TMCnet News
Newspaper digest [Herald, The (Scotland)](Herald, The (Scotland) Via Acquire Media NewsEdge) A small group of people within Tesco deliberately misled its auditors and accountants to flatter its financial results, the Sunday Telegraph and the Sunday Times report. They say the pound(s)250m "black hole" will be described by Tesco this week as an issue not of accounting but of "inappropriate behaviour". Sales-linked supplier payments continued to be booked despite the sales targets not being met, with the practices starting over a year ago but being "ramped up" in the past six months. Suppliers were offered secret benefits to maintain the payments, in some cases being told told they would be refunded in the next financial period. The American tycoon who is buying Tata's Scunthorpe steelworks is to benefit from more than pound(s)100m of state aid to take over the Milford Haven oil refinery in Pembrokeshire, the Sunday Times reports. Gary Klesch is poised to receive loan guarantees of about pound(s)100million from the Treasury and a pound(s)10m grant from the Welsh government. M & G is poised to become the key investor in a pound(s)1bn tidal power station off the Welsh coast, according to the Sunday Telegraph. The Prudential's investment arm is to inject up to pound(s)100m into the Swansea Bay project to ensure its viability. It comes less than a year after six UK insurers committed to invest pound(s)25bn into UK infrastructure projects over five years. British banks will defy the European regulator in continuing to use "role-based allowances" to navigate the controversial bonus cap, the Sunday Telegraph reports. The banks are said to have the "tacit support of the Bank of England" in continuing to use the role-based allowances supposedly outlawed by the European Banking Authority,and intended to cap any bonus at 200 per cent of salary, in the next pay round. Shire Pharmaceuticals is examining a multibillion-pound swoop on an American rival after the collapse of its pound(s)34bn takeover by AbbVie, says the Sunday Times. Directors at the FTSE-100 company are understood to have revived interest in several American targets, including the rare diseases specialist NPS and Cubist, which makes a treatment for the superbug MRSA. (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |