Tesco’s not out of the woods yet January 26, 2016 Tesco is still very much paying for the sins of the past, but it has started to turn the corner on the slow road to recovery. The coming weeks are likely to contain some unpleasant tidings for the embattled supermarket. The slap on the wrist from the grocery watchdog for failing to treat suppliers fairly is [...]
FTSE 100 index rebounds as oil prices climb and miners rally January 26, 2016 The FTSE 100 index closed up on Tuesday as the price of oil rebounded and mining stocks began to rally. The UK's blue-chip index rose 0.59 per cent to 5,911 points, led by Anglo American and Glencore as the price of oil staggered back over $30 a barrel. "A short-squeeze in crude oil has dragged markets out [...]
Tesco faces legal battle with shareholders over profits scandal January 26, 2016 Angry shareholders are poised to launch legal action against Tesco over the billions of pounds in value wiped off the supermarket chain in 2014 following revelations of its £265m profits black hole. Law firm Stewarts Law said it will shortly be writing to the company on behalf of institutional shareholders as the prelude to formal legal action, which will seek to [...]
World Bank cuts its oil price forecast to $37 per barrel January 26, 2016 The World Bank cut its 2016 oil price forecast to $37 per barrel in its quarterly report released today, from $51 outlined in October. The Washington-based organisation cited Iran’s return to the market, alongside the increased resilience of the US shale gas industry. On the demand side, it pointed to warm weather in the Northern Hemisphere and [...]
US services PMI disappoints, but consumer confidence climbs as Fed meets over interest rates January 26, 2016 The latest US services purchasing managers index (PMI) has come in below expectations, further adding to the challenge faced by the US Federal Open Market Committee (FOMC), who are deciding on whether to change the benchmark interest rate over the next 18 hours. Markit's flash services PMI came in a bit below expectations for January, [...]
Fed expected to hold on interest rates as committee members meet for the first time this year in Washington DC January 26, 2016 The US Federal Reserve is meeting today to decide whether to change the rate of interest from the 0.5 per cent rate it chose at its last meeting in December. The Fed is widely expected to leave rates unchanged when it releases statement at 7pm GMT tomorrow. The Federal Open Market Committee (FOMC) voted unanimously to [...]
Leslie Berland hired as new Twitter chief marketing officer from American Express January 26, 2016 Leslie Berland has been named the new marketing boss of Twitter following an executive shake up. She joins from American Express where she headed up global advertising, marketing and digital partnerships. Chief executive Jack Dorsey announced the news, where else, but on Twitter. Welcoming @leslieberland to Twitter! She will join as our CMO to help tell [...]
UK house prices: From London to Leeds, here are the UK’s cities, ranked from least to most affordable property January 26, 2016 House prices in the capital may be shooting up, but considering Londoners tend to earn a lot more than those living in, for instance, Glasgow, what does that actually mean? A new report ranks world cities by how much house prices are in comparison to locals' average salaries. And while London (unsurprisingly) is named one of the world's most [...]
US crude and WTI: Credit Suisse slashes oil price forecasts by more than $10 January 26, 2016 Credit Suisse has become the latest big bank to slash its oil price forecasts, to the tune of around $10 per barrel for 2016 and 2017, on high inventories and slower demand growth. The Swiss-based bank cut its 2016 price forecast for Brent crude to $36.25 per barrel from $58.00, while lowering its 2017 outlook to [...]
These are the worst examples of how Tesco mistreated suppliers January 26, 2016 THE Groceries Code Adjudicator (GCA) has released a scathing report today into Tesco's treatment of suppliers, concluding that the supermarket "seriously" breached the industry's code of practice by prioritising its own finances at suppliers' expense. Below are some examples of how Tesco mistreated its suppliers. "Aspirational" Margin Targets The supermarket watchdog found that suppliers were often forced to pay [...]
