the problems continue and now a financial scandal...
shares off by over a third in the last year
http://www.bbc.co.uk/news/business/mark ... _month.stm
anyone who has had the misfortune to eat a Tesco sandwich won't be surprised that they are not doing so well these days.
Tesco
It's mainly the discounters that are having an impact, so where Tesco was strong in appealing to that market they have given away a little to those guess. So the market is going downmarket again. Horsemeat and all.superfrank wrote:anyone who has had the misfortune to eat a Tesco sandwich won't be surprised that they are not doing so well these days.
TBH, it is in the CEO's objective to really make things look much worse than they are. For an example see Betfair when Breon came to power.
Probably a buying opportunity.
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superfrank
- Posts: 2762
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yeah i thought that too, if he'd have been there 2 years they'd have swept it under the carpet.Euler wrote:TBH, it is in the CEO's objective to really make things look much worse than they are. For an example see Betfair when Breon came to power.
Tesco have got marooned in the middle ground as the gap between rich and poor widens - Tesco's woe says a lot about the type of recovery we have.
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steven1976
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I think tesco forgot they were primarily selling food at some point and probably diluted what they did best.
100% Agree.I think tesco forgot they were primarily selling food at some point and probably diluted what they did best.
Shopping Habits in the UK have shifted full circle IMHO, A bold statement to make but I think in 15 years there will be NO supermarkets as we know them.
http://www.bbc.co.uk/news/business-29308543
Good interview
There is a really good question in there. Did this 'error' come around due to pressure on the business to perform. Almost certainly.
When I wrote for shares magazines I spent a lot of time hunting for deterioration in accruals to sport a pre cursor for companies under pressure. I've seen it from the inside of a company as well so I totally relate to that question.
Good interview
There is a really good question in there. Did this 'error' come around due to pressure on the business to perform. Almost certainly.
When I wrote for shares magazines I spent a lot of time hunting for deterioration in accruals to sport a pre cursor for companies under pressure. I've seen it from the inside of a company as well so I totally relate to that question.
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steven1976
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If its a one off error as I think he suggested, its a pretty big mistake.
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superfrank
- Posts: 2762
- Joined: Fri Aug 14, 2009 8:28 pm
these things aren't errors or mistakes, it happens when people are incentivised, for their own financial gain (bonuses probably in this case), to commit fraud.steven1976 wrote:If its a one off error as I think he suggested, its a pretty big mistake.
when a normal person commits fraud (e.g. benefit fraud, pyramid schemes, fake charities etc.) they get sent down. the problem is that senior white collar fraud goes unpunished on a personal level (see repeated fines - not prison sentences - for banks for market rigging of virtually everything that moves). HSBC were found guilty of money laundering of billions for "drug kingpins and rogue nations"; just a fine, don't do it again.
+1 it's a joke all tax payers and customers pay for these people and they get away with it.superfrank wrote:these things aren't errors or mistakes, it happens when people are incentivised, for their own financial gain (bonuses probably in this case), to commit fraud.steven1976 wrote:If its a one off error as I think he suggested, its a pretty big mistake.
when a normal person commits fraud (e.g. benefit fraud, pyramid schemes, fake charities etc.) they get sent down. the problem is that senior white collar fraud goes unpunished on a personal level (see repeated fines - not prison sentences - for banks for market rigging of virtually everything that moves). HSBC were found guilty of money laundering of billions for "drug kingpins and rogue nations"; just a fine, don't do it again.
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
Add me to the list, " drug kingpins, basket sellers and rogue nations". Both Barclay's and HSBC have me on their lists. Because of their mispractices Barclays don't even let me send money to myself.superfrank wrote:HSBC were found guilty of money laundering of billions for "drug kingpins and rogue nations"; just a fine, don't do it again.steven1976 wrote:If its a one off error as I think he suggested, its a pretty big mistake.
Politicians and governments are the biggest fraudsters, on a massive scale. When you look at how much money raised in taxes and is wasted it's incredible.
Looks at the party conference season, we will do this if you vote for us. But in Miliband's speech, he didn't even mention the budget deficit. Christ we can't even close that gap, let alone repay the debt!
Looks at the party conference season, we will do this if you vote for us. But in Miliband's speech, he didn't even mention the budget deficit. Christ we can't even close that gap, let alone repay the debt!
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Ask your average person in the street something like 'is it correct that the government cuts are reducing the country's debt?' and most will answer yes imo. Or ask what do they mean when they talk about reducing the deficit?Euler wrote:he didn't even mention the budget deficit. Christ we can't even close that gap, let alone repay the debt!
It is due to a clever bit of propaganda and misdirection by the politicians via the media that make the public in general think the deficit is the debt.
'Everyone knows about Britain’s employment miracle. We’ve been adding jobs at a speed that seems scarcely believable, and certainly nobody anticipated. Ordinarily, the consequent rapid erosion in the unemployment rate would be both adding to income taxes and reducing the benefits bill, thereby narrowing the deficit.
Yet this hasn’t happened on anything like the scale that might be expected. This is because much of the new employment is in low-pay, low-skilled or part-time work. Self-employment has also played a big role in the jobs recovery. These new forms of work tend not to be as tax rich as the old ones.
...
The UK’s headline numbers might look like something approaching full employment, yet the evidence of virtually zero wage growth suggests still oodles of labour market slack. The good news is that people are at least working. The bad news is that they are failing to add much value. Output per man-hour is going nowhere. To the extent that the economy is growing, it is only doing so largely because the size of the workforce is expanding.'
http://www.telegraph.co.uk/news/politic ... ctive.html
Or to summarize, Britain is f*cked!
It's good that we can afford to fight wars and donate aid to countries with space programmes, though...
Jeff
Yet this hasn’t happened on anything like the scale that might be expected. This is because much of the new employment is in low-pay, low-skilled or part-time work. Self-employment has also played a big role in the jobs recovery. These new forms of work tend not to be as tax rich as the old ones.
...
The UK’s headline numbers might look like something approaching full employment, yet the evidence of virtually zero wage growth suggests still oodles of labour market slack. The good news is that people are at least working. The bad news is that they are failing to add much value. Output per man-hour is going nowhere. To the extent that the economy is growing, it is only doing so largely because the size of the workforce is expanding.'
http://www.telegraph.co.uk/news/politic ... ctive.html
Or to summarize, Britain is f*cked!
It's good that we can afford to fight wars and donate aid to countries with space programmes, though...
Jeff