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Tesco takes £1.2-bn hit from failed US business

British supermarket giant Tesco on Wednesday took a £1.2-billion ($1.8-billion, 1.4-billion-euro) hit from failed US division Fresh & Easy, sparking the first drop in annual profits in almost two decades, and confirmed its exit from the United States. Net profits slumped 95 percent to £124 million in its 2012/2013 financial year, compared with £2.806 billion last time around, Tesco said in a results statement. Revenue edged 1.4 percent higher to £64.83 billion.

Tesco faces battle to sell unwanted real estate

By Tom Bill LONDON (Reuters) - Britain's sluggish economy and the growth of online shopping has killed the space race among British supermarkets, leaving Tesco sitting on over 100 unwanted sites it could take a long time to sell, property experts said.

EasyJet appoints Next chairman to head board

By Rhys Jones LONDON (Reuters) - Low-cost airline easyJet <EZJ.L> said John Barton, chairman of British fashion retailer Next <NXT.L>, would become its new chairman next month, as the carrier plans to expand its fleet. Barton, 68, who is also chairman of insurance group Catlin <CGL.L>, will need to manage fractious relations with founder and largest shareholder Stelios Haji-Ioannou and ensure growth continues at Europe's second-largest budget airline by passengers after Ryanair <RYA.I>.

Tesco quits U.S. and takes £2.3 billion global write down

By James Davey and Kate Holton LONDON (Reuters) - Britain's biggest retailer, Tesco, wrote down the value of its global operations by $3.5 billion (2.3 billion pounds) and announced plans to exit the United States, as it tries to rebuild after a year when profit fell for the first time in two decades.

Tesco profit fall to reflect cost of fightback

By James Davey LONDON (Reuters) - Tesco <TSCO.L>, Britain's biggest retailer, is expected to report its first fall in underlying annual profit in two decades, reflecting the cost of a turnaround plan launched after last year's shock profit warning. The group, the world's third largest retailer after Wal-Mart <WMT.N> and Carrefour <CARR.PA>, was one of Britain's most consistent companies in terms of earnings growth until it issued the profit alert in January 2012.

Shamed British bank bosses seek solace in science and cricket

By Steve Slater LONDON (Reuters) - Say sorry, give back some of the money and become an adviser. Playing cricket and keeping a low profile also seem to help. These appear to be the best routes to rehabilitation or at least a more peaceful life for bankers in Britain blamed and shamed for bringing their companies to their knees. Matt Ridley, disgraced in 2007 as the former chairman of collapsed bank Northern Rock, has returned to a successful career as a science writer.

Tesco's year-old revamp weaned on fresh food focus

By James Davey LONDON (Reuters) - After a decade pushing its non-food business, Tesco <TSCO.L>, Britain's biggest retailer is changing, and a conspicuous focus on fresh produce greets shoppers at its newly styled superstores. "Customers were saying they felt we didn't have the right products in our shop," said Kiran Sudan, store manager at the recently refurbished Kensington superstore in west London, whose catchment area is a multi-cultural mishmash of affluent dwellings and social housing.

Few financial workers fail "fit and proper" test

By Laura Noonan and Sinead Cruise LONDON (Reuters) - British financial regulators have blocked just 30 out of a possible 227,000 applications to the sector's most risk-sensitive jobs since the banking crisis erupted, figures seen by Reuters show.

FCA signals new onus on sellers in finance rules

By Huw Jones LONDON (Reuters) - The Financial Conduct Authority (FCA) announced sweeping changes in financial regulation on Wednesday, telling banks they can no longer blame customers when products go wrong and promising to study how consumers behave to make sure they can make the right decisions. The FCA is one of two new agencies launched this month to replace the Financial Services Authority and rewrite the rules for a financial industry brought low by the 2008 crisis and years of costly misbehaviour.

FRC considering probe of HBOS auditor KPMG

LONDON (Reuters) - The FRC said it was considering whether to probe how KPMG checked the books of HBOS, the UK bank that had to be rescued with taxpayer money in the financial crisis. "We don't currently have it under investigation but we are monitoring the situation quite closely with everything that is going on at the moment, and then we will take a decision whether or not to start an investigation," an FRC spokeswoman said.
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