Tescos new boss Ken Murphy presents its first results with the grocer’s half-year figures on Wednesday. The previous one Walgreens Boots Executive replaced Dave Lewis last week.
He starts with a solid series of numbers, except in Tesco’s bank. Income before tax for the six months ended August rose 29 percent to £ 551 million. Group sales excluding VAT and fuel rose by 6.6 percent. Revenue growth in the UK and Ireland offset declines in revenue in Tesco’s Central European businesses and bank, and Murphy announced a 21 percent increase in Tesco’s interim dividend.
As with other supermarkets, Covid-19 measures have cost Tesco – £ 533m in the first half of the year – but those additional costs have been offset by business rates for vacations and higher sales in the UK and Ireland. The bank is expected to post a loss of between £ 175 million and £ 200 million for the full year (the bank posted an operating loss of £ 155 million in the first half of the year), even though the retail share of the store was a 4.4 percent increase on adjusted Operating profit to £ 1.19 billion.
Tesco said that while there was still uncertainty for the remainder of the fiscal year, retail profit for the year should be at least as good as the previous one.
SoftBank secured Greensill Capital two steel magnate-affiliated companies have been granted tens of millions in loans under a UK government guaranteed loan program Sanjeev Gupta with only 11 employees. Greensill has raised billions of pounds in funding to Mr. Gupta’s loosely affiliated companies over the past several years GFG Alliance Mr. Gupta has a close relationship with Lex Greensill. The structure of the alliance enabled several GFG companies to apply for separate loans from Greensill. The full ball from Robert Smith and Michael Pooler is on Here.
G4S takes off the gloves in the fight against the rival GardaWorlds Attempt at a hostile takeover. G4S on Wednesday described GardaWorld’s record as “one of the loss-making companies that.. . It lacks the geographic coverage to be a truly global company. “G4S insists that the 190p stock offering is” significantly undervalued “it. For its part, GardaWorld is woo G4S shareholders.
Up to £ 26bn lost to fraud and business failure guaranteed by the government Bounceback loan program. This is the conclusion of a report from the National Audit Office published on WednesdayThe government had preferred to bring money to businesses quickly and was ready to tolerate the potential losses associated with this policy. Assuming the system lends £ 43 billion in loans – £ 38 billion of bank lending to date with the program running until the end of next month – the potential cost to the government of theirs looks likely 100 percent guarantee between £ 15bn and £ 15bn is £ 26bn, the NAO says.
Job is moving
Tesco has a new finance director who works with his new managing director. Imran Nawaz, Chief Financial Officer at Tate & Lyle and former CEO of global food company Mondelez, will join the board in April.
Beyond the Square Mile
Amazon, Apple, Google and Facebook have all abused their market power, after a damn Congress report published on Tuesday recommending forcing large tech companies to completely restructure their businesses. The 449-page report concluded that each of the big four tech companies had unfairly suppressed competition in different ways and suggested rewriting U.S. antitrust law. While Republicans don’t support these recommendations, Democratic officials expect Joe Biden to give them serious consideration should he win the November presidential election.
New research shows that no major oil, gas or coal Company is on the right track to align its business with the Paris climate target limit the global temperature rise to well below 2 ° C by 2050, although net zero emissions have been promised. In a partnership between academics from the London School of Economics and investors managing $ 21 billion in funds called the Transition Pathway Initiative, 125 oil and gas producers, miners and electricity companies were screened for readiness for a low-carbon economy . Read more about the results Here.
Boeing Has has cut his expectations global passenger aircraft demand by 11 percent over the next decade, an estimated $ 200 billion loss to the industry in potential revenue. The US aircraft manufacturer signaled a long, slow road to recovery in the aviation sector in its annual outlook for commercial aircraft demand for the next two decades.
Important comment before you go
At a glance, cinemas and attractions share many of the same Covid-19-related topics. However, the sectors are facing different fates.
Finablr, the cross-border payments business, barely had time to float, let alone sink. But it sinks and within a little over a year of listing.
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