Tesco’s strike-off bid fails to halt investor lawsuit [updated]

September 29, 2020

first_imgThe lawsuit was filed in late 2016 under Section 90A of the UK’s Financial Services and Markets Act (FSMA), which allows investors to bring a claim against companies that publish statements on which the investors intend to rely and that contain false information, causing a loss.On 22 September 2014, Tesco had issued a market announcement saying it had previously overstated its expected profits for the half year just ended by £250m.On 23 October 2014, it announced that recent profit overstatements now totalled £263m.The supermarket also issued a third profit downgrade for that financial year (2014-15), reporting a fall of 92% in pre-tax profits.The markets reacted swiftly, with more than £2bn being wiped off Tesco’s share price.The investors claim that Tesco had made misleading and untruthful statements and omissions to the market in relation to its profits for recent financial periods.The claimants, who are represented by Stewarts Law, say their losses amount to £150m.Tesco applied to have the action struck out but in a hearing last week this was dismissed by the court.The application revolved around the fact that the claimants’ Tesco shares were held, as is common, in paperless form through CREST, registered in the name of the financial institution providing custodian services, and (mostly) in a ‘custody chain’.Tesco asserted that it was not liable under the FSMA for any untrue or misleading statement in its published information to any claimants who held the shares in a custody chain with more than one intermediary.Tesco also argued that the interests of claimants in such a custody chain is not an “interest in securities” under the FSMA, and that none of the claimants could be said to have “acquired, continued to hold or disposed of” any interest in securities.However, the court disagreed.The judge, Mr Justice Hildyard, said: “In my view, I must proceed on the basis that the draftsman [of the FSMA] and legislature did understand the market in intermediated securities, did not intend to strip away the rights of investors who chose that mode of holding their investment, and must have been persuaded that the words they used were appropriate to preserve and enhance such rights. Unless the words cannot be made to bear the meaning intended, then they should be made to do so.”‘Important implications’ Law firm Herbert Smith Freehills (HSF) said the ruling has important implications for shareholder class actions in the UK. Investors suing Tesco in the UK’s high court for losses which they claim to have incurred through the company’s overstating earnings have moved closer to commencing the trial after the company – the UK’s biggest supermarket – failed to strike out the lawsuit.Update: Tesco have been given permission to appeal against the judgement.European claimants include Alecta, the Church Commissioners and Unipension Invest.Others include a range of North American pension plans such as the Ontario Municipal Employees Retirement System (OMERS) and investment companies including Allianz Global Investors.  Harry Edwards, Herbert Smith FreehillsHarry Edwards, head of HSF’s UK class actions practice, said: “The decision settles the uncertainty about whether shareholders who hold shares in electronic format can use statutory protections to claim compensation for market disclosure defects.”Edwards continued: “Had Tesco been successful, the vast majority of shareholders would have been shut out from bringing such claims. While academic commentators have speculated that this was simply the consequence of the statute book failing to keep up with developments in the way that markets operate, this decision firmly rejects that conclusion. Shareholders who hold their shares in CREST will be able to participate in future shareholder class actions.”However, he cautioned that the claim in question must still overcome certain obstacles in order to be successful. These include attribution of the relevant knowledge to the Tesco directors, proof that investors reasonably relied on the defect in question when making their investment decision, and proof of loss.[The names of some investors were removed after IPE received an updated list of claimants]last_img read more

Social ME-dia with Skyrock’s CEO Pierre Bellanger

December 17, 2019

first_imgTop Reasons to Go With Managed WordPress Hosting 8 Best WordPress Hosting Solutions on the Market dana oshiro Tags:#start#startups A Web Developer’s New Best Friend is the AI Wai…center_img In the mid-1980s, Pierre Bellanger launched Skyrock pirate radio station as a continuation of his efforts with the French free radio movement. A community inclusive of a diverse voices and agendas, Skyrock inspired a generation of 18-25-year-olds who had never lent their unscripted opinions to a mass distribution medium. As Skyrock developed an IRC channel and later its own blogging software, the community evolved into what it is today – the third largest social networking site in Europe. Often compared to MySpace and Facebook, most journalists tell the story of how Bellanger has grown Skyrock from a simple radio station into a business that earns more than €38 million euros in annual revenue. Nevertheless, perhaps the most fascinating story is the founder himself. Says Bellanger, “We were trying to create revolution. My political act is to create a system of self-expression.”In America, terms like “self-expression” and “revolution” tend to accompany arguments for First Amendment rights. In Pierre Belanger’s usage, “self expression” is about using the first-person singular “I” when unravelling events. Belanger’s revolution entails a cultural shift in how French public radio media went from being a government monopoly, to being a medium where French youth could narrate the news from their own perspectives. Many believe that Bellanger’s Skyrock community was the precursor to what can now be described as life streaming. In other words, the mass distribution of amateur opinions is considered here as a political act. When asked how Bellanger managed to run a revolution-generating platform as a business he replied simply, “Revolutions are only effective when they’re profitable.”Explains Bellanger, “There is already community dialogue, I want to help brands create a bond with the audience.”While the Skyrock CEO monetizes with banner advertising, one of his major “dialogue-enhancing” campaigns is a Coca Cola-sponsored volunteer listing board entitled Kohop. With more than 5,000 contributing community members, this campaign allows Skyrock members to post and fulfill volunteer tasks in what Bellanger describes as a “eBay of generosity”. Bellanger also plans to roll out a full-scale version of Yazata – a corporate-sponsored mentorship forum for sex education and reproductive health. By leveraging brand dollars for community tools and by encouraging open community dialogue, the social networking site continues to reshape the landscape of French and European tech culture. As widespread use of Skyrock sets a new bar for public media, young French netizens celebrate a larger pool of opinions and gain the encouragement they need to inform others. To check out the service visit Skyrock.com. Photo Credit: Chris Heuer Why Tech Companies Need Simpler Terms of Servic… Related Posts last_img read more

Why I Wish The New Google Movie – The Internship – Was Actually True

December 15, 2019

first_imgSo what did Vaughn and Wilson think about the time they spent shooting the movie in Google’s Mountain View, California, campus – with its free food, nap pods and colorful bicycles?“It looked like a Sandals Resort,” Vaughn joked.“You assume a lot of work gets done there…” Wilson added.“…But you never see anyone do any work,” Vaughn concluded. fredric paul 9 Books That Make Perfect Gifts for Industry Ex… Related Posts 4 Keys to a Kid-Safe App 5 Outdoor Activities for Beating Office Burnout Hollywood is known for making you believe in almost anything, but a new comedy with Google as the backdrop may be asking too much. When I first heard about The Internship, the new comedy about a pair of 40-somethings (played by Vince Vaughn and Owen Wilson) who land a coveted summer internship at Google competing against a bunch of college students, I couldn’t understand why the search giant was willing to get involved.Even though co-founder Larry Page stood on stage at Google’s I/O developers conference and lauded the movie’s ability to get kids interested in technology, the concept seemed silly and low-brow and, frankly, not up to Google’s standards. After attending a private screening of the flick – which opens in the U.S. on June 7 – I now totally get why Google jumped in with both feet when co-writer Vaughn called with the idea two years ago. The movie is two-hour a love letter to the idea of Google as both the perfect place to work – and a crusading force for improving humankind. (Some see it as little more than a commercial.)In fact, after watching it, I wanted nothing more than for the movie to be a true story, not just a fish-out-of-water fable set in the Googleplex. But that feeling had nothing to do with the movie’s depiction of Google’s too-good-to-be-true culture, perks or life-affirming mix of meritocracy and paternal benevolence. No, not at all.If Google Can Do This In A Movie…Instead, my fervor to believe centered around one pivotal scene where Vaughn and Owens must prove their mettle manning the phones on the Google Help Line.That’s right, the Google Help Line! Oh, but if it could possibly be so!Of course, anyone who has ever dealt with Google knows that there really isn’t anything like a Google Help Line – at least for the vast majority of customers. Google is great at providing online and automated customer service. But woe betide the Google user who needs help that goes beyond that.Trying to reach a human being at Google is well-nigh impossible, and deliberately so. That kind of customer service just doesn’t scale. Even big corporate customers sometimes get frustrated when they can’t get the kind of help-desk support for which, say, Microsoft is known for. But Google knows that once you start down that rat hole, there’s no coming back.The Internship Is Not A DocumentaryAfter the show, Vaughn, Owen and director Shawn Levy talked to the press and the 100 spiffed-up actual Google Interns (Nooglers, in the company’s parlance) in attendance about how the movie wasn’t even trying to hew very close to reality:“A lot of stuff is realistic,” Levy said, but “this was not a documentary on Google.” The filmmakers were not trying to say “this is really how things are done.” If we were making a movie about Google, we would have done it more accurately,” he added. “But we were making a movie about these two guys, with Google as a backdrop.”Unlike in the movie, Levy acknowledged, real Google internships are not structured around hyper-competitive team contests with only the winning team getting job offers. But Vaughn, who came up with the story and co-wrote the movie, called that competition “the motor of the movie.”Google gave us creative license, Levy said, telling the audience that “It felt like you guys really respected the needs of the narrative.” In return, he added, “We tried to be true to Google… however semi-accurate it may be in regards to how the internship program really works.”According to the LA Times, “Google did have approval over how its products and culture were represented in the film, but it did not have final cut.” The Wall Street Journal, meanwhile, reported that “when filmmakers wanted to introduce a scene in which Google’s self-driving car gets into a wreck, Google objected and the crash was cut.” Top and bottom images by Fredric Paul for ReadWrite. 12 Unique Gifts for the Hard-to-Shop-for People…last_img read more

German FA president Grindel accepts he should have supported Ozil more

November 17, 2019

first_imgReinhard Grindel, German Football Association (DFB) president accepted on Sunday that he should have been more supportive of Mesit Ozil when the player was facing “racist attacks”. Grindel said he should have handled things better.Ozil sensationally quit the German national team citing “racism and disrespect” aged just 29 after Germany crashed out of the 2018 FIFA World Cup in Russia in the first round.In the build to the 2018 FIFA World Cup, Ozil cited, a lot of discriminatory happenings around him and post the humiliating exit of Germany from Russia, a lot of blame was put on Ozil and many within the German FA were party to it.In his resignation statement last month, Ozil, who has Turkish roots, also accused the DFB and Grindel of failing to back him in the row over the photo.In an interview with Bild newspaper on Sunday, Grindel said he should have handled things differently.”I should have positioned myself more clearly given the racist attacks from some corners and I should have put myself in front of Mesut Ozil,” Grindel said.”Such attacks are unacceptable. I should have found clear words.”Ozil had been jeered in Germany’s last warm-up games before the World Cup and many German fans had called for him to be dropped from the squad over the photo.”I am sorry he feels let down by the DFB,” Grindel added.Ozil was made one of the scapegoats for Germany’s earliest exit at a World Cup for 80 years in Russia, the side failing to get out of the group stage despite being the defending champions.advertisementGrindel, however, said he had never blamed Ozil for that failure.”It was always clear for me that we win together and we lose together. It would be absurd to blame one single player for our elimination,” the 56-year-old, who took over the DFB in 2016, said.He also ruled out resigning over the affair, saying he felt “strong backing from regional federations and the Bundesliga”.Grindel said there had been no discussion between Ozil and national coach Joachim Loew and that any possible return to the team would need to be discussed among the board and the coach.The DFB president also said he would work towards bridging the gap that has opened up in recent months between fans and the national team.Some of the options could include scheduling more open training sessions and lowering ticket prices, while the overall marketing concept of the team would also be reviewed. “We want to come close again with the fans,” he said.(With Reuters inputs)last_img read more

AN UNEXPECTED EXPERIENCE…

November 7, 2019

first_imgThey’re the ones we love to hate, the ones who cop our abuse, our dissent, our frustration and just occasionally, our gratitude. But, if the tables are turned, there’s the travel, the people, the fitness and the enjoyment, that make refereeing a great pastime and career. Rick Borg is Australia and the World’s number one touch football referee and he is a firm believer that refereeing is something for all touch lovers to consider becoming involved with. Rick admits he more or less fell into refereeing because the local competition he was playing in was suffering from a shortage of referees. Touch refereeing has been a dream for Rick, who has travelled the world as a referee and made many good friends throughout his career. “I have many great mates, which I have made purely through my involvement in touch. The places I have been I could only have dreamed of, but I can honestly say if it were not for my involvement in touch they would have remained just that- a dream. It’s been both an enjoyable and rewarding career for me,” he says. Rick’s hard work and dedication throughout his rise in touch refereeing was rewarded in 1995 when he rose to the position of World’s Number one Touch Referee, a position he has held firmly for the past 9 years. Throughout his career he has 70 test caps or his country, consisting of 46 World Cup appearances, 21 tests and 3 other internationals; not bad for someone who started refereeing a social competition in Mackay 20 years ago. “I guess the highlight of my career as a referee was just recently when I was inducted in to the Australian Touch Hall of Fame. I was astounded when it was announced and it still brings a smile to my face every time I think about it. It was just such a big honour for me,” says Rick. For junior touch players or students working their way through high school or university, refereeing can provide valuable part time work and the cash you so desperately need. “Certainly it can be a great part time job for teenagers. After all how often do you get paid for doing something you love? But having said that, you must also show a certain amount of commitment as well. I started at a local level and look where it has taken me – far beyond my wildest dreams,” says Rick. Like coaches, it is possible for referees to undertake training courses, working their way through accreditation levels, receiving the training to referee at higher levels and to travel for National and International events. While we encourage our children to take up playing sport for their fitness and health, to build their sense of teamwork, co-operation and sportsmanship and to boost their self-esteem, refereeing is another aspect of touch to consider. “Being a referee has certainly been a boost to my self esteem, I have a sense of confidence and achievement that I would not have experienced if were not for touch refereeing,” says Rick. “I also feel I have gained a lot of respect from fellow referees as well as players. But probably most importantly it has taught me how to be a team player. The skills I will walk away with at the end of my touch career far outweighs anything I would have thought possible,” he says. By Rachel Moylelast_img read more

NSWCHS On Track For Hat-Trick Of Titles

November 7, 2019

first_imgNew South Wales Combined High Schools are on track to make it a hat-trick of X-Blades National Youth Championship girls titles after the tournament favourites completely dominated their rivals on day one of the competition.The Brooke Playford-coached side won all three of their Pool A games, and have an impressive for and against record of 46.NSWCHS started their day with a 14-0 thumping of Touch New Zealand under 15s.They followed it up with an even bigger win against Victoria, 19-0, and defeated Brisbane City Cobras 13-2.But the two-time defending champions aren’t alone on top of the girls Pool A ladder.South West Queensland Swans have also collected maximum points from their opening three matches, albeit in much harder circumstances than NSWCHS.The Swans had an easy 11-2 victory first up against Victoria but followed with two very gutsy and determined wins in their next two matches.They were pushed all the way by their Queensland rivals, the Cobras 4-3 and Sunshine Coast Pineapples 3-2.NSW Combined Independent Schools sit in outright third on 10 points following nail-biting wins over Sunshine Coast and Western Tigers.Despite being on the wrong end of the scoreline in their first match against NSWCHS, the New Zealand under 15s enjoyed two wins on the opening day – 7-6 over Western Tigers and 7-3 over Victoria.The New Zealand teams aren’t awarded points because they are an invitational team.Queensland Secondary Schools Touch (QSST) and NSW Combined Catholic Colleges lead the way in Pool B after the two won all their games.QSST were too good for NSW Touch Association Development (10-2), Central Queensland Bulls (              11-2) and South Australia Heat (10-0).NSWCCC won against Tasmania (14-1), NSWTA Development (5-3) and ACT Pirates (4-0).The Bulls are third and a host of teams are in equal fourth spot on six points.Tomorrow matches at 9.50am.For more information on the NYC, check out these websites:NYC – www.nyc.mytouchfooty.comTouch Football Australia – www.austouch.com.auOr follow us on Twitter or on our Facebook page.Related LinksNSWCHS on track for hat-tricklast_img read more

Van Dam Shipping to Install Wind Assisted Propulsion System

October 23, 2019

first_imgzoomImage Courtesy: eConowind The Netherlands-based Van Dam Shipping has signed a contract for the installation of an eConowind wind assisted propulsion system on one of its cargo ships.The Ventifoil system, scheduled for delivery in the fourth quarter of 2019, would be installed on the 3,600 dwt cargo vessel MV Ankie.The modular Ventifoil units are in the form of non-rotating wing with vents and an internal fan that use boundary layer suction for maximum effect. This installation will feature two, 10-meter wings along with two extensions of six meters that will generate significant force allowing the vessel to reduce motor power and thus save energy.“We expect the reduction in fuel costs over a period of approx. three years will equal the costs of the system and thus fulfill our dream of using the wind again in modern shipping, which has been 40 years in the making,” Jan van Dam, owner of van Dam Shipping, said.The deal represent the first commercial order for eConowind’s system, which completed sea test trials earlier this year.The wind-assist system was developed over the past three years supported by an EU backed grant and this first installation “marks a significant milestone for the company in bringing their technology to a shipping market eager to deploy credible decarbonization solutions,” eConowind noted.Van Dam Shipping will participate in further testing of the concept in the new EU Interreg backed Wind-Assist Ship Propulsion (WASP) research program, which from October will study practical use of wind-assisted systems in day-to-day operation as well as actual savings over an extended period of time.last_img read more

A Buckeye fans dream Michigan USC in trouble

September 28, 2019

Sometimes in life we are faced with difficult choices. I’m talking about the provocative kind of ‘What If?’ questions that your professors pose to you in class on morally ambiguous issues, the things that poke holes in previously held, ironclad ethical beliefs. For those comics buffs out there, think of the ending of Alan Moore’s fantastic graphic novel ‘The Watchmen.’Today’s perplexing problem is this: If you were forced to choose between the University of Southern California and the University of Michigan to be gutted by possible NCAA sanctions, which would you choose?First, some history is in order.Recent thorn in Ohio State’s side, USC, is facing all sorts of potential trouble. The issues started when questions began surfacing about past USC Heisman Trophy-winning running back and future Mr. Kim Kardashian, Reggie Bush. Bush has been accused by two would-be sports marketers of accepting a car, cash and a lavish home for his parents in return for a business partnership once Bush turned pro.According to these two men, when it became clear that Bush had no intentions of following through with his end of the bargain, the businessmen filed a civil suit that brought all the dirty laundry to light.Then there is the case of another USC tailback, Joe McKnight. He was allegedly seen driving an SUV registered to businessman Scott Schenter. According to reports, Schenter owned a company which had registered the domain name 4joemcknight.com.Apparently the USC practice facility parking lot looks an awful lot like the lot outside a typical Jay-Z party—unusual for college kids living on a small stipend.Add to this the already-proven improper benefits accepted by former USC basketball player O.J. Mayo and you have the beginnings of what is known as “a lack of institutional control.” This is often the first note in the death knell of some universities’ athletic programs. At the very least, it can lead to a loss in number of scholarships or the vacating of wins or titles.In the case of Michigan, the infractions appear to be far less serious and yet, could have greater ramifications for OSU’s football program.According to the findings of the NCAA investigation, already-embattled Michigan coach Rich Rodriguez violated NCAA rules by failing to comply with practice time rules. He allegedly allowed members of his staff to improperly conduct and monitor ‘voluntary’ summer workouts.While this may sound trivial to most, in conjunction with his failings on the field, Rodriguez is under heavy fire from not only the NCAA, but his own fan base. This is the first time in the storied history of UM’s football program that there having been allegations of impropriety, and UM’s snooty alumni are all up-in-arms.Apparently the wine-and-cheese crowd at the Big House has short memories and has already forgotten about the basketball banners that were unceremoniously removed from the rafters of their hoops arena following the Fab Five debacle.So there you have it. Who would you rather see laid low by the heavy-hand of the NCAA infractions committee? The Trojans who ruined what could have been a magical season long before the Purdue Boilermakers got their chance to, or archrival Michigan, who Buckeyes bear the deepest of enmity for?It’s like choosing between steak and lobster or paper and plastic: nearly impossible. It’s like choosing between Todd Boeckman and Terrelle Pryor. Okay, maybe that’s a bad example.Part of me would like to pick USC, but I’ve come to realize that most of the reasons I held them in contempt revolved around their jerkishly smug former coach Pete Carroll. But with the grim specter of possible sanctions hovering over his head like the sword of Damocles, he bolted for the rainy gloom of Seattle.The other part, the one that has hues of scarlet and gray, wants to select Michigan. My disgust for the maize and blue has grown since the hiring of Rodriguez, and I’d like nothing more than to see him looking for work. However, that may not serve the long-term interests of Buckeye fans.His grating personality and fish-out-of-water offensive attack may be just the thing to keep us in a position of dominance in the Big Ten for years to come.Faced with a choice like this, I guess I’m gonna have to be a “have your cake and eat it too” kind of guy. I say to hell with ‘em both. read more

September 18, 2019

Giorgio Chiellini Andrea Barzagli renews contracts with Juventus

first_imgTwo Juventus defenders Giorgio Chiellini and Andrea Barzagli of Juventus have renewed deals with the club; a deal which will keep them with Juventus until 2020 and 2019 respectively.Chiellini has played 26 times in the Bianconeri’s  Serie A last season, while Barzagli was featured 25 times as either center-back and right-back.The two defenders will continue their play with the club for another season which could be a major boost for Juventus to concede an average of 0.7 goals-per-game, win 2.3 points-per-match when they link up together, Spotsmole claimsFranck Ribery, FiorentinaFiorentina owner: “Ribery played better than Ronaldo!” Andrew Smyth – September 14, 2019 Fiorentina owner Rocco Commisso was left gushing over Franck Ribery’s performance against Juventus, which he rates above that of even Cristiano Ronaldo’s.A club statement read:“Side by side they fought, they brought Juventus into #My7H and the historic fourth consecutive Italian cup and now they will continue. Always side by side, to defend the Bianconeri colours with pride, class and passion.“Juventus could not be happier to maintain the services of two men, who for so long have embodies the club’s Fino Alla Fine (to the bitter end) mindset. Here is hoping for further success for both players and the club starting next season.”last_img read more