LONDON — Tesco is planning to axe 1,200 jobs at its head office, according to the Press Association. The news comes after the company announced it was cutting night shifts in some of its largest stores as part of cost-cutting measures, which could impact up to 3,000 jobs. More than 10,000 roles have been cut since Dave […]

LONDON — Tesco is paying out £235 million ($ 294.9 million) to settle two investigations by watchdog’s into the supermarkets 2014 accounting scandal. The supermarket announced on Tuesday that it has agreed a deferred prosecution agreement (DPA) with Britain’s Serious Fraud Office (SFO), agreeing to pay a £129 million fine in exchange for not being […]

REUTERS/Chaiwat Subprasom A former Lloyds currency trader said the bank made him redundant after he blew the whistle on improper trading practices, according to a Guardian report. Paul Carlier, who was made redundant in September 2014, raised concerns two months earlier about a currency trade for client Tesco. The bank’s salespeople are alleged to have made a profit at […]

Tesco, Flickr British grocery chain Tesco reported its full-year results Wednesday — and it’s a total disaster zone. The company announced losses of £6.4 billion for 2014-15, its worst set of results in 100 years of trading and the first posting since CEO Dave Lewis took the reigns last July. Lewis has been struggling to reform […]

REUTERS/Paul Hackett A sign is seen on the wall of a Tesco building in Bow, east London August 29, 2014. Tesco faces a massive shareholder lawsuit over misstating its profits last year by £250 million ($ 374 million). US law firm Scott+Scott is claiming that the Tesco accounting scandal caused a “permanent destruction of value to shareholders,” […]

AP Images Warren Buffett Legendary investor Warren Buffett doesn’t mince his words. In his annual letter for his Berkshire Hathaway shareholders, released Saturday, Buffett revealed that he lost £288 million ($ 444 million) in the embattled British supermarket and he is “embarrassed” by taking too much time in exiting the beleaguered stock. Above all, his […]

Credit rating agencies are lining up to junk Tesco after an abysmal year. The UK supermarket competes with France’s Carrefour for the title of world’s second-largest retailer. Moody’s downgraded Tesco’s credit rating to junk last week. Standard & Poor’s follows today, with this pretty brutal assessment of the British retailer’s prospects:  Given the structural changes […]