Tesco in turmoil as profits drop
Tesco have announced profits of £1.4billion. While many companies would rub their hands with glee at such numbers, it’s bad news for the supermarket giant who were expected to make £2billion.
The news follows a disastrous year for the company, whose share price has dropped by 50 per cent. Jamie warns that the company will be seen as being in permanent decline which will only damage business further.
Oil glut causes price drop
Oil prices have dropped further as a deliberate glut in the market continues. The price per barrel is now $63 and is expected to remain that way through to next year.
While it may have little impact on the pumps, given the UK’s high taxes, it should mean prices remain at the same level for a while to come.
However, low oil prices discourage companies from launching oil exploration projects, which may have negative consequences for the future.
Uncertainty over the future of Manchester United
Following the death of owner Malcolm Glazer, there has been uncertainty over the future of Manchester United.
Today it was announced one of his sons has put £29million worth of shares up for sale, but with different siblings wanting different things, the business side of the football club looks a little shaky.