Tesco confirms finance chief departure April 4, 2014 Grocer Tesco has confirmed the widely reported departure of its chief financial officer, Laurie McIlwee. McIlwee has decided to step down from the board and resign, but has agreed to remain in his role to ensure a smooth handover, a statement said. Chairman Sir Richard Broadbent thanked McIlwee for his contribution, saying that he "has [...]
Tesco finance chief Laurie McIlwee poised to step down April 3, 2014 TESCO’S long-serving finance chief Laurie McIlwee is expected to step down as soon as next week, amid mounting pressure on Britain’s biggest supermarket chain to stem falling sales in UK and in Europe. Concerns over McIlwee’s position at the company emerged in October after Tesco unveiled a 70 per cent slump in European trading profits, [...]
Best of the Brokers for 03 April 2014 April 2, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com TESCO HSBC cut its price target for the supermarket from 300p to 260p due to the structural changes in the sector and the need for Tesco for take decisive action such as investing its margin before it’s eroded. The broker cut its earnings [...]
Best of the Brokers for 02 April 2014 April 1, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com TESCO Espirito Santo sticks to its “sell” rating for the retailer ahead of full-year results on 16 April, and cuts its fair value from 315p to 265p. The broker thinks that while Tesco’s operational problems are fixable, it reckons the firm could fail [...]
What the other papers say this morning – 26 March 2014 March 25, 2014 FINANCIAL TIMES Banks pay out $100bn in US fines Wall Street banks and their foreign rivals have paid out $100bn in US legal settlements since the financial crisis, according to Financial Times research, with more than half of the penalties extracted in the past year. The sum reflects a substantial shift in political attitudes towards [...]
Best of the Brokers for 25 March 2014 March 24, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com LLOYDS Investec has returned to a “buy” rating on the bank, two months after downgrading it to a “hold”, and sticks to its 85p target. The broker says it’s safe for investors to get back into the water now Lloyds has tackled its PPI [...]
How BHS’ food offerings could unseat Asda and Morrisons March 24, 2014 Sir Philip Green has come knocking at the major supermarkets’ door with plans to launch the first trial food outlet within a BHS department store this week. The retail tycoon, who is eyeing around 150 openings, aims “to be competitive” within the convenience food sector and undercut the big four by around 10 per cent [...]
Philip Green to take on big four with BHS food March 24, 2014 SIR PHILIP Green is taking on the supermarkets this week, as BHS launches its first food outlet. Arcadia, the group owned by the retail tycoon, confirmed over the weekend that BHS will be opening its first trial food space in its Staines store on Thursday, with Warrington to follow the next week. A spokesperson told [...]
What you need to know before the US open March 21, 2014 US stock futures have climbed higher, putting Wall Street on track for a good week, despite ongoing geopolitical worries and an interest rate-related fright from the Fed. Things have been escalating between Russia and the West. Obama’s targeted some of Putin’s nearest political and business allies, and the EU’s imposed sanctions on more individuals, in [...]
Tesco to invest £85m in joint Indian venture March 21, 2014 Super market chain Tesco has confirmed an agreement with Trent Limited, part of Tata group, to form a 50:50 joint venture In Trent Hypermarket. Trent Hypermarket operates the Star Bazaar. Tesco's investment will be in the region of £85m. Tesco has received the approval from the Indian Foreign Investment Promotion Board but is awaiting other [...]