In this piece from today's UK Telegraph newspaper we just published to Fresh & Easy Buzz, the publication reports Tesco PLC, which owns and operates Fresh & Easy Neighborhood Market USA, has broken a UK corporate governance standard involving a conflict of interest by one of its corporate directors (who has resigned from the board) and the company's move into further aspects of that nation's financial service industry as part of its buyout earlier this year of the 50% share of Tesco Personal Finance held by the UK bank Royal Bank of Scotland (RBS). Tesco is now the 100% owner of Tesco Personal Finance, which is a division of Tesco PLC.
Tesco hasn't said it plans to make similar more aggressive moves into financial services in any of the numerous regions and countries it operates internationally, which among them includes other parts of Europe, Asia and the United States.
However, stranger things have happened. And, regarding the U.S., it's not like there aren't going to be numerous more failing banks put up for sale at fire-sale prices in the coming months as part of the festering financial and credit crisis gripping the country.
Perhaps the American taxpayer wouldn't mind an overseas company like Tesco PLC stepping in to acquire a failing U.S. financial services institution or two rather than having to foot the entire bill to the tune of at least 700 billion dollars like the bail out bill proposed, and defeated on Monday by the U.S. House of Representatives, by the Bush Administration and a bi-partisan group of Democrat and Republican Senate and House leaders.
A slightly amended version of that financial services industry bailout bill will be voted on tonight in Washington D.C. by the U.S. Senate, with hope that if it passes its version of the bail out, the House of Representatives will hold another vote before the week is out and pass the bill. See: Washington Post: Senate to Vote on Revised Financial Rescue Legislation.
The UK is currently experiencing its own version of the U.S. credit and financial crisis, along with sharing in the global economic fallout brought on by the serious crisis in the U.S., as is all of Europe and most of the world.
Read about it at the links below:
Telegraph.co.uk: Financial Crisis: The options for a bail-out of Britain's banks......The Age.com UK......Irish bank guarantee 'anti-competitive'......The Independent UK......Bankers warn £50000 guarantee is not enough......Irish Times......World media reports Government's 'extraordinary step'......UK Telegraph.co.uk......Financial crisis: David Cameron calls for truce with Gordon Brown ......Time Magazine: Washington Antics Dismay Britain's Conservatives.
Below are a few current articles about Tesco's aggressive new moves into the financial services sector in the United Kingdom, where Tesco is headquartered:
Business Week: Financial Services from Tesco
UK Times Online: Business big shot: Andrew Higginson of Tesco
UK Times Online: From lamb cutlets to current accounts
UK Scotsman: Tesco looks to cash in on the mortgage crisis
Finextra.com: Tesco eyes UK mortgage market
Brand Republic Web site: Tesco to make grab for mortgage market
Resources:
Related stories from Fresh & Easy Buzz
>September 30, 2008: News & Analysis: Tesco Reports Half-Year Financials; Reports Loss For Fresh & Easy USA and Sales Per Square Foot Averages
>July 30, 2008: Tesco PLC Acquires Royal Bank of Scotland's 50% Stake in Tesco Personal Finance; Goal is to Become A Retail Banking Leader
>April 4, 2008: Fresh & Easy Redux II: One of the 'Biggest' (and Most Interesting) Fresh & Easy Stories Not Being Reported (Except By Us it Appears) in the U.S. Media
>September 23, 2008: Investment News Break: Major Tesco Plc. Investor Warren Buffett to the Rescue
>June 2, 2008: Billionare and Major Tesco PLC Shareholder Warren Buffett Says He Wants A Democrat as U.S. President in November '08
>April 15, 2008: Billionaire Warren Buffett, the 'Oracle of Omaha,' is About $52 Million Richer Today on the Rise in Tesco PLC Stock Shares
>March 19, 2008: Global Business Leaders Name Tesco 'Most Admired' UK Company in Poll
>March 10, 2008: Billion Dollar-Plus Tesco plc. Stockholder Warren Buffett Says U.S. is in a Recession
Tesco hasn't said it plans to make similar more aggressive moves into financial services in any of the numerous regions and countries it operates internationally, which among them includes other parts of Europe, Asia and the United States.
However, stranger things have happened. And, regarding the U.S., it's not like there aren't going to be numerous more failing banks put up for sale at fire-sale prices in the coming months as part of the festering financial and credit crisis gripping the country.
Perhaps the American taxpayer wouldn't mind an overseas company like Tesco PLC stepping in to acquire a failing U.S. financial services institution or two rather than having to foot the entire bill to the tune of at least 700 billion dollars like the bail out bill proposed, and defeated on Monday by the U.S. House of Representatives, by the Bush Administration and a bi-partisan group of Democrat and Republican Senate and House leaders.
A slightly amended version of that financial services industry bailout bill will be voted on tonight in Washington D.C. by the U.S. Senate, with hope that if it passes its version of the bail out, the House of Representatives will hold another vote before the week is out and pass the bill. See: Washington Post: Senate to Vote on Revised Financial Rescue Legislation.
The UK is currently experiencing its own version of the U.S. credit and financial crisis, along with sharing in the global economic fallout brought on by the serious crisis in the U.S., as is all of Europe and most of the world.
Read about it at the links below:
Telegraph.co.uk: Financial Crisis: The options for a bail-out of Britain's banks......The Age.com UK......Irish bank guarantee 'anti-competitive'......The Independent UK......Bankers warn £50000 guarantee is not enough......Irish Times......World media reports Government's 'extraordinary step'......UK Telegraph.co.uk......Financial crisis: David Cameron calls for truce with Gordon Brown ......Time Magazine: Washington Antics Dismay Britain's Conservatives.
Below are a few current articles about Tesco's aggressive new moves into the financial services sector in the United Kingdom, where Tesco is headquartered:
Business Week: Financial Services from Tesco
UK Times Online: Business big shot: Andrew Higginson of Tesco
UK Times Online: From lamb cutlets to current accounts
UK Scotsman: Tesco looks to cash in on the mortgage crisis
Finextra.com: Tesco eyes UK mortgage market
Brand Republic Web site: Tesco to make grab for mortgage market
Resources:
Related stories from Fresh & Easy Buzz
>September 30, 2008: News & Analysis: Tesco Reports Half-Year Financials; Reports Loss For Fresh & Easy USA and Sales Per Square Foot Averages
>July 30, 2008: Tesco PLC Acquires Royal Bank of Scotland's 50% Stake in Tesco Personal Finance; Goal is to Become A Retail Banking Leader
>April 4, 2008: Fresh & Easy Redux II: One of the 'Biggest' (and Most Interesting) Fresh & Easy Stories Not Being Reported (Except By Us it Appears) in the U.S. Media
>September 23, 2008: Investment News Break: Major Tesco Plc. Investor Warren Buffett to the Rescue
>June 2, 2008: Billionare and Major Tesco PLC Shareholder Warren Buffett Says He Wants A Democrat as U.S. President in November '08
>April 15, 2008: Billionaire Warren Buffett, the 'Oracle of Omaha,' is About $52 Million Richer Today on the Rise in Tesco PLC Stock Shares
>March 19, 2008: Global Business Leaders Name Tesco 'Most Admired' UK Company in Poll
>March 10, 2008: Billion Dollar-Plus Tesco plc. Stockholder Warren Buffett Says U.S. is in a Recession
There are two Fresh and Easy stores within 2 miles of my house in Gilbert,AZ. I love them!
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