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 [...]
Supermarkets cut petrol prices as oil tumbles August 8, 2011 SUPERMARKETS have cut the price of petrol from near-record levels after the cost of oil tumbled in the face of continuing fears over Eurozone debt, the US downgrade and plunging stock markets. Asda was the first of the big retailers to announce yesterday that it would cut the price of unleaded petrol and diesel by [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 8, 2011 THE FINANCIAL TIMES IZODIA INVESTORS PURSUE LOST £5.3M Izodia, the multibillion-pound dotcom company at the centre of one of the City of London’s longest-running corporate scandals, has postponed liquidation in the hope that it can recover some of the £5.3m it is still owed. The Daily Telegraph UK FACES CREDIT RATING CUT AND MORE MONEY-PRINTING [...]
Tesco fixes Scottish pricing discrepancy August 7, 2011 TESCO yesterday said the grocer is committed to its national pricing policy, following a computer bug that gave Scottish shoppers cheaper prices on hundreds of household items. The alarm was raised when it emerged Scottish families have been paying on average five per cent less on an estimated 800 products for the past three weeks [...]
US convenience launch for Tesco August 3, 2011 UK SUPERMARKET Tesco announced plans yesterday to trial a series of smaller stores in the US, in an attempt to offset losses at its chain of Fresh & Easy outlets. Tesco launched in the US in 2007 and runs around 175 stores across the country, but has struggled to make a profit, with trading losses [...]
L&S takes on Tesco warehouse August 3, 2011 London & Stamford Property has snapped up a warehouse belonging to Tesco for £22.9m in the latest in a string of acquisitions, the firm announced yesterday. The company said the deal reflected a yield of 7.5 per cent, and that the distribution centre in Harlow will be rented out to Tesco for the remaining 12.5 [...]
When good news turns out to be bad July 28, 2011 SOMETIMES, it is hard not to be a glass half empty kind of person, even though I always try to see the bright side of life. Take the news yesterday that Britain’s borrowing costs fell below equivalent American rates for the first time in almost two years. The reason, of course, was the US debt [...]