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  • Thu, Oct. 13, 7:24 AM
    • Unilever (UN, UL) says it was forced to push through prices increases in the U.K. due to the devaluation of the pound after the Brexit vote.
    • "The price increases have landed with most of our customers," notes CFO Graeme Pitkethly.
    • Unilever is in a bit of a scrap with Tesco (OTCPK:TSCDF, OTCPK:TSCDY) over the higher pricing, halting supplies to the grocery chain until the raised prices are posted.
    • Unilever ADRs are down 2.30% premarket.
    | Thu, Oct. 13, 7:24 AM | 10 Comments
  • Thu, Oct. 13, 3:28 AM
    • Tesco (OTCPK:TSCDY) is pulling dozens of Unilever (NYSE:UL) branded products off of its website following a dispute over costs.
    • Unilever has reportedly been attempting to raise the price of a range of goods it charges Britain's big four grocers by around 10%, saying it needs to offset higher prices of imported commodities.
    • Are the economic ramifications of Brexit moving from Parliament to the kitchen table?
    | Thu, Oct. 13, 3:28 AM | 5 Comments
  • Wed, Sep. 21, 9:32 AM
    • India Food Processing Minister Harsimrat Kaur Badal says global retail giants such as Wal-Mart (NYSE:WMT) and Tesco (OTCPK:TSCDF, OTCPK:TSCDY) may increase their presence in the nation after relaxed rules made it easier to stock shelves with locally-sourced food.
    • Though the new rules are seen as a positive step by the multinationals, they are still pushing for the ability to sell some nonfood items at the retail chain ventures before jumping in full force.
    • ETFs: EPI, INDY, INDA, INDL, PIN, INP, INXX, IIF
    | Wed, Sep. 21, 9:32 AM
  • Aug. 24, 2015, 8:21 AM
    • Private-equity firms have gathered into three separate packs to get enough juice to bid up to $6B on the South Korean business of Tesco (OTCPK:TSCDY), Reuters reports, in what could be Asia's biggest P-E deal ever.
    • A combination of KKR and Affinity Equity Partners is in one group; Carlyle Group (NASDAQ:CG) and GIC are another; and MBK Partners will look for funding from South Korea's National Pension Service to pursue it.
    • Divesting its South Korean business, Homeplus, would be the biggest move the chain has made as it tries to reverse a decline resulting from an accounting scandal.
    • The Homeplus unit has annual revenue of about $5.9B. Final bids for the business are due today. Along with pretty much everything else, Tesco shares are down 3.5% in London.
    • Carlyle Group is down 1.1% and KKR down 3.8% in premarket trading.
    | Aug. 24, 2015, 8:21 AM | 1 Comment
  • Jun. 26, 2015, 5:46 AM
    • Tesco (OTCPK:TSCDY, OTCPK:TSCDF), the world's second largest supermarket chain by sales, warned that the U.K.'s retail landscape is still tough as it reported better-than-expected sales for the first quarter.
    • "We are fixing the fundamentals of shopping to win back customers and relying less on short-term couponing," said chief executive Dave Lewis. "Nobody said this was going to be quick or easy."
    • Sales at U.K. stores open at least a year dropped 1.3%, compared with the previous quarter's 1.7% decline and a fall of 1.6%-3% forecast by analysts.
    • Tesco shares are up 3.6% in London.
    | Jun. 26, 2015, 5:46 AM
  • Feb. 18, 2015, 3:16 AM
    • Tesco (OTCPK:TSCDY, OTCPK:TSCDF) has appointed John Allan as its new chairman, succeeding Richard Broadbent who said in October that he would step down in the wake of the supermarket's £263M profit overstatement.
    • Earlier this week, it was reported that Tesco is likely to slash up to 10K jobs, as it plans to fight back from years of market share losses, debt downgrades and its accounting scandal.
    • Previously: Tesco Chairman to resign (Oct. 23 2014)
    | Feb. 18, 2015, 3:16 AM
  • Feb. 15, 2015, 8:53 AM
    • Looking to turn around Britain’s largest retailer, Tesco (OTCPK:TSCDY, OTCPK:TSCDF) CEO Dave Lewis will likely cut up to 10K jobs at the company in a bid to halt a slide in profits, the Sunday Telegraph reports.
    • The newspaper says up to 6K jobs will go from Tesco’s head offices and the 43 stores that it is closing, while the rest would come from an overhaul in the way it runs its stores, including eliminating managerial roles.
    • Previously: Large round of job cuts to hit Tesco HQ (Jan. 29 2015)
    | Feb. 15, 2015, 8:53 AM
  • Jan. 29, 2015, 7:06 AM
    | Jan. 29, 2015, 7:06 AM
  • Jan. 9, 2015, 3:52 AM
    • Dealing a blow to Tesco (OTCPK:TSCDY, OTCPK:TSCDF) CEO Dave Lewis' turnaround plans, Moody's has cut the British grocer's ratings to junk.
    • "We think that the company's efforts to stabilize the U.K. operations and to protect the balance sheet...will take time...and the company's financial profile is likely to remain leveraged beyond what we consider to be commensurate with an investment grade profile," says Senior Analyst Sven Reinke.
    • Tesco shares are down 2.4% in London.
    • Previously: Tesco plans turnaround (Jan. 08 2015)
    | Jan. 9, 2015, 3:52 AM | 2 Comments
  • Jan. 8, 2015, 4:09 AM
    • Closing 43 unprofitable stores, exploring the sale of several of its assets and doing away with this year's final dividend, Tesco (OTCPK:TSCDY, OTCPK:TSCDF) chief executive Dave Lewis has set a revival plan in motion for the troubled British grocer.
    • The steps come after a turbulent year for Tesco, which has replaced its CEO and CFO, issued four profit warnings and suffered due to a £263M accounting misstatement.
    • Tesco shares in London are up 6.2% on the news.
    | Jan. 8, 2015, 4:09 AM | 1 Comment
  • Jan. 1, 2015, 4:25 AM
    • Stuart Chambers, head of the remuneration committee at scandal-hit Tesco (OTCPK:TSCDY, OTCPK:TSCDF), is stepping down. He will be succeeded by non-executive director Deanna Oppenheimer.
    • In September, Tesco announced that it had overstated its first half profits by £250M.
    • The scandal has subsequently led to the suspension and exit of several senior executives, including the supermarket chain's chairman and audit committee chief.
    | Jan. 1, 2015, 4:25 AM
  • Dec. 22, 2014, 8:06 AM
    • Britain's Financial Reporting Council has launched an inquiry into the preparation, approval and audit of Tesco's (OTCPK:TSCDY, OTCPK:TSCDF) accounts over the last four years, including the role of external auditor PwC.
    • The move follows Tesco's accounting scandal in October, which revealed that the British grocer had overstated first-half profits by £263M.
    • The scandal has so far led to the suspension and exit of several senior executives, including the supermarket chain's chairman and audit committee chief.
    | Dec. 22, 2014, 8:06 AM
  • Dec. 9, 2014, 3:24 AM
    • Troubled U.K. supermarket chain Tesco (OTCPK:TSCDF, OTCPK:TSCDY) has warned on full-year profit again, citing investments it is making in its business, fierce competition, and an accounting scandal which has plagued the retailer since September.
    • The company now expects trading profit for the financial year ending in February to not exceed £1.4B ($2.2B), compared with analysts’ expectations of £1.94B.
    • Tesco shares are now down 10.5% in London, and have fallen 43% so far this year.
    | Dec. 9, 2014, 3:24 AM
  • Oct. 30, 2014, 4:16 AM
    • Tesco (OTCPK:TSCDF, OTCPK:TSCDY) says it has been notified by the U.K.'s Serious Fraud Office of a formal criminal investigation into the £263M ($424M) overstatement of its first-half profits.
    • Britain's accounting watchdog, the Financial Reporting Council, is also examining how the discrepancy came about.
    • The inflated forecast has so far led to the suspension of eight senior members of staff.
    | Oct. 30, 2014, 4:16 AM | 2 Comments
  • Oct. 23, 2014, 3:01 AM
    • Tesco (OTCPK:TSCDY, OTCPK:TSCDF) Chairman Richard Broadbent is stepping down, as the company scrapped its full-year trading profit outlook due to last month's accounting error.
    • A continuing investigation into the accounting practices reveal that the profit forecast for the first half had been overstated by £263M ($422.1M), slightly higher than the £250M it first said in September.
    • Eight Tesco execs have been suspended since the discrepancy was first reported.
    | Oct. 23, 2014, 3:01 AM
  • Oct. 12, 2014, 6:18 AM
    • Ken Hanna, head of Tesco's (OTCPK:TSCDY, OTCPK:TSCDF) audit committee and a non-executive board member, will step aside before year-end, Sunday Telegraph says.
    • Hanna dismissed warnings from Tesco's auditor about the risk of its commercial revenue figures being manipulated.
    • Tesco has already suspended five executives following the discovery of a £250M blackhole in its profits.
    | Oct. 12, 2014, 6:18 AM | 1 Comment