yesterday into a £250m black hole in its accounts. The debacle prompted a profits warning, which puts Tesco on course for trading [...]
Tesco in turmoil: Share price dives after £2bn is wiped off market value September 22, 2014 Britain’s largest retailer suspends four executives and launches probes after £250m profit overstating debacle. Tesco shares plunged 12 per cent yesterday after the embattled supermarket chain admitted that an error in its accounts meant profits for the last six months would be £250m lower than expected. The retailer has suspended four senior executives, [...]
Broadbent suffers his Rumsfeld moment September 22, 2014 SIR RICHARD Broadbent’s position as chairman of Tesco looked increasingly vulnerable yesterday after the latest revelations over mis-stated profits raised questions over governance at the chain. Several City analysts suggested that Broadbent would have to go, including Shore Capital’s Clive Black, who described his position as “untenable,” after overseeing his third profit warning in weeks. [...]
Tescopoly fear has proven to be unfounded – Bottom Line September 22, 2014 SEVEN years ago I worked for a charity in Covent Garden. It was a fairly standard office, with us low-level employees popping out every lunchtime to escape the tedium and top up on sustenance. By far the cheapest and most varied selection of grub on offer was to be found in the local Tesco Metro [...]
Laying down the law on M&A and sell offs September 22, 2014 LAW FIRM of the year The past year has seen law firms work with the government and banks on the selling of shares and on the investigations into alleged failings at big companies. Against that backdrop lawyers have also started to benefit from the upturn in the M&A and financing markets, beefing up their private [...]
London Report: Tesco’s woes and miners’ China fears drag down market September 22, 2014 SHARES in giant retailer Tesco tumbled yesterday 11.5 per cent to 203p – their lowest in 11 years – because of fears that first-half profits were overstated by around £250m, dragging down the FTSE 100. The blue-chip index was off 64.29 points, 0.94 per cent, at 6,773.63 points. Supermarket rivals Morrison and Sainsbury’s were hit [...]