UK finance watchdog launches probe into Tesco’s profit debacle October 1, 2014 Tesco was put under further pressure yesterday after the Financial Conduct Authority (FCA) said it had launched a full investigation into the Tesco accounting scandal that had knocked £4bn off its market value. Britain’s biggest supermarket stunned the City after revealing last week that it had overstated first-half profits by £250m. The accounting error, which [...]
London NFL team worth £100m October 29, 2014 Economy stands to enjoy boost but US sport’s chiefs insist deal a long way off A LONDON NFL team would boost the capital’s economy by more than £100m annually, a new report claims – but the sport’s chiefs have warned that they are not prepared to rush into the move. Deloitte’s study, commissioned by the [...]
Tesco sheds three more executives in wake of profit overstatement October 14, 2014 Tesco has asked three non-executive directors to leave the company, taking the total number of departures in less than a month since it revealed a £250m black hole in its profit to eight. The supermarket said in a statement: "We have asked three employees to step aside to facilitate the investigation into the potential overstatement [...]
How companies can help communities December 18, 2014 Organisations should think outside the box to achieve more social good. Let’s say that a single individual, employed at a major financial company or a large corporation, wants to improve the way their organisation contributes to society. She wants to make sure it achieves more “social good”. It’s an ambitious aim, and not unheard of. [...]
Tesco overstated profit estimates by £250m prompting “comprehensive independent investigation” says chief Dave Lewis September 22, 2014 Tesco has warned investors that its profit outlook for the half year to August has been overstated by £250m. In its previous trading update on 29 August in which it issued a profit warning, the troubled supermarket expected half year results to be “in the region of £1.1bn”. However Tesco warned today it had identified [...]
Downton actor Jim Carter stars as Hacks outshine Flacks in charity cricket match September 29, 2014 City spinners showed up in their droves to take on journalists and ex-England international cricketers in the annual charity Hacks verses Flacks cricket and rounders matches at the weekend in aid of Chance to Shine. Flacks from the likes of Deutsche Bank, KPMG, PwC, Deloitte and JLL all donned their whites to hit some [...]
Syriza’s triumph: Where debt dialogue could take markets January 26, 2015 Grexit is unlikely, but expect six months of Eurozone volatility. Financial markets took the result of the Greek general election largely in their stride yesterday. The victory of hard-left, anti-austerity party Syriza was predominantly in line with analysts’ predictions, with plenty of advance warning for investors and traders. But even so, the news did [...]
Hotel activity to hit new record high as investor appetite grows August 11, 2014 INVESTORS stepped up their spending on UK hotels in the first six months of the year as rising confidence and increased availability of debt helped boost activity in the sector. According to figures released today by Deloitte, UK hotel transactions totalled £1.5bn in the first half, 65 per cent higher than the second half of [...]
City’s Gherkin skyscraper to be sold off with £640m starting price tag July 28, 2014 The City’s iconic Gherkin has been put up for sale on the open market after it collapsed into receivership earlier this year, with a price tag of around £640m. Receivers at Deloitte have appointed their real estate arm and Savills to sell 30 St Mary’s Axe, which will be advertised to buyers across the [...]
Flotations outperform FTSE by over five per cent September 4, 2014 New listings on the London stock market have generated better returns for investors than the FTSE 100 this year, despite some prominent private equity-backed flops, a survey shows. The 28 initial public offerings of shares between the turn of the year and the end of August achieved an average return of seven per cent – [...]