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Updated at 2.01pm
NEARLY 15 YEARS of share gains from supermarket giant Tesco have been wiped out after the UK chain again slashed its profit forecasts.
The once-dominant retailer today announced it expected to make less than half what it took in last year.
Tesco told investors it predicted its trading profit for the full year to February would “not exceed £1.4 billion (€1.8 billion)” as it tried sinking more money into staff and stores.
The company’s share price hit a new low of £1.55 this morning after the announcement before bouncing back nearly 10%.
It has shed about two-thirds of its value since April 2010 and today’s bottom represents Tesco’s lowest share price since it plumbed similar depths in 2000.
Investors would have to look back even further – to 1997 – for a time when the Tesco share price consistently traded for less.
Last year the chain’s trading profit landed at £3.3 billion (€4.19 billion) – a figure which was already below what it took in for the same period in 2012/13.
Its forecast for this year has also been slashed since an estimate in late August when the company said it was expecting to make up to £2.5 billion (€3.18 billion).
Today, Tesco said it had “taken actions to invest in and improve (its) company offer” and it had hired more than 6,000 new staff, increased products and cut prices to win back customers.
“The early feedback from customers is encouraging,” its statement said.
Tesco under pressure
The supermarket chain has been coming under pressure as the market leader in Ireland over recent months, while in the UK, where it makes the bulk of its profits, its share of the grocery business has also been plunging.
Its existing business shrank 6.4% for the first half of 2014 in Ireland, the company’s worst-performed territory for the period.
Chief executive Dave Lewis said the company was trying to create “sustainable value” which had an impact on its short-term profits.
Our priorities remain restoring competitiveness in the UK, protecting and strengthening the balance sheet and rebuilding trust and transparency,” he said.
The company’s reputation took a big hit after it emerged in September that it had overstated its profits to the tune of £250 million – later revised up to £263 million.
The UK’s Serious Fraud Office has since launched a criminal investigation into the accounting debacle, while its chairman Sir Richard Broadbent announced he planned to stand down after the company’s latest plans were put in place.
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Every significant Justice job in Ireland is now held by a woman:
- Minister for Justice
- Chief Justice of the Supreme Court
- Attorney General
- (Acting) Garda Commissioner
Here’s to Minister Fitzgerald continuing the much-needed reforms of Family and Equality law announced by Alan Shatter.
You forgot DPP and head of State Claims
My bad – those too!
Chicks are great, eh!
Whats wrong with family law? The criminal justice system needs reforming a lot more
Family law is a disgrace alright..
Here’s hoping the Legal Services Reform Bill doesn’t follow Shatter out the door with him. I’d say all of the Bar were at a bar of a different kind last night celebrating.
Sometimes the best man for the job is a woman….
Especially in Thailand!
Cockinafrock………..
Enda is in charge of the army!! Run
And the President is The Supreme Commander of the Defence Forces
You’d wonder how the Taoiseach will have time to fulfill his role as Minister of Defence, on top of everything else.
And I would trust Michael D to make the right decision if required, Enda on the other hand
only in this country could such a cowardly, wimpish poor excuse for a man become minister for defense and commander of the defense forces L.M.F.A.O.!
SORRY ! didnt mean to put “commander of defense forces” !.
Kenny now runs G2. Separation of powers? I don’t think so.
Now General what does this big red button do ?
I guess he’s reforming more than his predecessors but that’s setting the bar kinda low.
If you take an honest, zoom out look at our legal system it’s a shambles…like everything, IMO and I know this is my keystone soloution to a lot of things…we need to start over from scratch.
Presently, a person will go to prison for having sex with their girlfriend who is 48 hours younger than them. Presently, a person can go to prison for refusal to pay a subscription charge to a tv station.
Presently, while the above two things are happening, in fact in an example of the first this happened on the same day…you can get a suspended sentence for stabbing someone…now how is that consistent and logical? We still have very far to go with police reforms…we have gangsters who have no fear of the justice system gunning each other down in broad daylight outside creches…what I’m tryina say is…I think we need something a little broader than tinkering around with family law…ye know?…and if were really going to be dealing with family law can we give the fathers rights issue an honest shot?
That’s a telephone sir.
That big red button shuts the mess bars……only to used if any coups or compo claims are being planned over cheap scoops!!
I’d say the Spanish trawlers are shitting themselves !
It beggars belief and says a lot about FG when Edna doesn’t trust anyone else to take on the job of MoD. Will he get an extra pension now?
@ djdelany (general )” it destroys countries taoiseach” ( kenny ) “i thought that was my job” !
The chicks are slowly but surely taking over!! Nooooooooooo!!
Well the lads have made a hash of it so far, the women couldnt do any worse and might even do better!
Yeah, look at the brilliant job female ministers & staff have done with Health & Education
It was likely. Varadkar would have been a disaster. He’s too gaffe prone and would cause havoc.
Fitzgerald is light, make no mistake, she’s installed only as a fresh face and counterbalance to Shatter’s arrogance. But Shatter will be pulling the strings, and she’ll simply be implementing his policies for the most part.
Good call Niall.
I’m betting Lucinda Creighton is rueing her decision to exit Government – she could now be in Justice herself and pushing her Pro-Life agenda from a position of actual influence. Just as well really.
Leo Vanker is too busy sharpening his knives to give Dame Enda a good stabbing in the back first chance he gets
Niall, how about giving the lady a chance to put her mark on the job……or has she spoken to you about her intentions ?
I agree, I would hope though that as a social worker she may have faced some of the problems with the justice system first hand and therefore may add some insights into reform.
He’s looking after his mates, she is the only one of the main contenders who backed him in the leadership heave a few years ago.
Flanagan didn’t and is a Minister?
(Mostly) Harmless olive branch to dissenting wing of party and avoids having to do anything for either Coveney or Varadkar.
Flanagan did back Kenny
Can anyone tell me what her credentials are for being minister of justice?
She’s a member of FG?
If that is only reason anyone can come up with,quite worrying.
Anyone who is red thumbing my question,stand up and explain why.
Or is it just idiots with no thought process and dont know why they are red thumbing posts?
What qualifications have Any of them got for their jobs? Enda was a teacher for ten mins and runs a country now!
Exactly my point.
Teachers running the country?
Social worker running Garda.
Teacher running army.
What is the country coming to?
@ Karen
I red thumbed you Karen because it is a stupid question.
As is plainly obvious none of these people have any “credentials” which would make them appropriate people to run the country.
Secondly we had an extremely experienced solicitor and politician as the previous MJ and he was a bloody disgrace – so “credentials” do not necessarily buy you competence.
Thirdly – you elected these people. So stop whining when they don’t have the necessary quals for the job.
Firstly thanks for reply.
No need to thumb it down should have just answered the question.
Secondly.How does a solicitor have any first clue about Garda jobs or whats needed for justice. He is a solicitor who belongs in a court room.
I did not elect these people. So i can whine all i want.
@ Karen
How does a solicitor? Someone who has studied and practiced in the legal sector for years will have extensive experience in the legal sector at the very least, no? That gives him a certain insight into Justice surely?
He obviously has no clue about Garda jobs or the army.
Are you making the absurd suggestion that the only people qualified for the role are those people who have experience in each area of their respective portfolios – in the case of the last MJ Shatter, in your mind would have to have been 1) a legal practitioner, 2) a Judge, 3) a Member of an Garda Siochana, 4) a member of the Defence Forces? Is that really what you are saying?
Whether you like it or not Karen as a (presumably) Irish citizen you DO elect these people. You’re a citizen. You subscribe to the notion of one man one vote and that the winners of the general election get to run the country. Therefore, irrespective of where you placed your actual vote on the day, you elected these people along with the rest of the citizens.
Don’t like it? Run for office.
Or start a revolution… Don’t forget that option, Felix.
As a nation, we have form in that regard.
The people who have “form” in that regard are dead a century. The only thing the Irish people care about now is getting paid.
Child abuse in the church? Who gives a shit.
Politicians corrupt? Ahhh **** it – who cares?
Nation bankrupt? Call Joe Duffy.
Pension levy? Hit your wages? Strike.
Strike en masse? Shut down the country? Hahahahaha NO. Of course not. That would be courageous and require thinking. No. We’ll just strike in our own private little sector until we get our extra few bob.
ESB prime example. Turn off the lights over Christmas unless THEY get what THEY want. Rest of the country can go hang.
felix causidy @ your credentials are those of a little devil that worked behind closed doors in secret in a gang as an agent of the court without having to tell the truth or be answerable to what you did in cases of trials in the very courts as a barrister. All this fails the test of common law in that no body or person should be a judge unto self . You were and still remain an agent of the secret society independent and not answerable, that is not honorable , that is not sharing and caring that is wrong evil and at odd with truth logic and the world of justice
@ Harry Price
Incomprehensible nonsense even by your standards Harry.
Exactly it, everyone is out for what they can get & push their own agenda! You normally vote for a politician that has views in line with yours, well…guess what your not the only one living in the country, so your views (and that of the politician) will most likely not “suit” other people.
So how do politicians transfer local promise to the Dail, a national forum. People called for Shatter to resign, this has now happened, tell me what exactly has changed? Just one controversy after another, & the docile nation this is the mob only rant about the one thrown at them through media.
Its people like you in the secret society that needs to be take to the truth even if your lot scream
. Get real the legal arrangement is living a lie
Good luck to her, just hope she treats the electorate with respect and does not abuse her position like so many others have.
She’ll be literally taking over Shatter’s appointment book, and following his advice and policy to the letter. Varadkar would never have done that. There would have been too much friction between Varadkar and Shatter. Two big egos. She’ll have to work closely with Shatter from here on in, and Kenny probably realized she had a better temperament for dealing with arrogant gits like him.
You know her so well do you?
No
Niall I know from you’re other posts you are quite cynical with regards to all the parties but I disagree.
I reckon, regardless of them being part of a pretty mediocre govt who lied to get into office, breaking their promises on college fees, med card charges, water charges etc etc we should give her a shot first before we shoot her down.
Lets see how she does, if were to condemn a minister it should be for what they’ve done wrong, not by association through their party. Lets see how she does..
Coming from the children’s portfolio has she got what it takes to break up the mens club that has been there for a long time? wish her the best of luck she will need it.
A temporary patch up job ? ?!?!?
God help us all
what ever you do Enda … don’t promote those who might outshine you!!!!
that would not be hard to do.
The country is fixed again! Hooray
Roll on the next crisis
Her appointment makes sense, she’s worked closely with Justice in her previous role as Minister for Children so it will be a smooth transition. She’s socially liberal so will follow in Shatter’s footsteps in that regard, she’s well liked in the parliamentary party and is a good media performer.
Good luck to her. Hope reforms will follow her appointment.
Interestingly, this means that all significant roles in the Irish legal system are held by women:
1) Chief Justice
2) Attorney General
3) Director of Public Prosecutions
4) Chief State Solicitor
5) Garda Commissioner
6) Minister for Justice
The law seems to be becoming a female-dominated profession, which (one would hope) is a good thing.
No sarah its not a good thing, I DELCARE QUOTAS FOR MALES BECAUSE THERES TO MUCH WOMEN NOW HOLDING THESE POSITIONS! DISCRIMINATION!
Well, at the very least it’s good that women seem to have equal opportunities to receive promotions/hold positions of authority in this sector, wouldn’t you agree? Point taken though :p
That’s it, the trouble all started when women were given a vote!!!! *now crawling back under my rock*
No no sarah all about gender quotas, men need to be endorsed, yes I know feminists who are looking at this post, it is sexist for men to use quotas but not women but it must be done for no particular reason, as the quotas promote gender over ability! That is how we do things! will continue to do so,
p.s went into pennys today and demanded a job by using quotas do you think il get it?
Ha Penneys is private, I wounldnt count my chickens.
The problem with introducing gender quotas in this case is that it concerns multiple posts, multiple positions and multiple professions.
In any case, gender quotas are counter productive. Hire somebody based on merit. By all means incentivise applications and ensure equal opportunity employment to encourage gender balance, but if you’re shite, you’re shite and shouldn’t get the job.
feminists would disagree with you, they can do no wrong, in the end its mens fault if they fail!
Should be by merit, but sadly its about pandering the overly sensitive pc-Nazis!
I could be considered a feminist (I expect equal rights and opportunites for women) but I understand balance and common sense. I know a huge amount.of women that would agree with me and few that wouldn’t. Maybe its just who I know but maybe your view of ‘feminists’ is skewed by the few that absurdly demand gender quotas.
right, so will this be the end of the paranoid equality arguments or will there be something else to argue about?
Who knows, all sorts of people argue all sorts of things regarding equality. Equality should be encouraged and legally available but if people do not want to engage, they should not be forced. Gender quotas are damaging and insulting. Forcing the church to marry those they dont want to marry is ridiculous. Equality is a good thing but cop on is priceless.
Best of luck Frances.
Enda Kenny takes over Defence …
The Gob***** could’nt do the one job he already had…
Another spineless move by Enda. He gave the job to one of his mates
That is the essence of politics
He was hardly going to give it to one of your mates was he?
Who do you think he should have given it to ? Mick Wallace or even thinking more outside of the box, Jerry adams.
You should have sent him your details and he could have given the job to one of your mates. Would that be satisfactory for you?
Any chance of some much needed reform to our broken justice system?
Fragrant Francis now in charge of all Flower arrangments at the Dept of Justice.
Sure if they reform the law or judiciary system they’d all be arrested them selves jiminy,
We need a new prison. That should be priority one.
Very little point in having a justice system if we do not have the resources to enforce it.
Delighted we have a female Minister for Justice along with a female (interim) Garda Commissioner. They might offer a fresher perspective on critical confidence issues affecting the Gardaí
Two women cooperating? Mmmmmmm
Anybody is better than that smug gobsh*te Vradkar!!
Strategy move instead of the right move is not gonna get Enda any more votes.
A horribly arrogant and condecending woman. Department of Justice, meet the new boss…..same as the old boss.
Whoever was appointed you would have been dissatisfied.
Horrible and arrogant says it all about the shinners really, oh wait a minute I forgot odious and sinister as well.
Ad hominem aside WereJammin is correct, a cabinet reshuffle does nothing only replace the names on doors of the respective offices and their letterheads.
No minister in any portfolio is interested in bringing reform to any area because it’ll go against FG’s little book of keeping things as they are, we’re nearly at the end of this governments stewardship and absolutely nothing has changed, quangos, cronyism, nepotism, back scratching, denial, wagon circling, more denial, threats from TD’s that are there to represent the people not subjugate them, secrecy and failure to seek any relief from an unfair debt burden our gallant “friends” in the EU gave us is still order of the day.
Change and reform will only happen when we elect people who are genuinely interested in reform, bleating about it pre-election is no good and for as long as we keep replacing FF with FG, FG with FF…repeat.
“Whoever was appointed you would have been dissatisfied.”
I would have been happier with Varadkar, who at least referred to the whistleblowers as ‘distinguished’
Were Jammin, I wish you realized that the post of the minister for justice is not only about whistleblowers and they are not the only issue in this country. There are far more issues which people face every day, such as family law, marriage equality, etc. I think Alan Shatter was scoring very well on the latter and it is a pity things did not turn out too well in regard of the former. We all make mistakes. I hope the new minister will also have the courage to do the reforms and all the best to her in her new position.
” We all make mistakes”
Yes, we do. Some of us even admit those mistakes.
different face, same old s****. no change here, no justice, no borders, no accountability just big fat pensions. welcome to the business, we’ll just call it politics.
So Enda has replaced an arrogant dick – with an incompetent idiot!! Says a lot about Kenny, mind you that’s nothing new………….
Dont think incompetent is fair. Until someone tells me why she is good for the role however,i will question her suitability for said job.
Take a look at her ministry for children – what has she achieved, except stone walling release of info to parents/children for the search of adoption children/parents. Now that is a proud achievement – I think NOT!
Frankie Fitz it is then, an accountant in justice ministry and is going to potentially oversee a baking inquiry. You could not make this stuff up..
*banking
Saying a woman is going to oversee a baking inquiry
Bit sexist that
She’s a social worker by training
Typo which I have since corrected, but thanks for contributing to the debate with your positive and enlightening opinion
Fitzgerald’s:
Alma mater’s
University College Dublin
London School of ECONOMICS
I think he was joking Eanna, unclench.
One can study more than economics in the LSE you know
Freshly baked doughnuts in all prisons from now on!
oh dear god! a social worker ! justice dept will now be an endless round of meetings and workshops about ‘ forwarding on” and “reaching potential” ,there will be power-point demonstrations (if they can find anyone who can set up the overhead projector that is) on how the justice department ha to become more client based and asses the needs of their potential clients” rather than just locking them up ! no doubt weekly meetings about how staff are progressing and making them feel wanted in their job’s , there will be more psychobabble and b/s around around the justice dept than ‘you could shake a schtick at” ! ok guys team bonding weekend !!!!! biggggg hugggs !
She obtained an MSc in social administration and social care from London school of economics.
True, but I’m just pointing out that in this current administration there are people in positions that are not suited for them. Noonan in Finance while both the Burton’s are ignored the best example of how well run the government front bench is.
@Eanna:
Baking would be more appropriate!
@John Ward
Yeah I hear Pat the Baker is hiring for positions, perhaps you might be interested?
Woman is absolutely useless. Speaking from personal experience. Come back Alan Shatter all is forgiven.
No problem with this appointment as long as she doesn’t fu€k about….same goes for any appointment
That’s a fairly redundant statement. “I’m happy to hire you for this job as long as you’re not crap at it.”
“Minister for Justice and Equality.”
Seems like an oxymoron in this country.
@Dermot McLoughlin:
Is that a typo for poxy moron?
Is she really that bad?
Hah!
Enda Kenny, minister for defending ministers.
Michael Martin speaking now i am almost asleep.
I owe Niall 2 pints.
How does this make sense?
I’ll have 2 pints of Antarctic Nail Ale (Australia) – $800 to $1,815 per bottle/500ml, ABV 10%
You may want to ring ahead and ask Terry to stock up.
LOL!
I also like the fact that you’ll need 3 bottle to make up 2 pints…
the Australians can make a decent beer?? find that hard to believe.
I’m struggling to comprehend how this is actually news, they are all the same, self serving and look after number 1. WAKE UP PEOPLE OF IRELAND!!!!!!
I believe Belle Enda is sitting on defence!
The fact that the Supreme Court ruled that the Government misused taxpayers’ money in order to push one side during the referendum to give more power to the state over families (the so-called Children’s Referendum), constitutes a major black mark on Frances Fitzgerald (who spearheaded the Government’s campaign as “Minister for Children”) and undermines her credibility as a Minister for Justice from the beginning.
This country is gone to pot, social workers now running the country, ahhh I give up
Right so, former social worker is possibly the next Minister of Justice, yeah I can see the fit there straight away…..
Probably seen as a safe pair of hands. Will have a tough job repairing the image of the Ministry.
Jonathan Swift would have had a ball with this shower of Lilliputians!
Great choice, I wish her well.
Wow!! Some of you twitter losers were literally commenting on this article within seconds of its posting. Ye have a great life lads.
A Mayo man in defence…. :/
Inda’s got a new box of bandaids!
It would appear that you do not require any qualification to be a minister ,but the first thing a employer will ask you for ask you for is your qualification ?
All Kenny has to do now is keep his finger suck up his arse
I understand charlie flanagan was appointed minister for justice
He got just piss briefs…….again…….what a charlie!
Got the kids too…….so tragic!
@SinAssist:
Do you mean incontinence pants?
So many so close to retirement. Their only real interests are their pensions at this stage. Don’t expect any radical changes. All makes sense really. More of the same ;)
Is she also taking over the portfolio of Minister for Time? If not, they should give it to Paschal instead.
I think she’ll do well. She’s not bull headed which in a bad trait possessed by Shatter and indeed many of his predecessors. I wish her well.
have your say