Ageas UK on a high as profit rises four-fold August 24, 2011 BARRY Smith, chief executive of insurer Ageas UK, celebrated a turnaround in the business yesterday after its profit rose more than four times to £35.4m in the first half. Shares in Ageas SA, which provides Tesco’s insurance, leapt almost 20 per cent yesterday after the UK branch said it had made record first-half income of [...]
Tesco Bank’s director quits August 24, 2011 TESCO director Andrew Higginson is quitting the company in a year’s time – leaving a hole in its plans to expand its banking services. Higginson led the retailer’s move into banking and was at the heart of the company’s strategy under former chief executive Sir Terry Leahy. He was also seen as contender to succeed [...]
Micro Focus shares drop after it ends takeover talks with Bain and Advent August 22, 2011 SHARES in IT firm Micro Focus International slumped more than six per cent yesterday after it ended four months of takeover talks. The firm, which supports mainframe computer applications for companies like Tesco, saw its stock close down 15.82p at 247.18p. The deadline for takeover offers passed on Friday and Micro Focus said bids had [...]
Micro Focus calls halt on offer talks August 21, 2011 SHARES in IT company Micro Focus International are expected to slump today after the firm called off takeover talks after four months of discussions. The firm said bids for the business fell short of expectations, and that it now plans to resume its share buyback programme. The firm, which supports mainframe computer applications for companies [...]
Evolution’s finance boss quits amid takeover talk August 15, 2011 EVOLUTION Group lost its finance director and reappointed one of its former non-executives to its board yesterday amid signs that a takeover bid for the firm was progressing. Andrew Westenberger, the group’s finance director for almost two and a half years, resigned with immediate effect and with no explanation or an immediate successor. But Evolution [...]
Supermarkets kick off price war over petrol August 14, 2011 TESCO today reduced its fuel prices by up to two pence per litre (ppl). The price cut covers both unleaded and diesel and is in addition to the price cut of up to 1ppl announced earlier in the week. Yesterday Morrisons took two pence off the price of a litre of unleaded and diesel. The [...]
Micro Focus shares make big gains as its turnaround plan gathers pace August 10, 2011 SOFTWARE company Micro Focus International’s shares rocketed 13 per cent yesterday after it posted a better-than-expected update. The firm, which was the biggest riser in the FTSE indices yesterday, said its revenues were higher than previously indicated, while costs linked to its restructuring had come down from earlier estimates. Micro Focus, which supports mainframe computer [...]
Tesco hits out after £10m fine for fixing cheese price August 10, 2011 TESCO has threatened legal action and called for the Office of Fair Trading to be dismantled after being hit with a £10m fine for fixing cheese prices between 2002 and 2003. A seven-year investigation by the watchdog ended with Arla, Asda, Dairy Crest, McLelland, Safeway, Sainsbury’s, The Cheese Company, Wiseman and Tesco being fined £50m [...]
Tesco hits back after £9.6m price fixing fine August 10, 2011 Tesco has hit back at a record fine imposed by the competition regulator today for its role in a ring of supermarkets and dairy companies that fixed price of milk and cheese for more than a year. The Office of Fair Trading has fined UK’s biggest supermarkets and dairy companies have been fined £49.5m for [...]
LONDON: CLOSED FOR BUSINESS August 9, 2011 SCORES of shops across London were closed for business yesterday as the threat of rioting and looting remained high, and home secretary Theresa May met with industry leaders in an attempt to reassure them that extra efforts were being made to protect retailers. May met with business chiefs yesterday afternoon – including the British Retail [...]