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Выбор редакции
27 марта, 21:47

Tesco shareholder opposes £3.7bn Booker takeover

One of Tesco's biggest investors calls for the supermarket to pull its takeover of the food wholesaler.

Выбор редакции
27 марта, 21:04

Two Tesco shareholders oppose £3.7bn takeover of wholesaler Booker

Takeover in doubt after Schroders and Artisan Partners, which between them own 9%, ask chair of retailer to pull outTesco’s £3.7bn takeover of Booker, the grocery wholesaler, is in doubt after two major shareholders in the supermarket group expressed their opposition to the deal.Schroders and Artisan Partners, which between them own 9% of Tesco, have written separately to the chair of the retailer, John Allan, to ask him to pull out of the deal. Continue reading...

Выбор редакции
27 марта, 20:46

Tesco and Serious Fraud Office near to deal over accounting scandal

Settlement could see supermarket pay in excess of £100m and agree to conditions to avoid prosecution for overstating profitsThe Serious Fraud Office and Tesco are within days of announcing a settlement that could mean Britain’s biggest supermarket chain will pay a multimillion-pound fine over an accounting scandal.Under the deferred prosecution agreement (DPA), Tesco would pay a penalty that could be well over £100m and agree to other conditions in return for avoiding formal prosecution for overstating its profits. Continue reading...

Выбор редакции
27 марта, 19:03

Two big Tesco shareholders oppose Booker purchase

Schroders and Artisan Partners, which hold 9%, voice concerns over £3.7bn takeover

Выбор редакции
24 марта, 22:57

New £1 coin: Tesco to leave trolleys unlocked

The UK's biggest supermarket will keep trolleys unlocked while it converts them to the new £1 coin.

Выбор редакции
24 марта, 19:46

Cauliflower prices slashed as UK's warm weather leads to glut

Supermarkets forced to cut cauliflower price despite recent growth in sales as UK farmers bring bumper harvest to marketGet the cheese sauce on. Supermarkets are slashing the price of cauliflower because a relatively warm start to the year has produced a glut of florets.Farmers say they have been producing 50% to 100% more crop than usual in recent weeks. A new harvest of produce from Lincolnshire is about to come on the market, adding to stocks already coming from Cornwall, the Isle of Wight and Suffolk. Continue reading...

Выбор редакции
24 марта, 17:00

Popolo, London EC2: ‘I’d go back weekly if I could’ – restaurant review | Marina O’Loughlin

Italian-Middle Eastern-Mexican fusion? Why not, if it works this beautifully? When Waterstones opened its “secret”, unbranded bookshops in small towns, book purchasers were up in arms at the subterfuge, the stealthy creep of corporates pretending to be warm and cosy little independents. Restaurant biz observers, however, simply raised a weary eyebrow: we’d seen it all before, from brick-tiled Harris + Hoole coffee shops, largely owned by Tesco, through “edgy” burger joints that turn out to be backed by squillionaire private equity firms, to the “hidden” beards-and-tattoos cocktail dive that’s quietly part of an extensive group. So many restaurants open these days, not with hopes of sending away happy, well-fed customers, but with an eye on being the first link in a lucrative chain, big-biz wolves in fluffy, indie sheep’s clothing. Worst, of course, was Cereal Killer Cafe, its target audience of sugar-hopped schmucks manipulated into queueing for bad American breakfast fodder by expensive publicists – then it showed its true e-number colours by abandoning any pretence of hipness and opening in a giant Birmingham shopping mall.So I was sceptical about Popolo in fashionable Rivington Street, with its bar dining around an open kitchen, its distressed tiles, its industrial ducting. Yeah, yeah. We’ve seen yer Dishooms and Meatliquors, we know the score. It’s small-plates-for-bloody-sharing. Plus there’s the name: so close to Polpo, spreading its tentacles everywhere from Brighton to Exeter while somehow hanging on to cool credentials. I figured that Popolo, like so many others (Paesan, Zucco et al), was on that bandwagon and clinging on for dear life. Continue reading...

Выбор редакции
24 марта, 16:37

New £1 coin: Tesco to unlock every trolley as it misses deadline

Supermarket fails to convert carts in time, as warning comes of issues with parking meters and vending machines on TuesdayTesco is unlocking 100,000 of its coin-operated supermarket trolleys after the grocery giant failed to convert them in time for the launch of the 12-sided £1 coin on Tuesday.A Tesco spokesperson said: “We’re replacing the locks on our trolleys to accept old and new pound coins as well as existing trolley tokens. We will unlock all our trolleys while this process takes place so customers will not be affected by the changes.” Continue reading...

23 марта, 14:10

Рекламодатели испугались YouTube

Компании стали отказываться от размещения рекламы на YouTube, поскольку их объявления показывались вместе с экстремистскими видеороликами. Обещания Google все исправить пока не помогли

23 марта, 14:10

Рекламодатели испугались YouTube

Компании стали отказываться от размещения рекламы на YouTube, поскольку их объявления показывались вместе с экстремистскими видеороликами. Обещания Google все исправить пока не помогли

23 марта, 12:54

Google не смогла убедить рекламодателей в надежности YouTube

Рекламные объявления на видеохостинге транслировались вместе с террористическими и экстремистскими роликами.

Выбор редакции
23 марта, 11:19

Google не удалось убедить рекламодателей США в надежности YouTube

Американских рекламодателей не убедили заверения Google в том, что рекламные объявления на YouTube больше не будут демонстрироваться вместе с террористскими и экстремистскими роликами, пишет Financial Times.

Выбор редакции
22 марта, 18:07

Tesco pulls Sol, Amstel and Tiger from shelves in Brexit price row

Supermarket refuses to accept brewer Heineken’s price increases, which it blamed on the weak pound and the budgetFans of Heineken beers including Amstel, Sol and Kingfisher will not be able to find them in Tesco for the foreseeable future after the supermarket refused to accept price increases the brewer blamed on Brexit and the budget.Several of Heineken’s brands have been absent from Tesco shelves for six weeks after annual talks over pricing ended in a stalemate. In total, 24 out of 53 Heineken brands are affected, with eight pulled from the shelves altogether. Continue reading...

21 марта, 14:49

Frontrunning: March 21

Gorsuch Strives to Present Himself as Above Political Fray (WSJ) Investigation Could Hurt Trump’s Clout in Congress (WSJ) U.S. to Ban Laptops and Tablets in Cabins of Some Mideast Flights (BBG) Tillerson no-show at NATO renews European disquiet about Trump (Reuters) Don’t Blame Your Social Media Feed for the Growing Political Divide (BBG) High-Frequency Traders Fall on Hard Times (WSJ) Senate GOP Holdouts Split Into Rival Camps on Health Revamp  (BBG) California’s Wet Winter Points to Some Sorry-Looking Salads (WSJ) Exclusive: Trump administration weighing broad sanctions on North Korea (Reuters) U.K. Inflation Gains More Than Forecast, Breaching BOE Goal (BBG) French presidential debate lifts euro to six-week highs (Reuters) Shell’s Titanic Bet: Can Deep-Water Drilling Be Done on the Cheap? (WSJ) Meet the 13 Million Nerds That Apple's Counting On  (BBG) Macron on Top After First Debate of French Presidential Election  (BBG) Rookie Currency Traders Are Causing Trouble at Crucial Moments (BBG) Two in Five Americans Say They’ll Need $1 Million to Retire (BBG) Porsche SE has no information about Piech's stake sale talksa (Reuters) What the Biggest Banks Are Planning Once Brexit Starts (BBG) Merkel ally says Turkey's Erdogan 'not welcome' in Germany (Reuters)   Overnight Media Digest WSJ - SoftBank Group Corp scrapped a planned $100 million investment in a smartphone startup founded by the creator of Google's Android software, partly because of the Japanese investor's increasingly close relationship with Apple Inc, according to people familiar with the matter. http://on.wsj.com/2mOznOV - Costco Wholesale Corp, which improbably caused a frenzy in the golf world when it started selling low-priced but well-reviewed balls last year, filed a lawsuit against the parent company for Titleist, maker of the self-proclaimed "number one ball in golf." http://on.wsj.com/2mOzxpv - Vodafone Group Plc said it would merge its embattled Indian business with a local rival, a $24 billion move that would create India's largest wireless company and could strengthen the British telecommunication company's standing in a cutthroat market. http://on.wsj.com/2mOImzj - A rift between Political-news outlet Politico's co-founder and chief executive, Jim VandeHei, and its owner, Robert Allbritton, over its direction triggered VandeHei's abrupt departure, along with those of star reporter Mike Allen and three top executives. VandeHei warned various executives that a wave of additional exits might follow, two people familiar with the matter say. http://on.wsj.com/2mOMOyk - An executive for Alphabet Inc's Google apologized for commercials that appeared before extremist videos on its YouTube site and said it would simplify tools that enable advertisers to control where their ads appear. http://on.wsj.com/2mOzp9q - Alternative Bank Schweiz AG, the first Swiss bank to require all depositors to pay to leave money with it, posted a jump in 2016 profit, suggesting the strategy is working. http://on.wsj.com/2mONOT0 - Honda Motor Co's U.S. unit said in January it would shift its more-than-$500-million media-buying account from Mediavest Spark, a unit of advertising giant Publicis Groupe , to an independent agency. http://on.wsj.com/2mOKhUL - Qualcomm Inc is introducing a new product designed to bring faster wireless service to basic, lower-priced cellphones in emerging markets, an attempt to bolster the chip giant's reach among consumers who can't afford smartphones. http://on.wsj.com/2mOtDVq   FT * Uber is facing a new legal challenge in London's high court over its payment of value added tax. * Jeremy Fleming, the deputy director general of Britain's internal security service, will become the new head of intelligence eavesdropping service GCHQ. * Britain's Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion deal, creating the country's biggest telecoms business after the entry of a new rival sparked a brutal price war. * Hedge fund Elliott Management Corp, which is in the throes of a proxy battle with Arconic Inc, demanded on Monday an independent review of the company's voting agreement with private equity firm Oak Hill Capital Partners. * Google apologised on Monday for allowing ads to appear alongside offensive videos on YouTube as more high-profile firms such as Marks & Spencer and HSBC pulled advertising for British markets from Google sites.   NYT - Walmart is expanding its e-commerce ambitions, and has tapped a Jet executive to help it build new start-ups within the company. Walmart announced on Monday that it had formed Store No 8, an internal venture meant to hatch new online retail businesses. http://nyti.ms/2nEN1YG - Bank of America has poached a top rainmaker for financial services companies from Morgan Stanley. Eric Bischof, who helped advise the Federal Reserve Bank of New York on matters related to the American International Group, will join Bank of America as co-head of its global financial institutions group, serving alongside Jim O'Neil in New York. http://nyti.ms/2mK8PNX - The British government said on Monday that it intended to formally notify the European Union on March 29 of its intention to leave the bloc, putting the country on track to complete a withdrawal by early 2019. http://nyti.ms/2mK7EOp   Canada THE GLOBE AND MAIL ** Wednesday's federal Liberal budget won't announce plans to sell off Canada's major airports, even though such a move could raise billions in one-time revenue for a government that has little room left for new spending. https://tgam.ca/2nhJDSR ** Rogers Communications Inc paid its outgoing CEO Guy Laurence a total of C$42.6 million ($32 million) for his three years with the company, according to a financial filing. https://tgam.ca/2nFSvT4 ** Alberta's Wildrose Party, which serves as the Official Opposition, has agreed to negotiate a reunification deal with the province's Progressive Conservatives, with both pledging not to dominate the talks as they kick off a polite power struggle. https://tgam.ca/2nhUrAd NATIONAL POST ** Canada's biggest banks will be among the first to use a digital identity network powered by blockchain when Toronto-based SecureKey Technologies — in partnership with IBM — launches it later this year. http://bit.ly/2nfAhXA ** Alberta Finance Minister Joe Ceci heard pointed criticism of his government's C$10.3 billion ($7.73 billion) budget deficit and rapidly rising debt levels Monday as he tried to allay the business community's concerns about the province's fiscal plan at a Calgary Chamber of Commerce breakfast. http://bit.ly/2nNlnFQ ** The EU is worried about a protectionist U.S. White House that appears to see trade as a game that some countries win and others lose. EU Trade Commissioner Cecilia Malmstrom told a meeting at the University of Toronto on Monday that trade agreements create benefits by lowering consumer prices and creating more jobs. http://bit.ly/2mLcNWl   Britain The Times Nearly 15 years after Tesco Plc bought One Stop it is still paying staff at the convenience chain less and charging customers more for products than in its Tesco Express outlets. http://bit.ly/2n7PSIf Aberdeen Asset Management Plc and Standard Life have given more details about how the joint chief executives of the enlarged business will split their roles in an attempt to head off investors' concern. http://bit.ly/2n84RlB The Guardian HSBC Holdings Plc , the Royal Bank of Scotland Plc , Lloyds Banking Group Plc , Barclays Plc and Coutts are among 17 banks based in the UK, or with branches here, that are facing questions over vast money-laundering operation run by Russian criminals with links to the Russian government and the KGB. http://bit.ly/2n7GFQ8 Theresa May has informed the European council that she will trigger article 50 on Wednesday 29 March, but European sources have made clear that Britain could be forced to wait until June to embark on formal talks. http://bit.ly/2n7KYei The Telegraph Arcadia Group chairman Philip Green "prioritised his loyal senior managers" with his 363 million pounds ($449.21 million)deal to help plug the BHS pension black hole, MPs scrutinising the agreement have concluded. http://on.wsj.com/2n7StSN Sports Direct International Plc has lost a trademark battle against a small online business despite claiming that the company, run by a husband and wife team, would confuse consumers about its burgeoning gym business. http://bit.ly/2n7QjSU Sky News Japan Tobacco International (JTI) and Imperial Brands Plc are examining whether to pump tens of millions of pounds into P&H in return for an equity stake. http://bit.ly/2n1fbtW George Osborne has defended his shock appointment as the new London Evening Standard editor after facing criticism for saying he will stay on as an MP while also heading up the newspaper from this May. http://bit.ly/2n7GzrT The Independent UK's ambassador to Europe Tim Barrow has warned that the EU will push for Britain to pay a hefty Brexit "divorce bill" after Theresa May triggers Article 50 on March 29. http://ind.pn/2n7O8yM  

21 марта, 11:13

В Google сожалеют, что показывали YouTube-рекламу в экстремистских роликах

Мэтт Бриттин, глава европейского подразделения корпорации Google, принес извинения от имени компании рекламодателям за размещение их объявлений на YouTube вместе с роликами экстремистского содержания. Об этом пишет RNS со ссылкой на Reuters.

Выбор редакции
21 марта, 10:00

When it comes to deactivating ‘find my iPhone’, I’m lost

When it needed a repair Apple had to turn off the service, but two months on I’m no further forwardMy iPhone, which I purchased from Tesco Mobile on a 24-month contract back in May 2016, stopped working in early January this year. I sent it to Tesco Mobile repairs, which said I would have to deactivate the “Find my iPhone” lock before it could look at it. Apple support asked for proof of purchase to action this. Sounds simple, but it has been anything but. Continue reading...

21 марта, 01:35

Accounting Change On Operating Leases To Add $3 Trillion In Debt To Corporate Balance Sheets

From a practical perspective, operating leases are pretty much the same as debt.  They reflect a contractual obligation on the part of one counterparty to make defined stream of cash payments to another over a set period and with an implied interest rate embedded in the payment stream.  In fact, within a bankruptcy context operating leases are treated exactly the same as debt and rank pari passu with the other general unsecured obligations of a business.  That said, accounting rules treat operating leases differently than debt and do not require them to be included as a liability on a company's balance sheet.  That is, until 2019. As Bloomberg points out this morning, starting in 2019 new accounting rules, called IFRS 16, will force companies to include operating lease commitments as part of their reported debt obligations.  And while the end result will have far-reaching implications, the biggest will be the addition of roughly $3 trillion in debt to corporate balance sheets. Of course, retail, telecoms, energy and airline companies will be most affected by the new rules.   And here are the largest users of operating leases.    Of course, some will argue that the accounting rule changes don't alter a company's cash flow profile and are therefore irrelevant.  That said, to the extent interest rates remain low, the present value of future cash payment obligations will undoubtedly serve to drive the pro-forma leverage profiles of some companies through the roof...much as low interest rates have wreaked havoc on pension underfundings over the past several years. Some companies already spell out the impact of leases on total indebtedness. Air France-KLM's reported net debt is 3.7 billion euros ($3.9 billion) but its lease-adjusted net debt is 11.2 billion euros. The present value of Tesco's operating lease commitments is one and a half times the size of reported net debt, according to its 2016 annual report.   Even so, I doubt this transition will be painless. At the very least, the rule change should give armchair investors, not to mention a company's customers, employees and suppliers, a much better idea of how risky a business is compared to rivals. For some folk, this will be a nasty surprise. Worries about corporate leverage are already widespread.   Besides, companies aren't always as forthcoming as you might hope. Some airlines make debt adjustments for aircraft leases but not for other off-balance sheet rental agreements such as airport buildings. Delta Air Lines Inc. reported $6.1 billion in adjusted net debt at the end of December, including $2 billion in aircraft rent liabilities. Yet the discounted value of all its operating leases is closer to $9 billion, Gadfly estimates. Meanwhile, the biggest impact of the accounting change may be the mere removal of yet another tool that management teams use to 'game' their financial statements. It's conceivable therefore that IFRS 16 will affect corporate decisions on whether to rent or purchase an asset. Consider sale and lease-back arrangements. These were once a popular way for companies to get their hands on some cash and a quick chance for executives to make themselves look like geniuses. All of a sudden, return on assets improved.   Now, if all that rented floor space has to sit on the balance sheet anyway, selling off the corporate silverware might become less attractive. Buying big ticket assets, rather than leasing, is also cheaper now because of low interest rates.   Another approach may see some companies partly embrace shorter lease terms to minimize the balance sheet liability, according to Ruxandra Haradau-Doser, aviation analyst at Kepler Cheuvreux. Shorter leases are already common in retail, albeit for different reasons. With sales migrating online, retailers want more flexibility to close stores. IFRS 16 could accelerate that.   The accounting changes could also lead to more volatility in financial results, according to James Stamp, a partner at KPMG. Airlines typically take out aircraft leases in U.S. dollars. If the carrier's domestic currency weakens against the dollar, its liabilities would suddenly increase and it would have to take a currency hit against earnings. Stamp thinks demand for hedging will rise. And you thought things couldn't get much worse for retailers...

20 марта, 15:40

Tesco реорганизует международную команду управляющих

Tesco Plc, крупнейшая в Великобритании сеть продуктовых супермаркетов, реорганизует международную команду управляющих, рассчитывая, таким образом, лучше сфокусироваться на ключевых для компании рынках.

20 марта, 14:13

Незалежных кидают в Литве

Власти прибалтийской Республики признают, что рабочие с Украины становятся жертвой мошенников, которым, однако, удается уйти от преследования. Суды делами гастарбайтеров заниматься не желают

19 марта, 18:48

UK Mail driver who was unable to work after car accident charged £800

Delivery company accused of ripping off workers over costs passed on for finding drivers to cover for sickness absencesDelivery company UK Mail has been accused of “ripping off” workers and using “inhuman” practices after it charged a courier nearly £800 when he was unable to work as a result of a car accident while on duty.The £250m business, which delivers for retailers including Tesco, Homebase and O2, billed 47-year old Emil Ibrahimov £216 on the days he could not work after a car drove into him while he was carrying parcels from the rear of his van in east London. Continue reading...