Kamal Ahmed

Kamal Ahmed Business editor

Welcome to the Business Blog – my latest take on the major business stories and analysis of the facts behind the headlines

Tesco, Sainsbury’s – the bad news just keeps coming

  • 1 October 2014
  • From the section Business
Tesco sign

Another morning, another slug of red ink on the stock market listings of Tesco and Sainsbury's. Both share prices are down as investors digest yet more bad news.

For Tesco, the mis-statement of its August profit forecast by as much as £250m just became a whole lot more serious.

The Financial Conduct Authority has announced a formal investigation.

That means the regulator considers that the information Tesco sent it in September on its accounts warrants the full use of its powers.

It can now compel Tesco to provide any documentation, including phone records, connected to the mis-statement.

Read full article Tesco, Sainsbury’s – the bad news just keeps coming

Wonga: The pain starts here

  • 30 September 2014
  • From the section Business
Wonga logo

Costs up, revenues flat, profits collapsing.

In most firms that would be a recipe for disaster with calls for the chief executive to go and serious questions being asked about the business.

Read full article Wonga: The pain starts here

Tesco was warned in 2010 about 'aggressive accounting'

  • 25 September 2014
  • From the section Business
Tesco sign

Talking to Tesco's most significant investors, it is becoming clear that the people who own Britain's biggest retailer will not be happy until the company fundamentally reassesses the way it operates.

They do not want Dave Lewis, the new chief executive, or Sir Richard Broadbent, the under-pressure chairman, to confine their investigation to the £250m profits overstatement - serious as that is.

Read full article Tesco was warned in 2010 about 'aggressive accounting'

Tesco investors put Sir Richard Broadbent in the frame

  • 23 September 2014
  • From the section Business
Tesco store front

Day two, and Tesco's share price is again drifting south, down almost 5% and now below £2 (a number the retailer hasn't seen since 2003).

The latest trading figures from Kantar show sales down another 4.5% in the 12 weeks to 14 September. It seems to be a race between trading figures and the share price as to which can fall the fastest.

Read full article Tesco investors put Sir Richard Broadbent in the frame

Tesco's chairman 'shocked' by accounts mess

  • 22 September 2014
  • From the section Business
Tesco

Problems come not in single spies but in battalions. After a series of profit warnings, a plunging share price and month after month of falling sales, Tesco today revealed its latest crisis.

The accounts are wrong, with profits overstated by as much as 23 per cent.

Read full article Tesco's chairman 'shocked' by accounts mess

Labour plays the Europe card to woo business

  • 22 September 2014
  • From the section Business
Chuka Umunna
Chuka Umunna wants to demonstrate that Labour is not anti-business

In the era of the Cold War, there was a joke that to make up for being late for the last two world wars, America was going to make sure it was bang on time for the next one.

Labour appears to be adopting a similar attitude to the next big business debate: Europe and Britain's relationship with it.

Read full article Labour plays the Europe card to woo business

Banks lead business reaction to the Scottish referendum

  • 19 September 2014
  • From the section Business
RBS HQ
RBS will remain at its registered headquarters at St Andrew's Square in Edinburgh

Sterling wasn't the only thing with a spring in its step this morning. Business leaders who had expressed concerns about the possibility of independence will also be relieved that all those contingency plans for possible upheaval can be put away - for the foreseeable future at least.

Ross McEwan, the chief executive of the Royal Bank of Scotland, was the man facing the biggest headache if Scotland voted Yes.

Read full article Banks lead business reaction to the Scottish referendum

Scots 'Yes' would boost EU Brexit fears for business

  • 17 September 2014
  • From the section Business
UK and Scottish flags
If Scotland broke away, it could lead to the UK leaving the EU

In the independence debate, there has been much comment that businesses concerned about a "Yes" vote did not wake up to the perceived risks until the last moment.

The poll in the Sunday Times two weeks ago, giving "Yes" a small lead, concentrated minds and led to a number of businesses making statements on the possible fallout.

Read full article Scots 'Yes' would boost EU Brexit fears for business

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About Kamal

Kamal joined the BBC after four and a half years as business editor of the Sunday Telegraph's award-winning team. He also helped launch the Telegraph's annual festival of business, the major conference for small and medium sized enterprises. Before that, Kamal worked at The Observer as head of news and earlier, as its political editor.

His love of journalism started at Leeds Student, Leeds University's student newspaper, where he first tasted life as a reporter in a basement office with no windows. Essential workplace furniture included half-drunk pints of beer with cigarettes stubbed out in them. In those days, you needed a strong constitution to be a volunteer hack.

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