Tesco’s falling share price eats away at Dave Lewis and Alan Stewart’s bonuses October 27, 2014 Here's another reason for Dave Lewis to be concerned about Tesco's tumbling share price – it's already cost him around a quarter of the bonus accrued at his previous employer Unilever. Tesco bought out awards that both Lewis and new chief financial officer Alan Stewart forfeited from leaving their previous employment, which in the [...]
Elon Musk: “We need to be careful with artificial intelligence” October 27, 2014 Elon Musk may have made millions from technology, but that doesn't mean he doesn't worry about it bringing about a Terminator-style end to humanity. During a talk to students at the Massachusetts Institute of Technology, the SpaceX-Tesla-PayPal tycoon warned that "we should be very careful" about how we use artificial intelligence, adding it could be humanity's [...]
Rangers boss Graham Wallace resigns as club agrees £2m loan with investor Mike Ashley October 27, 2014 Rangers chief executive Graham Wallace has resigned after less than a year in the role, as the Scottish football club accepted a £2m loan from Newcastle owner Mike Ashley. In a statement issued this morning, Rangers' board thanked Wallace for “his contribution to the club during a difficult period”. Wallace was appointed chief executive [...]
Obama under pressure to put a stop to forced Ebola quarantine October 27, 2014 President Obama is under pressure to end the practice of forced quarantines, imposed by some US states on healthcare workers returning from countries affected by Ebola. The row was sparked after volunteer nurse Kaci Hickox became the first person to be held in New Jersey under the measures, despite not showing any symptoms of the [...]
Draghi’s balancing act: Stress tests can’t paper over Europe’s problems October 26, 2014 European Central Bank (ECB) president Mario Draghi has faced an unenviable balancing act recently. He’s had to oversee rigorous stress tests on the Eurozone’s banks – making them sufficiently harsh that investors viewed the process as credible – while at the same time encouraging those same banks to lend to the real economy in order [...]
HS3 rail line: Cameron and Osborne back plans to cut journey times and create “northern power house” October 26, 2014 Both the Prime Minister and the chancellor will back plans for a high-speed rail line in the North of England dubbed HS3. The route will link Manchester and Leeds and is part of George Osborne's vision to create a "northern powerhouse" to extend economic prosperity beyond London and the South East. HS3 would slash the [...]
Rangers’ finance chief Philip Nash resigns after Mike Ashley oust threat October 25, 2014 Glasgow Rangers' share price tumbled this afternoon on the news that director Philip Nash quit, three weeks after Mike Ashley called for his removal. Nash, who had prior stints as finance chief of both Liverpool and Arsenal, was brought in at the start of the year to help improve the club's standing after it [...]
West Coast main line: Has Richard Branson forgotten the virtues of competition? October 23, 2014 Richard Branson’s famous guerrilla campaign to break British Airways’s grip on Heathrow Airport is safe in history as a victory for competition and passenger choice. The tenacious campaign fought by Virgin to secure access and slots at Heathrow dominated the UK aviation scene for most of the 1990s, and ultimately led to lower fares and [...]
Dave Lewis’s shopping list: Blueprint for a Tesco turnaround plan October 23, 2014 Another update, another set of gloomy results from Tesco. The pattern is now well established, and yesterday’s weak trading numbers didn’t come as a great surprise. But one thing that did surprise was the apparent lack of a forward strategy. What is new chief executive Dave Lewis going to focus on? The issue of price [...]
Tesco boss Dave Lewis in video interview says “We’ve got to be a little bit disappointed” October 23, 2014 Tesco boss Dave Lewis has taken to YouTube to talk about the supermarket’s troubles after posting a 91.9 per cent drop in profits and a £263m profit understatement. “We’ve got to be a little bit disappointed," said Lewis, erring towards an understatement rather than overstatement this time. “It’s fair to say it’s been a challenging [...]