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tesco pwc accounts probe called off


image copyrightgetty imagesthe financial reporting council (frc) has announced that it is ending its inquiry into tesco's accounts for 2012, 2013 and 2014.the frc is an independent disciplinary body for uk accountants and actuaries.its two-and-a-half-year investigation looked at business services giant pwc's auditing and preparation of tesco's accounts.however, it said it had concluded there was "not a realistic prospect" that pwc would be found guilty of misconduct.the investigation arose from tesco's 2014 accounting scandal, in which profits were overstated by £326m. in march this year, tesco was fined £129m over the affair.






the pig farmer taking on tesco


image copyrightrichard baughpig farming can be a messy business, but some say supermarkets are playing an even dirtier game.richard baugh's family have been raising pigs for three generations at woodside farm in rural nottinghamshire.but mr baugh says he's been forced to change the name of his business after tesco rebranded its own label pork products as "woodside farms".he's now threatening legal action if the supermarket giant doesn't drop its new branding."what bothers me the most is it's not necessarily british food they're putting it on," says mr baugh, who's changed his business name to "bofs hogs" to differentiate it from tesco."it's european pork which sometimes isn't under our strict regulations." a spokesperson for tesco said the supermarket was not willing to comment, but in the






tesco pwc accounts probe called off


image copyrightgetty imagesthe financial reporting council (frc) has announced that it is ending its inquiry into tesco's accounts for 2012, 2013 and 2014.the frc is an independent disciplinary body for uk accountants and actuaries.its two-and-a-half-year investigation looked at business services giant pwc's auditing and preparation of tesco's accounts.however, it said it had concluded there was "not a realistic prospect" that pwc would be found guilty of misconduct.at the same time, the frc said it was continuing to investigate other chartered accountants who were auditors of tesco.the investigation stemmed from tesco's 2014 accounting scandal, in which profits were overstated by £326m.tesco said it had incorrectly booked payments from its suppliers.in january last year, the grocery code






tesco fined £129m for overstating profits


image copyrighttescotesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.its subsidiary, tesco stores ltd, reached what's known as a deferred prosecution agreement with the serious fraud office after a two-year probe.the sfo said tesco had co-operated with the investigation and had undergone an "extensive" period of change.tesco has also agreed with the financial conduct authority (fca) to spend £85m on compensating investors.the money will go to those who bought shares or bonds between 29 august and 19 september that year.the order is a first for the fca, although it has not imposed its own penalty, and tesco has accepted the regulator's finding of "market abuse".'regret'between february and september 2014, tesco gave a false account of its perf






tesco pwc accounts probe called off


image copyrightgetty imagesthe financial reporting council (frc) has announced that it is ending its inquiry into tesco's accounts for 2012, 2013 and 2014.the frc is an independent disciplinary body for accountants and actuaries in the uk.its two-and-a-half-year investigation looked at business services giant pwc's auditing of tesco's accounts.however, it said it had concluded there was "not a realistic prospect" that pwc would be found guilty of misconduct.at the same time, the frc said it was continuing to investigate other chartered accountants who were auditors of tesco.pwc said: "we co-operated fully during the frc's thorough investigation and are pleased that the frc has closed it without any further action."the investigation stemmed from tesco's 2014 accounting scandal, in which pro






uk authorities fine tesco in accounting scandal


london — britain's biggest supermarket chain, tesco, has agreed to pay 214 million pounds ($269 million) in fines and shareholder compensation following an accounting scandal that inflated its profits in 2014.the u.k.'s serious fraud office says tesco plc agreed to pay a fine of 129 million pounds as part of a deferred compensation agreement.in addition, the financial conduct authority has found that tesco committed "market abuse" when it overstated earnings on aug. 29, 2014. this inflated the price of tesco shares and bonds and wasn't corrected until sept. 22, 2014. tesco has agreed to pay an estimated 85 million pounds to investors who bought its securities during the period.the fca says this is the first time it has required a listed company to pay compensation for market abuse.






uk authorities fine tesco in accounting scandal


london (ap) — britain’s biggest supermarket chain, tesco, has agreed to pay 214 million pounds ($269 million) in fines and shareholder compensation following an accounting scandal that inflated its profits in 2014.the u.k.’s serious fraud office says tesco plc agreed to pay a fine of 129 million pounds as part of a deferred compensation agreement.in addition, the financial conduct authority has found that tesco committed “market abuse” when it overstated earnings on aug. 29, 2014. this inflated the price of tesco shares and bonds and wasn’t corrected until sept. 22, 2014. tesco has agreed to pay an estimated 85 million pounds to investors who bought its securities during the period.the fca says this is the first time it has required a listed company to pay compensation for market abuse.mos






tesco glitch causes online delivery chaos across the uk


tesco a computer glitch which appears to be disrupting tesco online delivery services is causing chaos for customers nationwide. thousands of customers using supermarket retailer tesco's online home delivery service have had their orders canceled due to what seems to be a systems bug or glitch. on twitter, customers are complaining that despite ordering and being awarded time slots, they are being contacted by drivers who are saying "systems are down" but are not offering any further details.on facebook, customers have noted that while their orders have been canceled, they are unable to rebook as the system believes they still have orders outstanding. one user commented, "tesco rang me and said the system is down and no-one is getting any deliveries today." according to the retail giant, u






tesco fined £129m for overstating profits


image copyrighttescotesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.its subsidiary, tesco stores ltd, reached what's known as a deferred prosecution agreement with the serious fraud office after a two-year probe.the sfo said tesco had co-operated with the investigation and had undergone an "extensive" period of change.tesco has also agreed with the financial conduct authority (fca) to spend £85m on compensating investors.the money will go to those who bought shares or bonds between 29 august and 19 september in 2014.those investors would have had misleading information as tesco released its incorrect trading statement on 29 august and issued a correction before the markets opened on monday 22 september.the timeframe has been chosen as the ma






tesco to axe 1,200 head office jobs


image copyrightgetty imagestesco plans to cut 1,200 jobs at its head office as part of a major cost-cutting drive.the uk's biggest supermarket told staff on wednesday morning about the cull, which amounts to a quarter of its workforce in welwyn garden city and hatfield.tesco is implementing a turnaround plan that aims to reduce costs by £1.5bn.the cuts come after the retailer said last week it would close a call centre in cardiff at the cost of 1,200 roles.tesco said it was a "significant next step" in the reorganisation of the company."this new service model will simplify the way we organise ourselves, reduce duplication and cost but also, very importantly, allow us to invest in serving shoppers better," a spokesperson said.pauline foulkes, national officer at shop workers' union usdaw, s






security guard in tesco extra reading roof protest


media playback is unsupported on your devicemedia captionthe man's wife says "he will not be coming down willingly" a security guard who claims he was "sacked for no reason" from tesco has spent the night protesting in the supermarket's roof space.he has been on the girders above the checkouts in tesco extra, reading, for more than 16 hours, live-streaming on facebook. shoppers were told to abandon their trolleys and leave the store as he climbed to the roof yelling.tesco said it was "assisting police with the matter".in his online videos, the man claims he was falsely accused of stealing by the supermarket chain. he said: "if tesco think i'm going to walk away from this, they've got another thing coming."image caption he began streaming his protest online at about 18:15 bst on thursday in






new £1 coin: tesco to leave trolleys unlocked


image copyrightgetty imagesshopping trolleys at tesco's biggest supermarkets will be left unlocked when the new £1 coin is released on tuesday.the company said it was an "interim" measure while it carries out work to replace the locks on its trolleys to take the new 12-sided coins. fewer than 200 of tesco's 3,500 uk stores have trolleys which need a coin or keyring token to use them.asda, morrisons and sainsbury's have said their trolleys accept both the old coins and tokens and the new ones. tesco said in a statement: "we're replacing the locks on our trolleys to accept old and new pound coins as well as existing trolley tokens.there would be "colleagues on hand to attend trolleys in our stores, so our customers aren't affected by the changes", it added.staff would also make sure the trol






new £1 coin: tesco to leave trolleys unlocked


image copyrightgetty imagesshopping trolleys at tesco's biggest supermarkets will be left unlocked when the new £1 coin is released on tuesday.the company said it was an "interim" measure while it carries out work to replace the locks on its trolleys to take the new 12-sided coins. fewer than 200 of tesco's 3,500 uk stores have trolleys which need a coin or keyring token to use them.asda, morrisons and sainsbury's have said their trolleys accept both the old coins and tokens and the new ones. tesco said in a statement: "we're replacing the locks on our trolleys to accept old and new pound coins as well as existing trolley tokens.there would be "colleagues on hand to attend trolleys in our stores, so our customers aren't affected by the changes", it added.staff would also make sure the trol






nfl mock draft: sam farmer predicts garrett and thomas will go 1-2 to browns and


note: a-from rams; b-from philadelphia; c-from minnesota; d-from new [email protected] sam farmer on twitter @latimesfarmer






tesco fined £129m for overstating profits


image copyrighttescotesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.its subsidiary, tesco stores ltd, reached what's known as a deferred prosecution agreement with the serious fraud office after a two-year probe.tesco said there was "regret" over the issues of 2014 and said it has been working hard to "restore trust".the firm also agreed with the financial conduct authority (fca) to spend £85m on compensating investors.the money will go to those who bought shares or bonds between 29 august and 19 september in 2014.investors misledthose investors would have had misleading information from a trading statement on 29 august, which gave a rosier assessment of its performance than was actually the case. tesco issued a corrected statement before th






tesco fined £129m for overstating profits


image copyrighttescotesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.its subsidiary, tesco stores ltd, reached what's known as a deferred prosecution agreement with the serious fraud office after a two-year probe.tesco said there was "regret" over the issues of 2014 and said it has been working hard to "restore trust".the firm also agreed with the financial conduct authority (fca) to spend £85m on compensating investors.the money will go to those who bought shares or bonds between 29 august and 19 september in 2014.investors misledthose investors would have had misleading information from a trading statement on 29 august. which gave a rosier assessment of its performance than was actually the case. tesco issued a corrected statement before th






tesco to offload opticians' business to vision express


image copyrightgetty imagestesco is to sell its in-store optician business in the uk and republic of ireland to vision express, who will continue to run the eyeglass outlets.tesco - which says the sale will "simplify" its business - has 206 optical stores in the uk and three in ireland, as well as an online outlet. it employs about 1,500 staff, who will be transferred to vision express, owned by dutch-based grand vision. the deal is expected to be completed this year, pending regulatory approval.no financial details about the sale have been given. tesco uk chief executive matt davies said: "this allows us to further simplify and strengthen our uk business and ensures our customers are still able to enjoy high quality eye care services from vision express in our larger stores."tesco opticia






tesco to offload opticians' business to vision express


image copyrightgetty imagestesco is to sell its in-store optician business in the uk and republic of ireland to vision express, who will continue to run the eyeglass outlets.tesco - which says the sale will "simplify" its business - has 206 optical stores in the uk and three in ireland, as well as an online outlet. it employs about 1,500 staff, who will be transferred to vision express, owned by dutch-based grand vision. the deal is expected to be completed this year, pending regulatory approval.no financial details about the sale have been given. tesco uk chief executive matt davies said: "this allows us to further simplify and strengthen our uk business and ensures our customers are still able to enjoy high quality eye care services from vision express in our larger stores."tesco opticia






tesco fined £129m for overstating profits


image copyrightreuterstesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.the supermarket giant has reached a deferred prosecution agreement (dpa) with the serious fraud office (sfo) after a two-year investigation.the sfo said tesco had co-operated with the investigation and had undergone an "extensive" period of change.tesco has also agreed with the financial conduct authority (fca) to spend £85m on compensating investors.the money will go to those who bought shares or bonds between 29 august and 19 september that year.the order is a first for the fca, although it has not imposed its own penalty, and tesco has accepted the regulator's finding of "market abuse".'regret'between february and september 2014, tesco gave a false account of its perfor






tesco full-year pre-tax profits hit by fine


image copyrightgetty imagessupermarket giant tesco has reported a fall in full-year pre-tax profit after it was fined for overstating its profits in 2014.it said it had taken a £235m charge after it agreed a deferred prosecution with the serious fraud office and the financial conduct authority in march.however, tesco said it exceeded its full-year operating profit target.like-for-like sales, which strip out the impact of new store openings, grew 1% in the year to 28 february.uk like-for-like sales were up 0.9%, their first reported growth since 2009-10.tesco chief executive dave lewis said the results showed "another solid year of progress" at the supermarket giant."the very pleasing thing is that on every dimension of customer service we've had positive feedback from customers of the serv






1,100 tesco call centre jobs set to go in cardiff


image copyrightgoogleimage caption tesco proposes closing the call centre in cardiff in february 2018 up to 1,100 jobs are expected to go at a tesco call centre in cardiff, the supermarket giant has confirmed. tesco said it was consolidating its customer engagement centres (cec) into a single site in dundee, scotland, where 250 jobs would be created.economy secretary ken skates said a package of support will be put together for those affected at the heath site.tesco said it needed to ensure its business is "sustainable and cost effective".the company is proposing to close the cardiff cec in february 2018.tesco boss matt davies said the "retail sector is facing unprecedented challenges" and it had to meet the "changing needs of our customers"."to help us achieve this, we've taken the diffic






tesco launches one-hour grocery deliveries in london, powered by quiqup


the grocery delivery wars look set to get cooking… uk supermarket chain tesco has announced the launch today of a one-hour delivery service in central london called tesco now — echoing amazon’s prime now delivery branding.this comes hot on the heels of the news that ecommerce giant amazon is wading into the bricks-and-mortar grocery business, with its planned purchase of whole foods for $13.7bn.as well as a one hour delivery service (priced at £7.99), tesco is offering a two-hour option (for £5.99) via the new tesco now android or ios app.the supermarket chain already offered a same day delivery service in london and the south east, and a same day ‘click and collect’ option.the new faster delivery service only covers central london, aka zone one (see below for the full list of covered post






tesco multi-buy offers widely out of date, bbc investigation finds


an undercover bbc investigation has revealed tesco customers are being overcharged on multi-buy promotions.a reporter for bbc inside out west midlands, who secretly filmed inside 50 tesco stores around the country, found discounted prices were not applied at 33 of them. money-off promotions were marked on the shelf, but the full cost of individual items was charged at the tills because the offers were out of date.tesco said it would be double checking price labels at all its stores as a result of the investigation. the company runs more than 3,500 stores across the uk. a spokesperson said: "we are disappointed that errors occurred and will be working with the stores involved to reinforce our responsibilities to our customers."the full investigation can be seen on bbc inside out in most eng






tesco fined £129m for overstating profits


image copyrighttescotesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.its subsidiary, tesco stores ltd, reached what's known as a deferred prosecution agreement with the serious fraud office after a two-year probe.the sfo said tesco had co-operated with the investigation and had undergone an "extensive" period of change.tesco has also agreed with the financial conduct authority (fca) to spend £85m on compensating investors.the money will go to those who bought shares or bonds between 29 august and 19 september in 2014.those investors would have had misleading information from a trading statement on 29 august. which gave a rosier assessment of its performance than was actually the case. it gave an accurate, corrected statement before the market






the times' sam farmer predicts seattle will beat arizona on 'thursday night foot


nfl thursdayseattle (5-3) at arizona (4-4)tv: ch. 4, nfl network, 5:15 p.m. pstline: seahawks by 6.over/under: 41.sam farmer’s prediction: in the last three thursday night games, the better team has lost on the road. seattle, though still flawed, will put a halt to that trend. seahawks 24, cardinals [email protected] sam farmer on twitter @latimesfarmer






l.a. times' sam farmer predicts the rams will beat the 49ers 23-16 in thursday n


nfl thursday nightrams (1-1) atsan francisco (0-2)when: 5:15 p.m. pdt, ch. 4 and nfl network.line: rams by 2.over/under: 40.sam farmer’s pick: despite losing at home to washington, the rams are finally dynamic on offense. they’re playing with confidence. the 49ers are pretty solid, but they just can’t score. rams 23, 49ers 16 [email protected] sam farmer on twitter @latimesfarmer






tesco to axe 1,200 head office jobs


image copyrightgetty imagestesco plans to cut 1,200 jobs at its head office as part of a major cost-cutting drive.the uk's biggest supermarket told staff on wednesday morning about the cull, which amounts to a quarter of its workforce in welwyn garden city and hatfield.tesco is in the middle of a turnaround plan under chief executive dave lewis.the cuts come after the retailer said last week it would close a call centre in cardiff at the cost of 1,200 roles.tesco said it was a "significant next step" in the turnaround of the company."this new service model will simplify the way we organise ourselves, reduce duplication and cost but also, very importantly, allow us to invest in serving shoppers better," a spokesperson said.






the l.a. times' sam farmer predicts the buccaneers will beat the patriots 27-24


nfl thursday nightnew england (2-2) at tampa bay (2-1)tv: ch. 2, nfl network, 5:15 p.m. pdtline: patriots by 6.over/under: 55 ½.sam farmer’s pick: the patriots have given up at least 300 yards passing every week this season, and jameis winston is certainly capable of that. tampa bay bounced back sunday and beat the desperate giants. buccaneers 27, patriots 24 [email protected] sam farmer on twitter @latimesfarmer






tesco takeover of booker gets go-ahead


image copyrightgetty imagestesco's £3.7bn takeover of food wholesaler booker has been provisionally cleared by the uk's competition regulator. the competition and markets authority (cma) said the deal could even increase competition in the wholesale market and reduce prices for shoppers.it added that tesco and booker did not compete head-to-head in most of their activities.in particular, it said tesco does not supply goods to the catering sector.the cma concluded that the wholesale market would "remain competitive in the longer term" , because booker's share of the uk grocery wholesaling market, at less than 20%, "was not sufficient to justify the longer-term concerns".simon polito, chair of the cma's inquiry group, said: "our investigation has found that existing competition is sufficient






security guard in tesco extra reading roof protest


media playback is unsupported on your devicemedia captionadama jammeh told the bbc "every day i'm more angry".a security guard who claims he was sacked from tesco after being wrongly accused of stealing has spent the night in the supermarket's roof space.adama jammeh has been on the girders above the checkouts in tesco extra, reading, for more than 19 hours, live-streaming on facebook. shoppers were told to abandon their trolleys and leave the store as he climbed to the roof yelling.mr jammeh told the bbc he was "stressed and angry".tesco said it was "assisting police with the matter".the 46-year-old said he was falsely accused of stealing electrical goods worth £20,000 by the supermarket chain, which led to his sacking by security firm total security services (tss).the father-of-two has s






l.a. times' sam farmer predicts the panthers will defeat the eagles thursday nig


nfl thursday nightphiladelphia (4-1) at carolina (4-1)tv: 5:15 p.m., channel 2, nfl network.odds: panthers by 3.over/under: 45½.sam farmer’s pick: this figures to be a great matchup between two hot teams. going on the road for a thursday night game is rough, and cam newton is hitting his stride after missing virtually all of the preseason. panthers 24, eagles 20 [email protected] sam farmer on twitter @latimesfarmer






tesco launches one-hour grocery deliveries in london, powered by quiqup


the grocery delivery wars look set to get cooking… uk supermarket chain tesco has announced the launch today of a one-hour delivery service in central london called tesco now — echoing amazon’s prime now delivery branding.this comes hot on the heels of the news that ecommerce giant amazon is wading into the bricks-and-mortar grocery business, with its planned purchase of whole foods for $13.7bn.as well as a one hour delivery service (priced at £7.99), tesco is offering a two-hour option (for £5.99) via the new tesco now android or ios app.the supermarket chain already offered a same day delivery service in london and the south east, and a same day ‘click and collect’ option.the new faster delivery service only covers central london, aka zone one (see below for the full list of covered post






tesco recovery gathers pace in the uk


image copyrightgetty imagestesco is cementing its recovery in the uk after its first-quarter sales growth beat expectations.like-for-like sales - which strip out the impact of new stores - rose by 2.3% in the three months to 27 may, boosted by demand for fresh food.analysts had expected a rise of 2.2% after tesco reported an increase of 0.7% in the fourth quarter.tesco will face shareholders on friday who are expected to question a pay deal awarded to chief executive dave lewis.mr lewis was given a £142,000 package to help him move to a house closer to tesco's headquarters in welwyn garden city. this was on top of his £4.1m pay packet. he defended the relocation costs, saying that similar payouts were made to other members of staff."we move a lot of people around - store managers in partic






tesco recovery gathers pace in the uk


image copyrightgetty imagestesco is cementing its recovery in the uk after its first-quarter sales growth beat expectations.like-for-like sales - which strip out the impact of new stores - rose by 2.3% in the three months to 27 may, boosted by demand for fresh food.analysts had expected a rise of 2.2% after tesco reported an increase of 0.7% in the fourth quarter.tesco will face shareholders on friday who are expected to question a pay deal awarded to chief executive dave lewis.mr lewis was given a £142,000 package to help him move to a house closer to tesco's headquarters in welwyn garden city. this was on top of his £4.1m pay packet. he defended the relocation costs, saying that similar payouts were made to other members of staff."we move a lot of people around - store managers in partic






white sox announcer ed farmer doesn't let kidney disease slow him down


ed farmer's backpack is filled with pills — just in case.there was a time when farmer swallowed 56 per day — and he can name every one."i had to," farmer said. "my life depended on it."the white sox's radio play-by-play man has polycystic kidney disease and has been living with his brother's kidney inside him for 26 years. these days he is down to one medicine — cyclosporine —which he takes every night at 10.he carries the backpack when he travels, in case his body rejects the kidney that saved his life.farmer's mother, marilyn truesdale, died from the same ailment when she was 38.ed farmer was 17 then, playing his first year of rookie ball.he was sure he'd suffer the same fate.but it took doctors a while to figure it out — and farmer a while to come to terms with it."i learned at an early






sam farmer picks the falcons, so it's almost a lock


over the course of the nfl season, the l.a. times nfl columnist sam farmer had a prediction rate of 68% in his weekly picks. that percentage places him at the top of the heap on nflpickwatch.com. so who is farmer picking in the super bowl? it's the falcons, 31-27, so if you have enough time to make it to vegas to place a bet, you have a couple hours.






trump's approval rating is underwater with iowans


closeskip in skipxembedxshare forty-two percent of iowans approve of the job the newly inaugurated republican is doing as president, while 49 percent disapprove, according to the latest des moines register/mediacom iowa poll. wochitgov. terry branstad joins republican presidential candidate donald trump on stage along side sen. joni ernst and rep. steve king during the second annual roast and ride at the iowa state fairgrounds in 2016.(photo: michael zamora/the register) 862 connect 1 linkedinemailmoredes moines — donald trump is starting his presidency underwater with iowans.forty-two percent of iowans approve of the job the newly inaugurated republican is doing as president, while 49% disapprove, according to the latest des moines register/mediacom iowa poll.trump won iowa on his way to