City Views: Where do you think Tesco went wrong and what is your view on the CEO change? July 21, 2014 PAUL O’REILLY | VIRTUAL 1 I believe that Tesco should get rid of sections such as gardening and homeware. Also, Tesco was wrong to introduce auto-checkouts, as it needlessly cut of hundreds of jobs. I have no view on the CEO change other than I hope he will improve the company. RICHARD HILL-TOUT | SAUL TRUSTEE COMPANY [...]
Too big to succeed? How Tesco’s new leader can take on the toxic retailer July 21, 2014 The last-minute cancellation of his “40 years at Tesco” party suggests that Philip Clarke’s departure came as a big surprise. But in truth, his future at Tesco had been looking increasingly bleak for months. The man himself conceded as much in March, with his surprise statement at a conference that his days as chief executive [...]
Dave Lewis: Tesco share prices jumps as investors bet on new CEO’s strong Unilever record July 21, 2014 Investors have been reassured by the appointment of Dave Lewis as Tesco's new top dog. Despite a profit warning, Tesco's shares sprang up by as much as three per cent as markets opened. Part of that can be explained by the coming departure of CEO Philip Clarke. While he will continue to serve in his [...]
Tesco share price up on CEO exit despite profit warning July 21, 2014 Shares in Tesco rallied almost two per cent this morning on the news that boss Philip Clarke is standing down, despite the retailer saying sales and profits would fall below expectations. Tesco's share price jumped 1.8 per cent as investors responded positively to Clarke's departure and his replacement, Unilever's Dave Lewis, the first outsider to take [...]
Tesco chief exec Philip Clarke relieved to be out as supermarket issues profit warning July 21, 2014 Tesco boss Philip Clarke has said he is relieved to be leaving the struggling supermarket as the retailer issued a profit warning. Britain's largest retailer said sales and profit in the first half of the year are below expectations. Clarke oversaw Tesco's attempt at repositioning in the face of tough market conditions and increasing competition [...]
London Report: UK’s second quarter growth and minutes from Bank in focus July 21, 2014 THE first estimate of gross domestic product data for the second quarter is likely to be closely watched after hints of a rate rise later this year. The minutes of the July meeting of the Bank of England’s Monetary Policy Committee will also be of interest, for the same reason, and retail sales figures will [...]
Best of the Brokers for 17 July 2014 July 16, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com UNILEVER Oriel Securities has upgraded the consumer goods group to “reduce” from “sell”, raising the target price to 2,600p from 2,190p. The broker thinks while Unilever is strong, earnings per share will be flat. It also sees a lack of consolidation pressure, and [...]
The in-house agency: Oliver Marketing CEO Simon Martin on the new media model July 13, 2014 Traditional ad and media agency models are under pressure – this everyone knows. But while some executives are nervously looking over their shoulders at the tech giants and consultancies, the in-house agency model is also shaking things up. According to the Association of National Advertisers, nearly 60 per cent of clients used in-house [...]
Tungsten hails its maiden results July 8, 2014 TUNGSTEN Corporation, the fast- growing electronic invoicing group, celebrated maiden full-year results yesterday by announcing it had won a new contract with the German government. The group, founded by private equity pioneer Edi Truell, beat rivals such as SAP to land the government as a client, adding to a blue chip list which includes firms [...]
Graduate jobs market bounces back to pre-recession levels July 7, 2014 The number of graduate-level job openings has returned to its pre-recession peak, with an 11.6 per cent increase in vacancies this year, according to a study conducted by High Fliers Research. Based on a poll of 18,000 final year university students, the study shows the biggest increase in vacancies since the dramatic 23 per cent [...]