Tesco scandal brings legal action from investors

Tesco scandal brings legal action from investors

Jeremy Marshall from the firm funding the claim, Bentham Europe, said “Shareholders were misled by information inaccurately provided to the market with knowledge by management,”

He added “the legal action would be filed by the end of October”

Tesco have so far refused to make any comments on the matter.

The claim currently involves 60 large investors according to Mr Marchall but the total number is expected to grow as more legal action is taken

Claimants included not just general asset managers but also pension funds from the UK, Europe and the US.

Only a month ago, as part of a continuing criminal investigation, the SFO (Serious Fraud Office) charged 3 ex Tesco executives with fraud and false accounting.

This inquiry was started by the SFO in October 2014 following Tesco’s announcement that its profits had been exaggerated by £263 million.

After further investigation, that number was later increased to £326 million

It was discovered that the inflated profit figures were caused by Tesco booking payments from suppliers before the company had been due the money.

Since 2014 Tesco’s share prices have fallen by 20% following the damage caused by the affair

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Cyclists should stop ‘playing the victim’ says London fleet operator.

Cyclists should stop ‘playing the victim’ says London fleet operator.

The latest “Think!” campaign urges cyclists to stay back from lorries after a report showed that 20% of crashes that resulted in a cyclist’s death involved HGVs. The most common accident scenario involved the cyclist being to the front left of a truck in the trucks blind spot and almost a third of the incidents were when the lorry was making a left turn.

Cycling UK criticised the campaign saying “the Department for Transport should think before blaming the victim”

“Regrettably the campaign focuses purely on what cyclists should do to avoid being killed, rather than looking at the root cause of the problem and the measures that should be taken to solve it.” Said one of Cycling UK’s campaign officers, Duncan Dollimore.

The leading message in the advert is ‘Don’t get caught between’ and depicts different examples of things not to be trapped between such as two fighting rams or boxers in a ring. It also suggests that cyclists would not want to get trapped between a lorry and the pavement

Dollimore continued, “The message appears to be that you wouldn’t intentionally put yourself in the middle of two colliding objects, so why would you put yourself on a bicycle between a turning lorry and a kerb.”

“There are a number of problems with that message” He said“You might not have chosen to put yourself in that position; the lorry might have overtaken you. The DfT message at least implies that if you do, then it is your fault if something awful happens.”

Cycling UK wants the DfT to scrap the campaign and start over.

O’Donovan however, said “cycling groups are spending too much time pointing the finger and not enough time on the issues that really matter when it comes to road safety”

She continued “Instead of playing the victim and moaning about the ‘Hang Back’ stickers on the back of lorries, cycling groups should be educating their members.”

“Firstly, they should advise cyclists and other vulnerable road users to limit headphones to one ear, so they can hear the audible warnings when a lorry is turning. They should also enrol cyclists in industry schemes such as Exchanging Places, which provide hands-on sessions covering how to share the road with HGVs and the work being done by HGV operators to keep them safe.”

“Road safety is a two-way street” (no pun intended I’m sure Jacqueline)

“we need collaboration, mutual learning and understanding. So rather than playing the blame game, both parties need to focus their efforts on real education.“As HGV operators we are going to great lengths to educate our drivers; it’s vital that cyclist groups do the same – and sooner rather than later.”

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Tougher punishments for mobile phone use at the wheel

Tougher punishments for using a mobile phone at the wheel

phpnes-whils-drivingUnder new rules, drivers caught using a phone will get six points and a £200 fine. Experienced drivers caught a second time could also be fined up to £1,000 and face at least a six-month driving ban.

If new drivers are caught they could be made to retake their test

The new penalties, are expected to be introduced in the first half of 2017.

This announcement came after the RAC release a report saying that 33% of drivers use their phones behind the wheel.

14% of those asked said they had taken photos or videos while driving.

“Increasing the fine from £100 to £200 and doubling the penalty points from three to six will help to deter people from doing it in the first place.” Said Pete Williams, RAC road safety spokesman.

“However, it is just as important that laws are seen to be enforced, and the decline in the numbers of dedicated road traffic police has only heightened the feeling that those who use a handheld phone while driving simply get away with it.”

492 accidents in Britain in 2014, including 21 that were fatal and 84 classed as serious were caused by a driver distracted by their phone according to the Department for Transport

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‘van of the future’ – Mercedes-Benz concept revealed

‘van of the future’ – Mercedes-Benz concept revealed

Mercedes-Benz has unveiled its concept commercial vehicle.

The eco-friendly electric van is designed to combine multiple deliver solutions for urban and suburban areas.

The van would be digitally connecting to all the components that make up the delivery machine from the distribution warehouse to the end receiver. It’s also the first van to have integrated delivery drones as well as an automated cargo space.

This means a driver could stop his vehicle in one area and then be able to automatically deliver multiple parcels by air using the drones to nearby addresses as well as being able to use them in manual mode.

Mercedes-Benz Vans hopes the Vision Van could boost efficiency by up to 50% as the new tech makes the deliverer’s job easier, reducing delivery time and can be used to offer same-day delivery at an agreed time.

The vehicle has a range of 80 km to approximately 270 km depending on the type of application the van is used for with a 75 kW electric motor.

Volker Mornhinweg, Mercedes-Benz head of vans said “In the first six months of this year, we brought in the best results yet for Mercedes-Benz Vans. This provides us with an excellent foundation to position our vans division systematically for the future,”

“To live up to the dramatic changes in our sector, we adapt our ‘Mercedes-Benz Vans goes global’ strategy and expand it beyond the product and untapped international markets. We are focusing our attention beyond the vehicle on the entire value chain and business environment of our customers. We provide transport solutions for the digital age and evolve the van into an intelligent, interconnected data centre on wheels. In order to do this, we are investing around half a billion euros over the next five years, and we created a separate organisational unit. So far, this approach is unique within the van sector.”

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The world’s first flatpack truck

The world’s first flatpack truck can be built in 12 hours!

  • Firstpop-up truck that can fold within itself
  • created by the brains behind the McLaren F1, Professor Gordon Murray
  • Designed for cheap all-terrain transportation in Africa


Designed for cheap transportation around Africa across all-terrain, the OX is the first “flatpack truck and was revealed in London this week. It is said to be the answer to the huge need for improved transport across the developing world.

The OX, created by Gordon Murry (The brains behind the McLaren F1) has been designed with a host of transport challenges in mind. It can cope with critical daily tasks, like collecting drinking water and transporting food and building materials.



Expected to cost between £10,000 and £15,000, the OX has been created in conjunction with entrepreneur Sir Torquil Norman. Five years ago, Sir Torquil Norman founded the GVT (Global Vehicle Trust). His ambition was to help people in the developing world by providing affordable mobility.

The clever little kit truck can be assembled in just 12 hours by three people using parts packed together in a compact kit form.


The flatpack form changes how vehicles can be deployed, improving lead times and overall unit cost.

Despite its compact size, it can carry 1900kg (twice that of most pick-ups). Enough seating for up to 13 people or with seats removed it can carry three Euro-pallets or eight 44-gallon drums.



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Finance News

zero-hour contracts, what are they and why do employers use them?

Zero-hour contracts, what are they and why do employers use them?


These casual contracts have been a subject of controversy in the UK for a while now and big companies are often criticised for employing members of staff on a zero-hour basis.

So, what is a zero-hour contract?

These contracts allow companies to only give employees hours when they are needed and staff are never actually guaranteed work. Employees are often given little notice before shifts and pay depends on the hours they work (which they have no control over). Many contracts also do not offer sick pay.

Why do employers use zero-hour contracts?

Many people claim that they are used as a way of avoiding workers’ rights. Business can avoid paying fixed overheads and give them flexibility in the workforce. Industries like tourism and hospitality are known to use zero-hour contracts as demand for their services can change dramatically and with little notice

Some argue that workers like these contracts as it gives staff the flexibility also.


After catching some flak for supporting zero-hour contracts, Sports Direct has scrapped their use.

Why are zero-hour contracts controversial?

Zero-hour contracts are argued to not offer enough financial stability and security.

On average, a zero-hour contracted employee works just 25 hours a week and 33% said they want more hours compared to the 10% in more fixed hour contracts

These contracts also do not offer the same employment rights as traditional contracts.

There is also the argument that employers can hand out more hours to favoured employees and less to others with zero-hour contracts

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New 2017 Land Rover Discovery revealed

New 2017 Land Rover Discovery revealed


Land Rover have released the first teaser image of its new Discovery.

The 2017 Land Rover Discovery will be revealed in full on the eve of the Paris motor show on September 28th, marking the fifth generation of a model that was first shown in 1989 at the Frankfurt motor show.



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Women ‘ask but don’t get’ pay rises

Women ‘ask but don’t get’ pay rises


A new study shows that women ask for pay rises just as much as men but with less success. The suggestion that women are paid less because they are not as pushy is not true according to the study by the Cass Business School and the universities of Warwick and Wisconsin.

Covering 4,600, workers the study found no evidence or support for the theory that women are more likely to avoid asking for more money compare to men

The study compared full-time working males with full-time working females, and part-time males with part-time females in order to eliminate the effects of part-time workers earning less than their full-time counterparts.

Men are 25% more likely to receive a pay rise when they asked for it compare to female workers in the same circumstances

The research also showed no evidence to suggest that women were more reluctant to ask for a pay rise because they were afraid of upsetting their managers contrary to a common female stereotype

“The fact that women don’t ask for pay rises as often as men is a popular theory. It’s a very common thing for women to say and believe, but all of the evidence is anecdotal, so it’s very hard scientifically to do a proper test of this.”

‘Pure discrimination’

Said Andrew Oswald, professor of economics and behavioural science at the University of Warwick.

“Having seen these findings, I think we have to accept that there is some element of pure discrimination against women,” Prof Oswald added.

The researchers said that pay negotiating behaviour had started to change as there were differences according to age with both men and women under 40 asking and receiving pay raises at the same rate

“The study potentially has an upside. Young women today are negotiating their pay and conditions more successfully than older females, and perhaps that will continue as they become more senior.” Said Dr Amanda Goodall from Cass Business School

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Scania release their #NextGenScania

Scania release their #NextGenScania


The 2 eagerly awaited new Scania models have been revealed, welcoming in a generation of trucks from the manufacturer.

These next-gen Scanias are to be more efficient and spacious trucks

New “R” (above left) and “S” (right) models were unveiled in Paris.

The “S” claims to be up to 5% more efficient than Scania’s most recent “Streamline” truck, released in 2013.


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[VIDEO] Bus Battle! – Buses race around Millbrook

[VIDEO] Bus Battle! – Watch these buses race around Millbrook Proving Ground

In this video report from the BBC you’ll see how the buses to be used in the UK are chosen.

Buses are put through their paces at this annual event at the Millbrook Proving Ground in Bedfordshire.

Fuel efficiency is one of the key areas to be tested as well as handling ability.

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