User: rohan Topic: Foreign Direct Investment in Retail
Category: Big Box Retailers :: Tesco
Last updated: Mar 01 2015 16:37 IST RSS 2.0
 
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Lloyds has been let off too lightly, but would Labour really rein in the bank? 1.3.2015 The Guardian -- Front Page
Ed Miliband should spell out how he plans to reform the UK banking sector if elected in May

It is 14 May, the day of Lloyds Banking Group’s annual meeting. Thanks to the reappearance of a dividend, the occasion is less raucous than in recent years. Mention of chief executive António Horta-Osório’s £11.5m pay packet, part of a £30m bonus pool for top managers, generates some gentle booing. But only one irate shareholder suggests the new corporate slogan, “Helping Britain Prosper” should read “Helping Horta-Osório Prosper”.

But, as chairman Lord Blackwell calls for votes on the resolutions before the meeting, there is drama. A nervous figure gets to his feet to announce himself as the representative of UK Financial Investments, the body managing the state’s 24% stake in Lloyds.

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Morrisons names ex-Tesco man David Potts as chief executive 25.2.2015 The Guardian -- Front Page

Industry veteran replaces Dalton Philips, who was sacked in January after supermarket’s poor Christmas performance

The supermarket chain Morrisons has appointed the former Tesco executive David Potts as its new CEO.

He replaces Dalton Philips, who was sacked last month after a poor Christmas performance.

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Tesco announces John Allan as new chairman 18.2.2015 The Guardian -- Front Page

Chairman of housebuilder Barratt Developments will take senior role at troubled supermarket as sweeping overhaul continues

Tesco has named John Allan, chairman of housebuilder Barratt Developments and card processor Worldpay, as its new chairman, completing a sweeping overhaul at the top of Britain’s biggest retailer.

The troubled supermarket said Allan, 66, will take over from Sir Richard Broadbent on 1 March, after a year that has also seen the exit of former finance director, Laurie McIlwee, chief executive, Philip Clarke, and head of UK operations, Chris Bush, and the emergence of a £263m accounting scandal.

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CIOs take on the changing technology landscape 13.2.2015 All Companies Stories
As the $100-bn IT industry is grappling with the changes, the CIO is also being forced to look into the changing eco-system to adopt new technologies
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Govt's move to not appeal Vodafone verdict a positive signal to British businesses: Dominic Jermey 12.2.2015 Top Stories
Q&A with chief executive officer, UK Trade and Investment
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How supermarkets choose where to open … and where to close 11.2.2015 The Guardian -- Front Page
Tesco’s decision on which stores to close says a lot about how supermarkets operate in cities. Why are supermarkets stacked two or three deep in some areas, while other communities in the same city are neglected? The best cup of coffee I’ve had in ages was a flat white at Central Bean in Jesmond, near where I live in Newcastle upon Tyne. I’d like to go back for another, but I can’t. The shop has closed. Their last act was to post a sign on the door that read: “Sadly we can no longer compete with Waitrose and their FREE coffee.” The Waitrose in question – where everyone who holds a MyWaitrose card gets a cup of coffee – is a Little Waitrose, one of the convenience outlets so many supermarkets are opening in cities across the UK. Five minutes’ walk away, Sainsbury’s plans to open one of its Local convenience stores, on an old cinema site. Between the two, there’s a Tesco ...
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'We feel betrayed': the towns abandoned by Tesco 3.2.2015 The Guardian -- Front Page
Tesco’s profits crisis means that plans for 49 shiny new stores have been ditched. Where does that leave places such as Kirkby, Bridgwater and Wolverhampton, where regeneration schemes linked to the supermarket chain now lie in ruins? At first sight, you would think something terrible had happened to the town centre of Kirkby. And in a way, it has. To all intents and purposes, this is a new town, built in the 1950s and 60s to house human “overspill” from Liverpool, 10 miles to the south-west. Its main feature is the modernist shopping centre that runs down Cherryfield Drive, Kirkby’s main drag – though these days, any visitor’s attention is more likely to be drawn to what sits on the other side of the road: two great mountains of rubble, which then give way to a strip of boarded-up buildings and an expanse of empty houses, some of which are already being demolished. Look closely, and you can see curtains still draped in the windows, different shades of wallpaper, and, among the nearby debris, traces of ...
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Tesco cuts range by 30% to simplify shopping 31.1.2015 The Guardian -- Front Page

By reducing number of products from 90,000, supermarket will be able to cut prices and improve availability on its shelves

Tesco’s new boss Dave Lewis is pulling up to a third of products off its shelves as it calls time on policy that left shoppers baffled by a choice of up to 90,000 products on their weekly shop.

The struggling supermarket, which has lost market share to low-cost, low-choice retailers such as Lidl and Aldi, has called in outside consultants to cut back up to 30% of its products in an attempt to cut costs and make the weekly shop simpler.

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Tesco towns count the cost of a retail empire in retreat 29.1.2015 The Guardian -- Front Page

Supermarket giant’s shock decision to close 43 stores and abandon 49 planned sites will cost thousands of promised jobs and planned homes

Over the course of a generation Tesco steamrollered its way across the country, seemingly building supermarkets in every postcode to cement a dominant position resulting in its tills ringing up nearly £1 in every £7 spent on the British high street.

But at the start of this month new Tesco chief executive Dave Lewis, faced with falling profits and last year’s accounting scandal, not only abandoned plans for 49 new stores but said it would shut 43 existing branches.

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Shailesh Ghorpade: How to enable disruption 24.1.2015 Columns
What implications does technology-led disintermediation have for policymakers?
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FDI in multi-brand retail: Tata-Tesco JV plans Rs 250 crore investment to open more stores 23.1.2015 ET: Retailing
The planned expansion is likely to be seen as a test case for the ruling BJP’s stance towards foreign direct investment in the supermarket segment.
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Mike Ashley sells £117m stake in Sports Direct 21.1.2015 The Guardian -- Front Page
Share sale fuels rumours that Newcastle United owner is preparing to offer emergency loan to Rangers

Mike Ashley is selling a 2.6% stake in Sports Direct, worth £117m, in a deal with US bank Goldman Sachs.

The sale of the 15.4m shares, which will reduce his total stake to 55%, is likely to fuel rumours that the Newcastle United owner is preparing to offer cash-strapped Scottish football team Rangers a £10m emergency loan.

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Tesco kicks off fightback with cost cuts and asset sales 9.1.2015 Latest News
Tesco will slash costs and sell assets to fund lower prices and mend its finances, Britain's biggest retailer said on Thursday, as its new boss set out his plan to fight back from years of market share losses and an accounting scandal.
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Tesco kicks off fightback with cost cuts and asset sales 9.1.2015 Sify Finance
By James Davey and Neil Maidment
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European shares rally on "patient" Fed, Tesco 8.1.2015 Sify Finance
* FTSEurofirst 300 index rises 2.5 pct after Fed minutes
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European shares rise on Fed minutes, Tesco jumps 8.1.2015 Sify Finance
LONDON, Jan 8 (Reuters) - European shares rose sharply on Thursday, tracking gains in the United States and Asia, as retail stocks rallied and the minutes from the Fed's recent meeting reassured
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European shares advance on Fed minutes, Tesco rallies 8.1.2015 Sify Finance
* Pan-European FTSEurofirst 300 index rises 1.3 percent
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European shares advance on Fed minutes; Tesco rallies 8.1.2015 HBL: Markets
European shares rose sharply on Thursday, tracking gains in the United States and Asia, as retail stocks rallied and the minutes from the Fed’s recent meeting reassured investors that it was not i...
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Tesco announces turnaround plan – business live 8.1.2015 The Guardian -- Front Page
8.06am GMT Tesco’s final salary pension scheme is being axed Tesco final salary pension scheme to close - one of the last in FTSE100 but in deficit to tune of £3.4 billion. 8.04am GMT Many of the 43 stores being axed will be Tesco’s smaller outlets. Tesco say significant proportion of closures will be express - means job losses lower. Seems odd closing convenience. 8.03am GMT Shares in Tesco have jumped by 5.5% at the start of trading in London to 191p, as investors give their initial response to today’s news. But shares in M&S are down 3% after it reported disappointing results this morning. 8.00am GMT Can we have more details on the 49 Tesco projects that are being cancelled? Most of the projects we won’t go ahead with are very large stores, Lewis replies. 7.58am GMT How many employees are still suspended while the investigation into Tesco’s profit misstatements are conducted? Three. 7.56am GMT Does Lewis’s plan for a 30% cut in overhead costs equate to 30% job cuts at headquarters? No. 7.56am ...
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European Factors to Watch-Shares seen opening sharply higher 8.1.2015 Sify Finance
LONDON, Jan 8 (Reuters) - European stocks were seen opening sharply higher on Thursday, with financial spreadbetters expecting Britain's FTSE 100 to open 72 to 76 points, or as much as 1.2
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