Tesco pays out £43m to customers for 'technical breach'
2nd Nov 2014 11:32
Tesco has revealed that its online bank will pay a total of £43m in compensation to customers after breaching industry regulations with loan errors and statement delays. Online Tesco Bank has apologised to 175,000 of its loan and credit card clients and said it will hand back interest and charges ow
Read moreLondon close: FTSE ends higher ahead of Fed meeting result
29th Oct 2014 16:40
Investors showed a degree of confidence in the Wednesday session as markets awaited the outcome of the latest Federal Open Market Committee (FOMC) meeting. Steady gains were seen throughout much of the session, with a slight weakening towards the close, although the Footsie ultimately closed up 51.7
Read moreSectors: Tech sentiment improves
29th Oct 2014 14:23
Improving sentiment towards technology companies saw the electronic and electrical equipment sector top the leaderboards in London on Wednesday. Although earnings reports from tech giants stateside have been mixed, with Apple and Facebook pleasing but Amazon and Twitter disappointing, interest in sm
Read moreTesco to face criminal investigation from Serious Fraud Office - UPDATE
29th Oct 2014 12:41
The Serious Fraud Office has confirmed that it has begun a criminal investigation into Tesco's accounting practices, leading the Financial Conduct Authority to call off its own probe. The SFO is looking into how the FTSE 100 supermarket group came to overstate its profits by £263m. The independent
Read moreWednesday newspaper round-up: BoE, Vodafone, EU referendum
28th Oct 2014 21:28
The Bank of England deputy governor Jon Cunliffe has said the BoE can afford to keep interest rates low for longer than previously thought, the Guardian reported on Wednesday. Speaking at an event marking his first year on the monetary policy committee on Tuesday, Cunliffe said factors such as weake
Read moreTesco awards new boss golden hello of £3.8m
28th Oct 2014 07:00
The new boss of Tesco received a golden hello of nearly £4m when he took the reins of the struggling retailer. Dave Lewis, who joined the company earlier than originally planned in September, was given 1.66m share options to compensate for awards lost when he left consumer-products group Unilever.
Read moreTuesday newspaper round-up: Tesco, BoE, Cameron
27th Oct 2014 21:35
The newly arrived chief executive of grocer Tesco, Dave Lewis, and his chief financial officer, Alan Stewart, have been handed generous incentives in the form of stock options on the company's shares. The multimillion-pound pay packages are what in the industry are known as "golden hellos". The just
Read moreSunday newspaper round-up: Tesco, RBS, Morrisons
26th Oct 2014 16:31
Tesco's new Chief Executive Dave Lewis is in talks with the group's board over a new bonus deal because its problems have undermined his original package, the Mail on Sunday reported. "If you are doing a turnaround, then maybe you'd want some shorter-term targets for the leadership team," he said. S
Read moreLondon close: Ebola and downbeat Chinese housing data weigh on markets
24th Oct 2014 16:23
London shares ended Friday on a negative note amid fresh jitters about the Ebola virus and weak Chinese property data. The FTSE 100 Index closed 30.42 points adrift at 6388.73 as a New York doctor who recently returned from Ebola-hit Guinea in West Africa became the fourth case of the virus in the U
Read moreS&P downgrades Tesco by a notch
24th Oct 2014 16:06
Tesco's credit rating suffered the third downgrade in twenty-four hours after Standard & Poor's (S&P) lowered its rating on the retailer giant to 'BBB-' from 'BBB'. S&P cited lower profitability and negative expectations for like-for-like sales growth in the UK for the financial years 2015 and 2016
Read moreTesco biggest sales loser in last three months, says Nielsen
24th Oct 2014 12:23
There was more bad news for Tesco on Friday after new figures showed it was the industry's biggest sales loser in the last three months. Tesco's sales in the 12 weeks to 11 October dropped 5.2% against the same period a year ago, while Morrisons dipped 2.1% and Sainsbury was off 2%, according to
Read moreFriday broker round-up UPDATE
24th Oct 2014 10:11
Advanced Medical Solutions: Oriel initiates with a target price of 135p and a buy recommendation. African Barrick Gold: JP Morgan moves target price from 300p to 310p maintaining its overweight rating. Canaccord Genuity reduces target price from 330p to 275p keeping a buy recommendation. Numis moves
Read moreFriday tips round-up: Tesco, Unilever
24th Oct 2014 07:55
Let's play a game, 'name that company'. It made £112m of pre-tax profit at the half stage of the year on £34bn of revenue. On top of that, sales have been on the decline everywhere over the last 18 months. Who done it? You guessed it, Tesco. More importantly, to put it simply, price charts can be mi
Read moreMoody's and Fitch downgrade Tesco by a notch
23rd Oct 2014 17:53
Disappointing news just keeps coming for Tesco, with Moody's downgrading the stricken retailer's credit rating from Baa2 to Baa3 just hours after the firm had admitted overstating its first half pre-tax profit by £263m. "We have downgraded Tesco's ratings because of the materially reduced trading pr
Read moreLondon close: Supermarket share slump limits market gains
23rd Oct 2014 16:15
UK supermarkets held back London shares on Thursday after beleaguered Tesco reported lower first half profits and said the hole in its accounts was bigger than thought. Shares in Tesco led the FTSE 100 Index fallers with a 12p slump to 171p as the group said trading profits dropped 39.4% at constant
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