With the election approaching and HSBC looking to move its headquarters out of the UK, the business news has been steaming in thick and fast. Tesco are in trouble, banks have been fined, google are still growing and the worlds happiest country has been revealed. Keep up to date and read on.
Tesco Chucks in the Kitchen Sink
While the posted retail loss for Tesco isn’t even in the top twenty corporate losses since 1992, the £6.4 billion loss is eye watering to say the least and now the biggest loss in UK retail history.
Racked with constant whistle blowing and creating regular press field days, Tesco have had their fair share of bad publicity over recent years. Besides their accounting scandal and complete company implosion surrounding supplier’s payments and revealing how badly they cook the bookkeeping, they have also had to employ Deloitte to investigate irregularities around accelerated recognition of commercial income and delayed accumulation of costs.
The complete figures for the year confirm the estimated results of £250 million alongside overstated profits at £53 million for the year up until 22nd February 2014 with £153 million for previous years. As amounts were corrected in the year to 22nd February 2015, there was no restatement for previous years required.
This particular approach paired with the information release surrounding £7 billion in charges for property impairment prompts suggestions that finance chiefs at Tesco are ‘kitchen sinking’, basically announcing all the bad news at the same time to make any successful upturns seem overly impressive.
Deutsche Bank are doing Fine
Deutsche Bank have been fined a record $2.5 billion by UK and US regulators for attempting to manipulate interest rates. The breakdown amount resulted in $2.1 billion by US regulators and £227 million by the Financial Conduct Authority of the United Kingdom.
Deutsche Bank say they “deeply regret” the matter, with at least 29 individuals from traders to managers, from London, Tokyo, Frankfurt and New York, involved between 2005 and 2009. Those individuals who are still employed by the bank have received calls to be dismissed from the New York Department of Financial Services.
Google Going Strong
The US giant has reported a 4% increase in profits, to £2.38 billion ($3.59 billion). This has been accounted to strong advertising sales, with continued hire of new staff at an accelerated rate. Employee numbers are up 9,000 over the past 12 months.
Worlds Happiest Country
The Swiss have received top billing in a survey to find the worlds happiest country. Taking data from the Gallop World Poll and including variables such as GDP per capita, life expectancy, social freedoms and the levels of corruption, Togo hit the bottom of the list as the world’s least happy nation.
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