Search Results for: tesco
Britain’s Fraud Office launches probe into Tesco accounting scandal
October 30th, 2014
Britain’s Serious Fraud Office (SFO) has opened a formal criminal investigation into accounting errors at Tesco (TSCO.L), raising the stakes in a scandal that has hammered the reputation of the country’s biggest grocer. Already battling challenges on multiple fronts, ...
Tesco share price falls again: Chairman Sir Richard Broadbent steps down
October 23rd, 2014
It has been a tough few weeks for Tesco, but just how tough was revealed in first-half results posted this morning, which showed statutory profit before tax, which includes one-off items, collapsed by 91.9 per cent to £122m in ...
Three more directors suspended as Tesco scandal inquiry continues
October 15th, 2014
Three more Tesco directors were suspended yesterday as part of the £250m accountancy scandal at the UK’s biggest supermarket. Dan Jago, director of beers and wines, William Linnane, director of impulse purchases, and Sean McCurley, director of convenience, were ...
Tesco to suspend more senior staff over £250m accounting scandal
October 14th, 2014
Tesco is expected to suspend more senior staff as part of its ongoing investigation into a £250m black hole, according to The Independent. Five executives have already been asked to stand aside while an investigation by Deloitte and law ...
Tesco-style accounting risks
September 24th, 2014
Tesco Plc’s disclosure of huge accounting mistakes over contracts with its suppliers shocked industry analysts and executives, but not because they didn’t realise the potential for disaster. On the contrary, they assumed that everyone in retailing was fully aware ...
Tesco in turnoil after profits overstatement
September 23rd, 2014
Tesco, Britain’s biggest retailer and one of its great corporate success stories of the last decade, has been thrown into turmoil after disclosing that it had overstated its first-half profit by £250m. Four senior executives were suspended and shares ...
Tesco CEO Clarke to leave after profit warning
July 21st, 2014
Britain’s biggest retailer Tesco said on Monday its chief executive Philip Clarke would quit, to be replaced by Unilever executive Dave Lewis, after it issued a profit warning. Tesco said Clarke would continue as CEO until October 1 when ...
Tesco and China Resources Enterprise agree on retail deal
May 29th, 2014
Tesco has come into a deal with the state-run China Resources Enterprise (CRE) in order to start the largest food retailer in China. The joint venture will combine Tesco’s 131 outlets in the country with CRE’s almost 3,000 stores, ...
European Stocks Rise Before U.S. Data as Tesco Rallies
April 16th, 2014
European stocks rose the most in three weeks as investors weighed earnings reports and awaited data that may show American housing and industrial activity increased. U.S. index futures and Asian shares climbed. Tesco Plc advanced the most since 2012 ...
European stocks were mixed on Wednesday; The biggest movers
October 7th, 2020
European stocks were mixed on Wednesday morning as investors digested a robust round of earnings and President Trump’s decision to halt stimulus talks until after the November election. The pan-European Stoxx 600 hovered just above the flatline in early ...
