LONDON (Reuters) – Britain’s Serious Fraud Office (SFO) has launched a formal criminal investigation into accounting errors at Tesco (TSCO.L: Quote, Profile, Research, Stock Buzz), adding to the intense scrutiny of the country’s biggest grocer.
Tesco was already being investigated by the Financial Conduct Authority (FCA) after the group revealed the discovery of a 263 million pound ($424 million) hole in its accounts, adding to a string of recent profit warnings and management departures to nearly halve the company’s market value this year.
LONDON, Oct 24 (Reuters) – Investors demanded higher yields
to hold Tesco’s debt on Friday while the cost of
insuring against default rose sharply after ratings downgrades
left Britain’s biggest grocer hovering just above junk status.
Though Tesco does not face any short-term liquidity issues
and has significant spare cash and undrawn bank facilities at
its disposal, first-half interest costs amounted to almost 80
percent of its operating profit.
LONDON (Reuters) – Dave Lewis, the new boss of crisis-hit British grocer Tesco Plc (TSCO.L: Quote, Profile, Research), will face his first public test on Thursday when he reveals the damage caused by a financial scandal on a business already losing popularity with shoppers.
Britain’s biggest retailer has been reeling since Sept. 22 when it said an earlier profit warning had still overstated first-half group profit by around 250 million pounds, wiping a fifth off its market value.
LONDON, Oct 16 (Reuters) – Just six weeks into his job,
Tesco boss Dave Lewis must look at selling assets in
Britain and abroad as he battles to raise funds to pull the
world’s No.3 grocer out of the deepest crisis in its 95-year
Trading at the British retailer has deteriorated to such an
extent that its debt and ballooning pension deficit mean it
could do with more cash. And that’s even before it starts to
consider the cost of a plan to revive sales.
LONDON, Oct 14 (Reuters) – For those investors questioning
the potential of Vodafone’s 12 billion pound ($19
billion) move into the European cable business, the company’s
experience in New Zealand shows what can be achieved.
With revenues sliding at an alarming rate in Europe, the
British mobile operator has embarked on a programme to buy large
fixed-line broadband assets such as Spain’s Ono and Germany’s
Kabel Deutschland to offer more services to customers.
LONDON (Reuters) – British inflation slowed sharply in September to its lowest level in five years, further reducing pressure on the Bank of England to start raising interest rates even as the economy grows strongly.
Consumer prices rose by a weaker-than-expected 1.2 percent on the year in September, down from 1.5 percent in August, the Office for National Statistics said on Tuesday.
LONDON, Oct 8 (Reuters) – Britain’s biggest mobile operator
EE is to launch a new TV service, aiming to steal a march on its
traditional rivals and take on entertainment groups such as
BSkyB by offering premium programming as part of a
Britain’s communications industry has been transformed in
recent years, with former state telecoms group BT
broadcasting Premier League soccer matches and media groups
pushing their shows to viewers via smartphones and tablets.
LONDON/PARIS (Reuters) – Walt Disney Co (DIS.N: Quote, Profile, Research, Stock Buzz) has come to the rescue of its loss-making subsidiary Euro Disney (EDLP.PA: Quote, Profile, Research, Stock Buzz) with a 1 billion-euro ($1.3 billion) funding deal announced on Monday, which could give the U.S. group total control over Europe’s biggest tourist attraction.
The deal includes a rights issue and debt restructuring which will inject 420 million euro in cash into the Euro Disney group and eliminate 600 million euros of its debt owed to Walt Disney via an equity swap.
LONDON, Oct 1 (Reuters) – Britain’s J Sainsbury cut
its full-year sales forecast and said it would assess its
dividend policy as part of a strategic review after
second-quarter sales fell sharply, adding to the turmoil in the
Shares in the company, which trails troubled market leader
Tesco and is battling with Wal-Mart Stores’
Asda to be the UK’s No. 2 grocer, rose initially on relief that
sales had not fallen further.
LONDON, Sept 30 (Reuters) – Cable operator Virgin Media has complained to Britain’s broadcast regulator over the way that rights to Premier League soccer matches are sold, saying that consumers are being forced to pay too high a price to watch games.
Britain’s Virgin Media, owned by Liberty Global, says it does not plan to bid in the next rights auction but it is affected by the prices paid through its role as a wholesaler of sports channels from BSkyB and BT.