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Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more. The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London. Continuous publication began under its founder, James Wilson, in September In its average weekly circulation was a little over million, about half of which were sold in the United States. The publication belongs to the Economist .
This rare word was chosen to represent because it described so much of the world around us. Tergiversate means "to change repeatedly one's attitude or opinions with respect to a cause, subject, etc. And so, we named tergiversate the Word of the Year. In a year known for the Occupy movement and what became known as the Arab Spring, our lexicographers chose bluster as their Word of the Year for Here's an excerpt from our release that year that gives a pretty good explanation for our choice:.
We got serious in Here's an excerpt from our announcement in Things don't get less serious in Our Word of the Year was exposure , which highlighted the year's Ebola virus outbreak, shocking acts of violence both abroad and in the US, and widespread theft of personal information. Here's what we had to say about exposure in From the pervading sense of vulnerability surrounding Ebola to the visibility into acts of crime or misconduct that ignited critical conversations about race, gender, and violence, various senses of exposure were out in the open this year.
Fluidity of identity was a huge theme in Racial identity also held a lot of debate in , after Rachel Dolezal, a white woman presenting herself as a black woman, said she identified as biracial or transracial. Our Word of the Year in reflected the many facets of identity that surfaced that year. In , we selected xenophobia as our Word of the Year. Fear of the "other" was a huge theme in , from Brexit to President Donald Trump's campaign rhetoric.
Despite being chosen as the Word of the Year, xenophobia is not to be celebrated. It was a year of real awakening to complicity in various sectors of society, from politics to pop culture. From our Word of the Year announcement:. Our choice for Word of the Year is as much about what is visible as it is about what is not. We must not let this continue to be the norm. If we do, then we are all complicit. In the United Kingdom Tesco operates a home shopping service through the Tesco.
In May , in Gateshead , England, Mrs. Jane Snowball used a piece of computer technology called "Videotex" on her television to purchase groceries from her local Tesco shop in the world's first recorded online shopping transaction from the home.
Tesco launched its customer loyalty scheme, the Tesco Clubcard , in It has been cited as a pivotal development in Tesco's progress towards becoming the UK's largest supermarket chain and one that fundamentally changed the country's supermarket business. Each point equates to 1p in shops when redeemed, or up to four times that value when used with Clubcard deals offers for holidays, day trips, etc.
Tesco first started selling petrol in Tesco sells 95, 97 and 99 RON a fuel developed by Greenergy of which Tesco is a shareholder petrol from forecourts at most Superstore and Extra locations. In , Tesco and Esso part of Exxonmobil formed a business alliance that included several petrol filling stations on lease from Esso, with Tesco operating the attached shops under their Express format.
In turn, Esso operates the forecourts and sells their fuel via the Tesco shop. In , Tesco launched a separate budget chain, Jack's , to compete with Lidl and Aldi; the first store opened in Chatteris , Cambridgeshire in September Tesco completed its acquisition of the food wholesaler Booker in March Products on offer include credit cards, loans, mortgages, savings accounts and several types of insurance, including car, home, life and travel.
They are promoted by leaflets in Tesco's shops and through its website. This move towards the financial sector diversified the Tesco brand and provides opportunities for growth outside of the retailing sector. It first launched in the UK in as a joint venture with O2 and operates as a mobile virtual network operator MVNO using the network of O2 with the exception of Hungary where the network of Vodafone Hungary is used.
As a virtual operator, Tesco Mobile does not own or operate its own network infrastructure. By January Tesco announced it had over 2. Tesco also operated a home telephone and broadband business. Its broadband service launched in August to complement its existing internet service provider business, providing an ADSL -based service delivered via BT phone lines.
Its customers were transferred by Tesco acquired a small I. It had stand-alone shops and departments in larger shops, and from a distribution centre in Milton Keynes. Although Tesco continued to stock non-food items the stand-alone shops were closed and the name was no longer in use when Tesco Extra was launched. In May , Tesco announced a trial non-food only format near Manchester and Aberdeen ,  and the first shop opened in October The shops offered all of Tesco's ranges except food in warehouse-style units in retail parks.
Large units for non-food retailing are much more readily available. The format was not Tesco's first non-food only venture in the UK. Although not in a warehouse-style format, the shops were located on high streets and shopping centres, and stocked similar items to Homeplus shops. In both cases this was because another part of the shopping centre had a Tesco Superstore that stocked food items only.
By , the number of Homeplus shops in the United Kingdom had reached 12; the newest shop opened in Chester in July In it was reported that Tesco was looking to close the business to focus on groceries.
Dobbies is a chain of garden centres across Scotland, England and Northern Ireland. Tesco completed its acquisition of Dobbies in , and the company continued to trade under its own brand, from its own head office in Melville, near Edinburgh. Giraffe is a restaurant chain in the United Kingdom which Tesco purchased in March as part of a strategy of making use of excess space in its shops. Tesco sold the chain to Boparan Holdings in June Euphorium Bakery opened a concession in Tesco's Kensington shop in , and in Tesco bought a stake in the business.
It purchased the remaining stake in April Tesco has expanded its operations outside the UK to 11 other countries in the world. The company pulled out of the USA in , but As of [update] continues to see growth elsewhere. Tesco's international expansion strategy has responded to the need to be sensitive to local expectations in other countries by entering into joint ventures with local partners, such Charoen Pokphand in Thailand to form Tesco Lotus , and by appointing a very high proportion of local personnel to management positions.
It also makes small acquisitions as part of its strategy: According to Citigroup retail analyst David McCarthy, "[Tesco has] pulled off a trick that I'm not aware of any other retailer achieving. That is to appeal to all segments of the market". Beginning in when Terry Leahy took over as CEO, Tesco began marketing itself using the phrase "The Tesco Way" to describe the company's core purposes, values, principles, and goals  This phrase became the standard marketing speak for Tesco as it expanded domestically and internationally under Leahy's leadership, implying a shift by the company to focus on people, both customers and employees.
A core part of the Tesco expansion strategy  has been its innovative use of technology. All figures below are for the Tesco's financial years, which run for or week periods to late February. Up to 27 February period end the numbers include non-UK and Ireland results for the year ended on 31 December in the accounting year. Despite being in a recession, Tesco made record profits for a British retailer in the year to February , during which its underlying pre-tax profits increased by Tesco then planned to create 16, new jobs, 9, in the UK.
By , Tesco appeared to have lost some of its appeal to customers. The Serious Fraud Office SFO confirmed on 29 October that it was carrying out a criminal investigation into the accounting irregularities but declined to give further details. In terms of the wider UK retail market, Tesco sales account for around one pound in every ten spent in British shops. Tesco made a commitment to corporate social responsibility in the form of contributions of 1. Will Hutton , in his role as chief executive of The Work Foundation, in praised Tesco for leading the debate on corporate responsibility.
In , Tesco started a "computers for schools scheme", offering computers in return for vouchers given to Tesco customers and donated by them to schools and hospitals. The scheme was also implemented in Poland. Tesco's own-labels personal care and household products are stated to be cruelty-free, meaning that they are not tested on animals.
In September a Greenpeace report revealed that Tesco supermarkets in China were selling vegetables that contained pesticides at levels exceeding the legal limit, or were illegal.
A green vegetable sample from Tesco turned up methamidophos and monocrotophos, the use of which has been prohibited in China since the beginning of A notable s advert was "Checkout 82," which was made in , where a till would have a receipt coming out of it with the prices on. This advert had synthpop music as the backing and people singing "Check it out, check it out". Adverts in the early s had a man called David, portrayed by Dudley Moore , on the hunt for free-range chickens from France and discovering many goods from around the world to purchase for Tesco.
Tesco's main advertising slogan is "Every little helps". Its advertisements in print and on television mainly consist of product shots or an appropriate image, such as a car when advertising petrol against a white background, with a price or appropriate text e.
Tesco's in-shop magazine is one of the largest-circulation magazines in the United Kingdom, with a circulation of 1.
In November , Tesco announced they would introduce face-scanning technology developed by Amscreen at all of their UK petrol stations to target advertisements to individual customers.
Criticism of Tesco includes allegations of stifling competition due to its undeveloped "land bank",  and breaching planning laws.
Tesco have been criticized for aggressively pursuing critics of the company in Thailand. Tesco served him with writs for criminal defamation and civil libel. The Thai court dismissed the case, ruling that the criticism made by the defendant was 'in good faith by way of fair comment on any person or thing subjected to public criticism'. In , Tesco was placed under investigation by the UK Office of Fair Trading OFT for acting as part of a cartel of five supermarkets Safeway, Tesco, Asda, Morrisons and Sainsburys and a number of dairy companies to fix the price of milk, butter and cheese.
In December , Asda, Sainsburys and the former Safeway admitted that they acted covertly against the interests of consumers while publicly claiming that they were supporting 5, farmers recovering from the foot-and-mouth crisis. In May , it was revealed that Tesco had moved the head office of its online operations to Switzerland. Tax avoidance has not always related to corporation tax. A number of companies including Tesco used a scheme to avoid VAT by deeming 2.
As of August , around 27 UK Tesco superstores had halal meat counters, selling meat approved for consumption by Muslims. In January , the British media reported that horse meat had been found in some meat products sold by Tesco, along with other retailers, particularly burgers. Prime Minister David Cameron called this "unacceptable", with products showing In July Tesco security staff violated the UK Equality Act by refusing to allow a blind lady's guide dog to enter the Feltham shop.
Tesco staff refused to apologise for the violation of the law for 5 days. Over 6 months The Guardian traced the whole chain from slave ships in Asian waters to leading producers and retailers.
Tesco has been targeted by protesters complaining the supermarket chain sells goods made in Israel, with most complaints being about products emanating from Israeli settlements in the West Bank.
Protests generally occur when Israeli military operations are being carried out in the Gaza Strip or the West Bank. A protester was arrested at a protest at a shop in Birmingham on 16 August Searchlight magazine said it was "horrified" to discover anti-semitic books by US extremist publisher Liberty Bell on the Tesco website.
Searchlight found another titles by British-based publisher Steven Books which it describes as "so extreme that even the British National Party does not sell them". The shop said in a statement: We are unhappy that titles which could cause offence to some customers have found their way on to our site and took immediate action to remove them once they were brought to our attention.
Tesco's financial crisis of  led to their reducing their capital expenditure on new shops, which led to the boarding up of new unopened shops in Chatteris , Cambridgeshire  and Immingham , Lincolnshire.
The impending arrival of Tesco also contributed to the Co-operative's decision to close their shop in the town. Tesco went ahead with the opening of shops in Little Lever ,  Dunfermline  and Rotherham. On 17 July Tesco disabled their online photo site as part of a precautionary security measure. The UK Groceries Code Adjudicator found in a —16 investigation into Tesco that some suppliers paid "large sums of money in exchange for category captaincy or participation in a price review".
She found some evidence of benefits which suppliers derive from these arrangements, but also recorded a concern—to be investigated further—as to whether the purpose of the Groceries Code was being circumvented by these payments.
From Wikipedia, the free encyclopedia. For other uses, see Tesco disambiguation. Hertfordshire portal Companies portal Food portal. Retrieved 24 April Retrieved 20 January Retrieved 25 February Archived from the original PDF on 15 February Retrieved 18 August Retrieved 21 March Retrieved 13 April Retrieved 1 September How one supermarket came to dominate". Retrieved 18 October Retrieved 22 January Nothing Like a Dame: The Scandals of Shirley Porter.
The Making of Tesco: A story of British Shopping. Retrieved 18 April Retrieved 4 August Retrieved 17 August Retrieved 13 November Rich, flashy and corrupt with it. She's nothing like a Dame". Archived from the original on 8 September Retrieved 13 December Hartley disgusted with institutions after Tesco wins takeover battle". Retrieved 27 March Leahy rings Tesco's tills". Retrieved 12 April Archived from the original on 28 April Archived from the original on 28 June Archived from the original on 14 April Retrieved 13 March Retrieved 19 April Retrieved 29 March Archived from the original on 26 September Retrieved 23 September Retrieved 2 June Retrieved 9 March Retrieved 28 January Retrieved 20 February Retrieved 20 March
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