Tesco PLC news

Regulators are watching a price war in mortgages "like a hawk" and may need to impose stricter minimum capital requirements on lenders, Bank of England Deputy Governor Sam Woods said on Friday. The price war over the past two years may be good news for consumers wanting to buy their first home, but it was less good for a bank or building society concentrated in mortgages, Woods told the Building Societies Association. High loan-to-value ratios and higher loan-to-income home loans can be well captured by the BoE's capital requirements.

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24 May, 2019 / 12:35

Britain's biggest retailer Tesco will stop mortgage lending at its banking business because of tough market conditions, it said on Tuesday, as rival lender Nationwide Building Society reported a drop in profit margins. Tesco Bank, which serves more than 23,000 mortgage customers with total balances of 3.7 billion pounds ($4.7 billion), said it would stop new lending and seek to sell its existing portfolio of home loans. "In recent years, challenging market conditions have limited profitable growth opportunities," said Tesco Bank Chief Executive Gerry Mallon.

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21 May, 2019 / 17:20

The FTSE 100 was up 0.3%, while the FTSE 250 rose 0.5%, with builder Galliford Try leading gains after announcing job cuts. After weeks of waiting for significant updates on Brexit, investors welcomed a "new deal" for Britain's departure from the European Union set out by Prime Minister Theresa May, which offered the prospect of a possible second referendum on the agreement.

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21 May, 2019 / 16:45

Spanish fund formerly run by Paramés seeks investments in the US and UK

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20 May, 2019 / 21:47

HONG KONG/PARIS/FRANKFURT (Reuters) - Carrefour, Europe largest retailer, is exploring the sale of a minority stake in its loss-making business in China and has started sounding out potential buyers, people familiar with the matter said. Carrefour's China business is valued at around $1 billion (£784 million) and the retailer is working with BNP Paribas on the deal, the sources said. A Carrefour spokeswoman said on Friday: "There is nothing particularly new to say about the matter", when asked about China.

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20 May, 2019 / 09:49

Staffline, a recruitment agency that supplies temporary workers to groups including Tesco and Marks and Spencer, lost more than half of its market value after claiming that Brexit was prompting companies to hire UK rather than foreign staff. Uncertainty over the future supply of EU labour meant some Staffline customers were hiring permanent staff for jobs such as driving goods around the UK, instead of using temps, “to mitigate the risk of that labour market tightening”, the recruiter said. Staffline makes its highest profit margins from logistics contracts.

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17 May, 2019 / 07:19

Today we are going to look at Tesco PLC (LON:TSCO) to see whether it might be an attractive investment prospect. To be...

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17 May, 2019 / 05:13

Walmart has won internet fame for the bold fashion sense of some customers attracted to its US stores. The US retail giant has failed to make the same cultural — or financial — impact in the UK via local operation Asda, which it wants to offload. The strength of its desire to flee the grim UK retail scene was apparent in the price of the Sainsbury’s tie-up.

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15 May, 2019 / 03:47

French retailer Carrefour and U.S. waste recycling company TerraCycle launched on Tuesday the test for their 'Loop' initiative which they hope will tackle the problems of plastic waste threatening to destroy the environment. The 'Loop' online platform will allow shoppers in the Paris area to buy orange juice, powder detergent or shampoo in reusable containers that do not result in waste. Users put down a refundable deposit via the Loop website when ordering products, which are delivered in reusable glass and metal bottles, and shipped in a tote bag to shoppers' doors.

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14 May, 2019 / 16:33

After stumbling badly amid an accounting scandal, a horse-meat disaster, and a bungled foreign expansion, the British grocer has successfully returned to its local roots. The company’s coming investor day should offer more good news.

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03 May, 2019 / 08:00

Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift card! Today, we'll introduce the concept of the P/E ratio for those who are learning about investing...

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03 May, 2019 / 05:03

Sainsbury's, reeling from last week's decision by the regulator to block its takeover of rival Asda, was alone among Britain's big four supermarket groups in seeing sales fall in the latest 12-week period, industry data showed on Tuesday. Sainsbury's wanted to buy Walmart owned Asda to boost its scale and buying power, as well as to compete better with market leader Tesco and fast growing German-owned discounters Aldi and Lidl. Sainsbury's is due to publish full year results on Wednesday with Chief Executive Mike Coupe under pressure to reassure investors he has the plan to arrest the sales decline.

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30 Apr, 2019 / 10:29

Tesco, Britain's biggest retailer, said on Monday a new accounting standard related to the treatment of leases would have increased its operating profit and margin in the last financial year, while decreasing pretax profit and earnings per share. Tesco is introducing IFRS 16, the new financial reporting standard on accounting for leases, for its new 2019-20 financial year. It has no impact on how the business is run and no bearing on the plans or financial ambitions Tesco detailed in October 2016.

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29 Apr, 2019 / 07:03

LONDON/BENTONVILLE, Ark. (Reuters) - Britain's competition regulator on Thursday blocked Sainsbury's proposed 7.3 billion pound ($9.4 billion) takeover of Walmart-owned Asda - a huge blow to the supermarket groups who wanted to combine to overtake market leader Tesco. The Competition and Markets Authority (CMA) ruling is also a major setback for Sainsbury's Chief Executive Mike Coupe, the architect of the deal and the group's boss since 2014. For Walmart , the deal was a way to exit Britain, one of the weakest performers in its global portfolio, as it moves to revamp its international operations.

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25 Apr, 2019 / 17:38

LONDON/BENTONVILLE, Ark. (Reuters) - Britain's competition regulator on Thursday blocked Sainsbury's proposed £7.3 billion takeover of Walmart-owned Asda - a huge blow to the supermarket groups who wanted to combine to overtake market leader Tesco. The Competition and Markets Authority (CMA) ruling is also a major setback for Sainsbury's Chief Executive Mike Coupe, the architect of the deal and the group's boss since 2014. For Walmart, the deal was a way to exit Britain, one of the weakest performers in its global portfolio, as it moves to revamp its international operations.

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25 Apr, 2019 / 16:35

LONDON/BENTONVILLE, Ark., April 25 (Reuters) - Britain's competition regulator on Thursday blocked Sainsbury's proposed 7.3 billion pound ($9.4 billion) takeover of Walmart-owned Asda - a huge blow to the supermarket groups who wanted to combine to overtake market leader Tesco. The Competition and Markets Authority (CMA) ruling is also a major setback for Sainsbury's Chief Executive Mike Coupe, the architect of the deal and the group's boss since 2014.

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25 Apr, 2019 / 16:28