Supermarkets say Tesco tax would raise the price of food July 28, 2014 A senior executive at Sainsbury’s slammed proposals to levy another new tax on supermarkets yesterday, saying that the plans would lead to higher food prices. Derby City Council has proposed that local councils be permitted to introduce a “local levy” to supplement existing business rates, adding up to 8.5 per cent, to be kept by [...]
Inside Track: Sands deserves praise for facing critics July 27, 2014 Say what you like about Standard Chartered chief executive Peter Sands, and many people have in the past few days, he deserves credit for facing his critics. Sands knows that the performance of the emerging markets bank he runs hasn’t been all it could have been during the last few months. But on Thursday last [...]
Ex-Asda bosses Archie Norman and Allan Leighton linked to Morrisons chairman role July 27, 2014 Former Asda bosses Archie Norman and Allan Leighton are said to be in the running to become the new chairman of troubled supermarket chain Morrisons. Norman and Leighton were credited with reversing Asda’s fortunes in the 1990s and are both seen as plausible candidates to help revive the chain, which has been losing market share [...]
Councils seek to impose “Tesco tax” on supermarkets July 26, 2014 Local councils in England are requesting the right to impose a “Tesco Tax” on large supermarkets, in an attempt to recirculate supermarket spending in small communities. The tax would apply to all retail outlets with a rateable value of £500,000 or more. Derby City Council, backed by 19 other councils across the country, [...]
London Report: Tesco share price falls to lowest in 10 years as GSK warns on earnings July 23, 2014 Shares in Tesco yesterday fell to their lowest level in almost a decade after the beleaguered supermarket issued a profit warning earlier this week and announced that chief executive Philip Clarke is stepping down. Tesco’s shares fell 0.49 per cent to 276p yesterday, down 4.6 per cent since Monday when Clarke’s exit was announced and [...]
China meat scandal: Why consumers are turning on Western fast food brands July 23, 2014 TRUST lies at the heart of any company’s reputation, but its importance is amplified when the product being delivered is food. This is the hard truth facing the likes of Starbucks, Yum Brands – owner of KFC – and other leading Western fast food retailers, which have all pulled products from their outlets, after allegations [...]
Dividend fears hit Tesco shares July 22, 2014 SHARES in Tesco slumped nearly four per cent yesterday on fears that dividends could be cut as analysts called for a complete overhaul in strategy under its new chief executive. JP Morgan analysts said Unilever director Dave Lewis, due to take over from Philip Clarke in October, would have to reset its UK margins from [...]
London Report: FTSE rises as rebels move to hand over MH17 black boxes July 22, 2014 THE UK’S top equity index rallied yesterday, lifted by technology group ARM, which rose after posting higher profits. The FTSE 100 added 66.90 points or 0.99 per cent to 6,795.34, while other global markets also moved higher on news that pro-Russian rebels in Ukraine had complied with western requests to hand over the black box [...]
Tesco to splash £11m on Dave Lewis and Philip Clarke rescue operation July 21, 2014 Tesco will spend more than £1.8m on its new chief executive Dave Lewis but up to £9.6m on departing boss Philip Clarke as the supermarket puts its faith in the industry outsider to turn its sales around. Clarke’s shock departure and his replacement with Unilever’s president of personal care, who will start in October, comes [...]
Dave Lewis: Tesco banks on first outsider in its 95-year history. Will he make a difference? July 21, 2014 Tesco’ incoming boss Dave Lewis will have no easy task on his hands when he takes the reins at the UK’s biggest retailer and the world’s third largest chain in October. But while he lacks the Tesco genes that Philip Clarke had from spending 39 years at the grocer, Lewis makes up for it in [...]