The year in preview: Our in-depth guide January 5, 2014 City A.M.’s journalists take a wide-ranging look at what 2014 has in store for the world of finance and business BANKINGRestoring faith means costly overhaulsA CAUTIOUS optimism pervades the British and European banking system at the start of 2014. The incoming economic recovery is at last improving customers’ creditworthiness, while the hard work running down [...]
Clarke: Tesco at start of journey to its recovery October 3, 2012 TESCO chief executive Philip Clarke insisted that the group’s £1bn turnaround plan was paying off, yesterday, stressing “it was just the beginning” despite the group suffering its first profit fall in nearly 20 years. Although half-year profits fell 10.5 per cent to £1.6bn due to the cost of the recovery plan, Clarke highlighted that the [...]
Mortgage rates could be on the rise September 17, 2013 With rising costs and house price highs spooking homebuyers, shop around for a good deal NEWS that house prices in England have hit record highs – now 0.9 per cent higher than their previous peak in January 2008 – has heightened fears that the government’s Help to Buy subsidised mortgage scheme is fuelling a housing [...]
Don’t blame immigration policy for the problems in our labour market August 12, 2013 TWO years ago, as the recovery stalled, a number of commentators suggested that the main problem with the UK economy was too much “red tape” preventing employers creating jobs. In response, the government commissioned a report from Adrian Beecroft on labour market regulation. It was deservedly mocked for ignoring the evidence – and, in particular, [...]
Tesco posts 10.5 per cent profit drop October 3, 2012 Tesco posted a 10.5 per cent drop in first-half trading profit this morning. Over the six months to 25 August, profit came in at to £1.6bn. A £1bn capital investment programme, to stem a decline in market share to chains such as Asda, Sainsbury’s and Morrisons, was largely responsible for the firm’s first fall in [...]
Tesco posts 10.5 per cent profit drop October 3, 2012 Tesco posted a 10.5 per cent drop in first-half trading profit this morning. Over the six months to 25 August, profit came in at to £1.6bn. A £1bn capital investment programme, to stem a decline in market share to chains such as Asda, Sainsbury’s and Morrisons, was largely responsible for the firm’s first fall in [...]
Tesco set to post profit fall but recovery in UK trading September 30, 2012 TESCO is set to post its first profit fall in almost 20 years this week, despite seeing a recovery in recent trading, as the supermarket fights to turn itself around after a shock profit warning in January. Analysts at Jefferies expect an improvement in second quarter trading, with like-for-like sales down 0.2 per cent compared [...]
Tesco’s Clarke insists US chain is fighting back September 19, 2012 TESCO’S loss-making Fresh & Easy chain in the United States is “fighting nicely” in a tough market, the chief executive of the retailer said yesterday, underlining his belief that the chain can have a profitable future. Tesco boss Philip Clarke has this year rejected investor calls to withdraw from the US, though he told shareholders [...]
Tesco displaying recovery signs after its shock profit warning September 25, 2012 TESCO, the world’s third biggest retailer, said a recovery plan to recapture home market share was making an impact after a shock profit warning, backing up industry data showing evidence of success in its fight-back against rivals. Once one of the most consistent British companies in terms of earnings growth, Tesco stunned investors in January [...]
Tesco faces illegal worker fines August 20, 2012 SUPERMARKET giant Tesco may be hit with fines after the UK Border Agency (UKBA) found it was employing foreign students for more hours than allowed by their visas. Twenty students were arrested in a 3am raid on a Croydon warehouse where employees work on fulfilling internet orders. Tesco faces fines of up to £10,000 per [...]