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Saturday Papers: Tesco pledges ‘decisive action’ after profit warning

Saturday Papers: Tesco pledges ‘decisive action’ after profit warning

Top stories

  • Financial Times: Tesco slashed its dividend and spending plans as it issued its biggest ever profits warning on Friday, saying the “prudent and decisive action” was needed to bolster its finances.
  • Daily Mail: Royal Bank of Scotland’s private bank Coutts has been forced to set aside £110 million to compensate thousands of well-heeled customers after giving them unsuitable investment advice.
  • The Guardian: The executive board of the International Monetary Fund has expressed confidence in its managing director, Christine Lagarde, after receiving a briefing on a French corruption investigation.
  • The Independent: Banks face having to reopen up to 2.5 million payment protection insurance mis-selling complaints after the City regulator, the Financial Conduct Authority, said it had concerns about the way in which customers were treated.
  • Financial Times: Ed Miliband is to put the NHS at the centre of Labour’s election campaign and is considering an earmarked “health tax” or exempting the health service from deficit reduction to prove that he can deliver a better service.
  • Financial Times: The UK government has raised the terror threat to the UK to “severe”, the second-highest level.

Business and economics

  • Daily Express: Banknote printer De La Rue has appointed Martin Sutherland, a managing director at defence group BAE Systems, as its new chief executive.
  • Daily Mail: Aldi is to step up its assault on struggling supermarkets such as Tesco by hiring an army of 700 recruits seeking a career in discount retail.
  • Daily Express: The new boss of Tesco, Dave Lewis, will take charge on Monday - a month earlier than planned - to launch a review of the business and begin work on his turnaround plans.
  • The Daily Telegraph: Danny Alexander, chief secretary to the Treasury, launches withering attack on leader of SNP for overstating ecoonomic forecasts as oil income slumps.
  • Daily Express: Online gaming firm Bwin.Party is to accelerate its cost-cutting measures after seeing losses widen.
  • The Daily Mail: The eurozone plunged deeper into crisis yesterday as inflation fell to a five-year low and unemployment remained stubbornly high.
  • Daily Mail: Afren added a production downgrade to its list of woes amid an investigation into ‘unauthorised payments’ allegedly made to four staff including the chief executive.
  • Financial Times: The number of elderly people in the UK facing insurmountable debts has risen since the height of the financial crisis, countering an overall trend of declining insolvencies.
  • Financial Times: The lossmaking Co-operative Group has urged members to adopt sweeping reforms this weekend to guarantee its future.

Share tips, comment and bids

  • Daily Mail: Entertainment One - the firm behind children’s TV favourite Peppa Pig - has completed an acquisition of Canadian TV producer Force Four Productions.
  • Daily Mail: Bankers' bonuses were more than a hundred times higher than public sector workers over the past year and grew at double the rate of those of the average UK worker, official figures have showed.
  • The Guardian: The Chinese property firm Dalian Wanda Group has announced plans to join two of the country's biggest internet companies, the search engine Baidu and social media giant Tencent, in building a massive e-commerce platform.
  • Financial Times (Lex): Media M&A: the media legends are missing out on the transition to digital video.
  • Financial Times (Lex): Wanda/Tencent/Baidu: competition for mobile shoppers’ spending is getting fierce. And platforms command no loyalty.

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