Tesco profits crisis: Dave Lewis must do “whatever it takes”, says shareholder September 22, 2014 Tesco could be forced to raise cash by way of a rights issue or by speeding up the sale of its UK and overseas assets, as the troubled supermarket chain launched a probe yesterday into a £250m black hole in its accounts. The debacle prompted a profits warning, which puts Tesco on course for trading [...]
Draghi hits out at Eurozone’s lack of reform September 22, 2014 EUROPE’S sick economies need massive structural reforms if they ever hope to become competitive once more, European Central Bank (ECB) boss Mario Draghi urged yesterday. “Courageous structural reforms and improvements in the competitiveness of the corporate sector are key to improving the business environment,” Draghi told the European Parliament’s economic and monetary affairs committee. “This [...]
Mario Draghi speech: ECB president hints at use of more unconventional instruments in fight against low inflation September 22, 2014 The euro has fallen against the dollar after a doveish Draghi spoke before the Committee on Economic and Monetary Affairs of the European Parliament. Consumer confidence for the single currency bloc was underwhelming at -11.4, falling short of an already bearish consensus of -10.75. In his speech the president of the European Central Bank (ECB) indicated [...]
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 [...]
Chuka Umunna: More power for London and the regions – but not for me September 21, 2014 The shadow business secretary has been hailed as his party’s next big thing so many times the joke is starting to wear a little thin. Chuka Umunna scoffs at the suggestion that shadow chancellor Ed Balls could be shuffled out before the general election, making way for him to step up. “There will be no [...]
London Report: Stocks brush off referendum and get a lift from ECB September 18, 2014 LONDON traders yesterday set aside concerns over the Scottish referendum result and reacted positively to European Central Bank moves to strengthen Eurozone lenders. The blue-chip FTSE 100 closed up 38.39 points, or 0.57 per cent, at 6,819.29 points. Low-cost airline EasyJet’s shares rose 0.45 per cent to 1,344p after it announced that it would increase its [...]
Would Andy Murray, Alex Ferguson, Barack Obama, Boris Johnson and Groundskeeper Willie vote for independence in the Scottish referendum? September 18, 2014 It’s crunch time in the Scottish independence debate as Scots finally head to the polls today. In a campaign that’s been going on longer than we can remember, feelings about Scottish independence- for and against- have emerged, from economists, business leaders, celebrities and sports stars. Even fictional Scots have taken a side. Have you been [...]
Boris Johnson on Scottish independence: “I want Scotland to wake up to a full English” September 18, 2014 We’ve arrived at one of the most important days in Great Britain’s history and what better way to start such a day than with a big breakfast – well, that’s what Mayor Boris Johnson did this morning, hosting the London’s Biggest Breakfast charity campaign at City Hall with Magic FM and The Mayor's Fund. [...]
Scottish independence referendum: Barack Obama urges Scots to vote No September 18, 2014 US President Barack Obama has urged Scots to vote No and preserve the Union in the Scottish Independence Referendum. With just hours to go until polling stations open, Obama took to Twitter to express his hope that Scotland remains with the UK. Obama described the UK as “a force for good in an [...]
Chuka Umunna on Scottish independence vote: Businesses threatened with financial hit for backing No September 17, 2014 Businesses in Scotland have been threatened with dire financial consequences if they openly back the No campaign during the Scottish referendum, Labour’s shadow business secretary exclusively told City A.M. yesterday. A number of businesses north of the border have been told by Yes campaigners that they will suffer a financial hit if they publically side [...]