Latest news with #TescoPlc
Bloomberg
10-04-2025
- Business
- Bloomberg
Stock Movers: European Banks Lead Gains, Tesco Slumps(Podcast)
On this episode of Stock Movers: - Banks, miners and industrials are the best performers in Europe on Thursday after US President Donald Trump announced a 90-day pause on higher tariffs that hit dozens of trade partners, with the Stoxx Europe 600 up 5.9% to mark its best day in over five years. Sectors with ties to the health and growth of the global economy are rising the most, including banks (+9.3%), financials (+7.4%) and technology (+7.5%) - European tech stocks were part of the biggest risers in the broad rally. Surge in tech stocks follows a 12% surge in the Nasdaq 100 Index on Wednesday, the benchmark's strongest one-day performance since 2008 - Tesco Plc shares fell after the supermarket chain warned profit would slip due to higher costs and competition for price-conscious UK shoppers. Britain's largest grocer expects as much as £3 billion ($3.9 billion) in group adjusted operating profit this year, according to a statement Thursday, lower than the £3.1 billion in the 12 months ended Feb. 22.
Ya Biladi
31-01-2025
- Business
- Ya Biladi
UK-Morocco subsea power cable project requires political support
The ambitious UK-Morocco subsea power cable project, spearheaded by Xlinks First Ltd., is seeking political backing to become a reality. The company anticipates generating up to £24 billion in investments, with around £5 billion specifically benefiting the UK. Dave Lewis, Chairman of Xlinks and former CEO of Tesco Plc, recently shared insights in an interview with Bloomberg. He expressed optimism about reaching a final investment decision this year, achieving financial closure by 2026, and commencing construction before the end of the following year. «This project offers a stable, reliable, and dedicated supply capable of powering 7 million homes, or 8% of current electricity needs,» Lewis stated. «It promises significant inward investment, helps lower wholesale energy prices, and reduces emissions—all without requiring government funding. My view is: why wouldn't you?» The company is in discussions with the UK government to secure a contract to sell power at fixed prices. Xlinks seeks a power price higher than that of UK offshore wind farms but lower than the agreement secured by the Hinkley Point C nuclear power plant in 2016. The project plans to incorporate approximately 11.5 gigawatts of solar and wind farm capacity, along with batteries to store excess power. The electricity would be transmitted via around 4,000 kilometers (2,485.5 miles) of subsea power cables, running along the coasts of Portugal, Spain, and France, before crossing the English Channel to connect with the British power grid in Devon, southwest England.
