City editor of Sky News, City AM columnist and Charlton Athletic fan. London Press Club Business Journalist of the Year 2011.

Key Investor Empties Trolley Of Tesco Shares

news.sky.com — One of Tesco's most prominent institutional shareholders has ditched its remaining stake in the company and cast doubt on the retailer's recovery prospects under its new chief executive. Sky News has learnt that David Herro, a fund manager at Chicago-based Harris Associates, sold just under 1% of Tesco - worth around £140m at Friday's closing share price - in the days leading up to the company's interim results announcement this week.

Johnson Quits Metro Bank Over Time Demands

news.sky.com — One of the UK's most successful entrepreneurs has resigned from the board of Metro Bank as growing regulatory scruntiny increases the time commitment required from bank directors. Sky News has learnt that Luke Johnson, who made a fortune from building the PizzaExpress chain and now invests in dozens of companies, has stepped down as a non-executive director of Britain's first new high street lender for more than a century.

Tesco Yet To Hand Finance Chief £1m Payoff

news.sky.com — Tesco has not yet handed over a near-£1m payoff to its former finance director just days before a deadline for the UK's biggest retailer to compensate him under the terms of his contract.

Lloyds To Cut 9,000 Jobs In Three-Year Plan

news.sky.com — Lloyds Banking Group is to cut approximately 9,000 jobs - equating to just over 10% of its workforce - as part of moves to automate consumer-facing services at the UK's biggest high street lender. Sky News has learnt that Lloyds will disclose plans for the cuts, which will take place over a three-year period ending in December 2017, alongside its third-quarter results next Tuesday.

Ministers Risk Controversy With NHS Sale Plan

news.sky.com — Ministers have begun exploring a sale of the main supplier of temporary staff to the National Health Service (NHS) in a move likely to revive political accusations about its creeping privatisation. Sky News has learnt that the Department of Health (DoH) has appointed Deloitte, the accountancy firm, to review options for NHS Professionals, the state-owned staffing agency.

Tesco Profit Shortfall 'Better Than Feared'

news.sky.com — A shortfall in half-year profits at Tesco which plunged Britain's biggest retailer into crisis is next week expected to be disclosed to have been smaller than initially feared. Sky News understands that the supermarket chain plans to announce alongside its first-half results on Thursday that it had previously overstated earnings by between £200m and £250m.

Virgin Money Delays Float Amid Market Chaos

news.sky.com — Virgin Money is extending the timetable for its £2bn stock market listing because of market volatility which has prompted the collapse of several high-profile City deals. Confirming a report by Sky News the bank, which is part-owned by Sir Richard Branson's Virgin Group, issued a statement on Friday saying that it will delay a plan to sell shares on the London Stock Exchange until after the end of this month.

UK Banks To Take Forex Fines Hit Within Weeks

news.sky.com — Some of Britain's biggest banks will set aside hundreds of millions of pounds in the next few weeks as they prepare to settle with regulators after a probe into the manipulation of foreign exchange markets.

Royal Mail Chiefs Deliver Plea For Reforms

news.sky.com — The chairman and chief executive of Royal Mail have implored the communications regulator to accelerate a review of postal markets or risk jeopardising its ability to deliver across the UK at a single fixed price.

Bank Raises Fixed Pay As Crackdown Looms

news.sky.com — Some of London's top bankers are being handed pay rises as European regulators demand restrictions on allowance awards which enable lenders to pay bigger bonuses. Sky News has learnt that Nomura, the Japanese bank which acquired the European operations of Lehman Brothers after its collapse in 2008, is poised to award backdated fixed salary increases to a handful of its most senior City-based employees.
More Articles →
Oct 24, 2014

Exclusive: Key #Tesco investor David Herro ditches remaining stake in blow to company's effort to rebuild confidence. bit.ly/1tjUQzI

Oct 23, 2014

More Tesco news: Richard Cousins, who has been linked to chairmanship after joining the board this month, is not interested in the post.

Oct 23, 2014

Lewis: As we sit here today we are not currently working on a rights issue - but never say never. What to make of that as an investor?

Oct 23, 2014

Lewis says #Tesco needs to get service and availability right before making significant investment in price to take on discount rivals.

Oct 23, 2014

£7.5bn net debt is too high, according to new Tesco CFO Alan Stewart - but no word at all about how it will be addressed.

Oct 23, 2014

#Tesco CEO Dave Lewis says he will address the DNA and archaeology of the Tesco brand - "it's at its best when it's a customer champion".

Oct 23, 2014

Broadbent says this "is not a happy day" but confident that Lewis/Stewart management team will recover value for #Tesco shareholders.

Oct 23, 2014

Sir Richard Broadbent opens #Tesco media conference talking about "tough decisions" of the last three years, including replacing management.

Oct 23, 2014

Exclusive: Leading entrepreneur Luke Johnson quits board of Metro Bank as time demands on bank directors grow. bit.ly/1owSI6w

Oct 23, 2014

Tesco CEO Dave Lewis confirms that payments to Phil Clarke and Laurie McIlwee to be withheld until after various investigations concluded.

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