Tesco has said that “several” staff have been suspended as its new chief executive launches an investigation into its finances. The move follows the announcement that the group had overstated its six-month profit forecasts by £250 million.The group said that it was working to establish how much impact this would...
Fashion chain French Connection has said that its recovery plan is “on track” after announcing a third half-year of improved financial performance in a row, with gains made in both its retail and wholesale divisions.In the six-month period to July 31st, the company reported a reduced pre-tax loss of £3.9...
The administrators of Phones 4U have said that a last-minute rescue plan put forward by a group of bondholders in the chain is “not feasible”.The group had vowed to cut the sums they were owed by the collapsed phone retail chain in order to facilitate a deal with networks. However,...
The European Court of Justice has said that the luggage surcharges imposed by airlines are legal in a new ruling, although it added that hand luggage should not face price supplements.The ruling upheld a challenge by Vueling Airlines to a Eu3,000 penalty imposed by Spain under a law that prohibits...
Shares in Sony fell 12% as the company announced that losses for the year to March would add up to $2.14 billion, more than four times the previous estimate earlier this year.The company said that its loss-making mobile division was partly to blame, having been hit by competition from Apple...
Dixons Carphone has pledged to hire Phones 4U staff who work within concessions at its Currys and PC World outlets.The move will save 800 of the 5,596 jobs that were put at risk when Phones 4U went into administration following a decision by mobile networks Vodafone and EE not to...
Chief executives of UK listed companies may see their pay linked to the long-term growth of the company, under new rules from the Financial Reporting Council (FRC).The new rules are designed to promote good governance of British companies and include deferring bonus payments, or shifting them towards non-cash rewards. "Boards...
The chief executive and chief operating officer of Chinese shoe firm Ultrasonic have vanished along with its cash reserves in China and Hong Kong.The German-listed company said that Qingyong Wu and Minghong Wu, had "apparently left their homes and are not traceable". All of its reserves in China and Hong...
The Retail Appointment Live, a ground-breaking retail career event, is set to launch on the 25th September, featuring a host of retail and hospitality names all recruiting on the day as well as a CV doctor and a comprehensive seminar programme.Companies recruiting include American Eagle Outfitters, Al Tayer, Benefit, Claire’s,...
Retailer JD Sports has announced a “record result” for the half year, with group profit before tax and exceptional items doubled.Performance in the UK and European sports fascias saw “encouraging progress” but the fashion division, including Scotts and Bank, “continued to disappoint”.In a statement, Peter Cowgill, executive chairman, said: "The...
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