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News & Press
£2bn wiped off Tesco’s value as profit overstating scandal sends shares sliding – as it happened
Sep 26, 2014
By Graeme Wearden, Reporter at The Guardian. Bleak day for Britain’s biggest supermarket chain as new chief executive warns that first-half profits were overstated by around £250m, and suspends four senior executives. Jim Osman, CEO at The Edge Consulting Group, has warned investors not to see Tesco’s share price tumble today as a buying opportunity.
Tesco in crisis: UK managing director among four executives suspended after exposure of accounting scandal
Sep 22, 2014
By Cahal Milmo, Simon Neville, Staff Reporters at The Independent. The £250m profit hit to Tesco from its accounting scandal could just be the first of many for the stricken supermarket, analysts feared last night. The supermarket’s auditors of 31 years, PricewaterhouseCooper, is also under scrutiny after it was revealed it gave Tesco’s commercial division, which has been blamed for the problems, a clean bill of health after being asked to look into the department.
RBS’s Citizens Financial IPO ‘Signifies The End Of The Big Bank Model’, Says Expert
Sep 9, 2014
By Jake Mann, Benzinga Staff Writer. Yesterday, the Royal Bank of Scotland Group plc (LON: RBS) revealed more details about its upcoming spinoff. The IPO, which will center on RBS’s US retail banking arm Citizens Financial, is expected to raise upwards of at least $3 billion with a total market capitalization above $13 billion, according to The Wall Street Journal. Renaissance Capital reports this would make Citizens Financial the largest bank IPO in five years. Interestingly, not everybody is.