Paul Mumford News
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Tesco Plc, the U.K.’s largest retailer, said it will exit the U.S. and scale back domestic expansion at a cost of about 2 billion pounds ($3 billion) as it reported the first annual profit drop in almost 20 years.
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Under Chief Executive Officer Phil Clarke, Tesco Plc is unraveling a global empire that didn’t quite pan out. Investors need him to fare better with the new one that he’s building at home.
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Rory Cullinan runs the world’s worst bank from a fifth-floor office overlooking Liverpool Street station in London. His 400-person outfit doesn’t lend money or trade securities. Instead, it sells blown-out mortgages, busted loans and entire companies amassed by Royal Bank of Scotland Group Plc before it collapsed in the global financial crash of 2008. On a Friday afternoon in February, Cullinan is savoring a new feeling in his life as a toxic-asset disposal specialist: hope that the worst is finally over.
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Marks & Spencer Group Plc, the 128- year-old store chain, is offering private-equity shoppers the biggest bargain in more than seven years versus its main U.K. clothing competitor.
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U.K. banks, under pressure from the Bank of England to increase capital, may do exactly what the central bank doesn’t want them to do: Cut lending.
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Barclays Plc Chief Executive Officer Antony Jenkins’s plan to cut jobs and costs to return the lender to profit sent the stock to a two-year-high. Investors say he now has half that time to start delivering on his turnaround.
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Prudential Plc ’s attempt to cut the price of its $35.5 billion takeover of American International Group Inc. ’s main Asian unit failed, leaving the biggest purchase in the U.K. insurer’s history on the verge of failure.
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Tesco Plc Chief Executive Officer Philip Clarke, who took direct control of the grocer’s domestic business three months ago, has until the end of the year to convince some investors he can return the U.K. to growth after four quarters of declining sales.
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Canada’s federal government issued new rules on Dec. 21 that give credit unions the option to become federally incorporated entities, allowing them to expand across the country and better compete with banks.
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Prudential Plc , the U.K. insurer buying AIA Group Ltd. for a record $35.5 billion, will take on $7.37 billion of Thai sovereign debt in the deal, as the Asian country’s deadliest political clashes in 20 years stoke investor concern about a possible default.
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