Tesco consider sale of assets in South Korea

Noam Stiekema

The retailer Tesco PLC is considering the sale of its assets in South Korea, where the company has largest volume outside the UK. With the sale Tesco expect to raise up to 7 billion USD, which will be used to finance efforts to twist in the presentation of the British company. For this purpose, Tesco […]

Tesco store

Tesco storeThe retailer Tesco PLC is considering the sale of its assets in South Korea, where the company has largest volume outside the UK. With the sale Tesco expect to raise up to 7 billion USD, which will be used to finance efforts to twist in the presentation of the British company. For this purpose, Tesco has hired HSBC Holdings PLC to manage the process of selling the assets of retail. The sale will result in the separation of a large percentage of foreign assets of Tesco after a series of blunders chain retailers, including accounting scandal, massive write-downs and management problems. The transaction may be of particular importance for private equity firms in Asia, as banks in South Korea have shown willingness to finance acquisitions of businesses, generating strong cash flows.

In April, the largest British retailer posted the biggest annual loss in its 96-year history, after wrote off assets worth 4.7 billion GBP.

The company also has been hit by an accounting scandal and a drop in sales due to brutal price war between supermarkets in the UK. This led to an annual loss before taxes in the amount of 6.38 billion GBP in the year to February 28. Tesco was affected by significant accounting scandal last year after it was found that the company overestimated its profit of 250 million GBP and the shares prices at CFD Trading were seriously hurt. This led to a number of lawsuits from shareholders who are still continuing.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<