London Markets: Tesco, BHP drop in weak U.K. market
Most U.K. stocks move lower on Wednesday, with shares of BHP Billiton PLC and Tesco PLC among major decliners after releasing earnings reports.
Europe Markets: Europe stocks decline; Tesco drops after earnings
European stock markets are on track for a fourth straight day of losses on Wednesday, with heavyweight Tesco PLC posting steep losses after a lackluster earnings report.
Tesco Barely in Profit as it Prepares U.S. Exit
(LONDON) — Tesco PLC, Britain’s largest supermarket operator, says it is looking to sell its U.S. operations after failing to make an impression over six years. Tesco said Wednesday that net profit for the year dropped 96 percent to 120 million pounds ($183 million) following a 1.2 billion pounds writedown to exit its Fresh & Easy brand in the U.S. It also took an 804 million pounds writedown on its U.K. property portfolio. Fresh & Easy has nearly 200 stores in California, Arizona and Nevada. Tesco says it is also leaving Japan and taking a more measured approach to growth in China. Chief Executive Philip Clarke told the BBC that the decision to leave the United States was right for shareholders and that the company was looking for a single buyer. MORE: How the Entry of Walmart and Big Retail Chains Will Change India
Tesco barely in profit as it prepares US exit
LONDON -- Tesco PLC, Britain's largest supermarket operator, says it is looking to sell its U.S. operations after failing to make an impression over six years....
Toronto investment banker settles U.S. insider-trading case
NEW YORK - A former Canadian Imperial Bank of Commerce investment banker on Tuesday agreed to pay $340,000 to settle charges brought by U.S. regulators that he illegally traded ahead of a buyout offer for Tomkins Plc based on information he gleaned from his job.
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