Summary

  • Tesco posts largest loss in its history

  • Tesco's Lewis: 'Some encouraging signs, but we are only at the beginning'

  • Tesco's loss before tax for the year is £6.4bn

  1. New-look live pagepublished at 13:54 British Summer Time 22 April 2015

    post share

    We've had a number of emails from live page readers about the new option to share posts on Twitter and Facebook. Mainly you've been asking how to get rid of it once you've clicked on it. We are given to understand older browsers don't have the 'X' in the top right corner, or don't respond when you click on it, causing much consternation. The only solution for the moment, we are sad to say, is to update your web browser.

  2. McDonald's sales fallpublished at 13:44 British Summer Time 22 April 2015

    McDonald's chicken nuggetsImage source, Reuters

    McDonald's first-quarter profits have fallen, partly because of reduced sales, costs to close underperforming restaurants, and a stronger dollar. Globally, like-for-like sales fell 2.3%, and net income fell 26%, McDonald's said in a statement, external.

  3. Hatton Garden heistpublished at 13:28 British Summer Time 22 April 2015

    Hatton garden heistImage source, Met Police

    Not strictly business, but the Met Police have just released rather artistic images of the hole drilled by thieves into the vault at a Hatton Garden safe deposit company over Easter. No arrests have been made yet. See more pictures here.

  4. 'An ant scaling the Himalayas'published at 13:13 British Summer Time 22 April 2015

    People climbing up an ice-covered mountainImage source, Getty Images

    "An ant scaling the Himalayas," is how Paul Thomas of retail consultancy Retail Remedy describes the task facing new Tesco boss Dave Lewis. "To say Tesco's chief executive has a mountain to climb to reverse its decline is to underplay the scale of the task," he says. Get your crampons and ice axe out, Mr Lewis.

  5. Fashion TTIPpublished at 13:05 British Summer Time 22 April 2015

    World Service

    VivImage source, AFP

    More negotiations are underway in New York for the mammoth Transatlantic Trade and Investment Partnership, a free trade deal between Europe and the US. Supporters say it'll create new markets for businesses on both sides of the Atlantic, create jobs and bring down prices for consumers. But critics - including fashion designer Vivienne Westwood - believe countries will lose control of their resources. Listen to the interview on the website.

  6. Flash crashpublished at 12:32 British Summer Time 22 April 2015

    Navinder Singh Sarao, a trader arrested in the UK after US authorities accused him of contributing to the 2010 Wall Street "flash crash", has said he doesn't want to be extradited to the US. Mr Sarao, who is currently appearing at an extradition hearing at Westminster Magistrates' Court, has been charged with wire fraud, commodities fraud and market manipulation by the US Department of Justice.

  7. Via Twitterpublished at 12:18 British Summer Time 22 April 2015

    Robert Peston
    Economics editor

    For no good reason I am obsessing about Tesco losing £6bn & still being formidable & Greece needing roughly that sum to stay afloat

  8. Gazprom denies EU chargespublished at 12:17 British Summer Time 22 April 2015

    Russia's Gazprom has said EU accusations that it is abusing its dominance in Central and Eastern European gas markets are "unfounded". "Gazprom strictly adheres to all the norms of international law and national legislation in the countries where the Gazprom Group conducts business," it said in a statement.

  9. Via Twitterpublished at 12:04 British Summer Time 22 April 2015

    Kamal Ahmed
    BBC Business editor

    Tesco will not close more large stores. Dave Lewis, CEO: "They may not be the dinosaurs some have painted." #tesco

  10. Tesco shares fallpublished at 11:52 British Summer Time 22 April 2015

    Tesco share graph

    Tesco's shares seem to have caught up with reality. Following this morning's brief uptick, they're now down 1.2% and have fallen further than the overall London market which is down 0.6%. City Index analyst Joshua Raymond says more than 20 million Tesco shares have already changed hands - the amount normally traded in one day - and there's still almost five hours until the London market shuts.

  11. Merrill Lynch finepublished at 11:40 British Summer Time 22 April 2015

    FCA logoImage source, Getty Images

    The City watchdog has fined US bank Merrill Lynch a record £13.3m for transaction reporting failures between 2007 and 2014. The Financial Conduct Authority said, external the size of the fine - its largest ever for this type of failing - reflects the severity of Merrill's misconduct. "Proper transaction reporting really matters. Merrill Lynch International has failed to get this right again - despite a Private Warning, a previous fine, and extensive FCA guidance and enforcement action in this area," says Georgina Philippou, FCA acting director of enforcement and market oversight. Ms Philippou says the size of the fine aims to make it clear that the FCA expects to "be heard and understood across the industry".

  12. Germany lifts growth forecastpublished at 11:26 British Summer Time 22 April 2015

    german flagImage source, Getty Images

    The German government has hiked its growth forecast for this year to 1.8%, up from its January prediction of 1.5%, but still below independent analyst projections. German economy minister Sigmar Gabriel said that the government wants to "stay on the safe side of growth projections."

  13. Via Blogpublished at 11:13 British Summer Time 22 April 2015

    Kamal Ahmed
    BBC Business editor

    The big, hairy, shiver-down the spine number is the revaluation of Tesco's 3,000 UK supermarkets and its stores overseas. With the value of sales down and shoppers turning away from larger out-of-town stores, the business has admitted that its property portfolio simply isn't as valuable as it once believed. Read more on Kamal's blog.

  14. Postpublished at 11:08 British Summer Time 22 April 2015

    The European Union is opening a competition probe against Russia's state-controlled Gazprom energy company. The EU alleges Gazprom's terms hinder cross-border competition. Gazprom has 12 weeks to react to the EU's allegations.

  15. Via Twitterpublished at 11:05 British Summer Time 22 April 2015

    Kamal Ahmed
    BBC Business editor

    Join me tomorrow 11:00 BST for live Q&A @BBCRealityCheck looking at political parties plans for #business. Send questions to #AskBBCKamal

  16. Tesco comparedpublished at 10:56 British Summer Time 22 April 2015

    rbsImage source, Reuters

    Tesco's £6.4bn loss may be gargantuan, but it's still only the sixth biggest loss in corporate history. Royal Bank of Scotland reported annual losses of £24.1bn in 2008, Vodafone reported an annual net loss of £21.8bn in 2006, Vodafone also reported a £13.5bn pre-tax loss in 2002, Lloyds Banking Group reported a loss of £8.5bn in 2009 after its 2008 purchase of Halifax Bank of Scotland and Cable & Wireless announced losses of £6.5bn in 2003 - all trumping Tesco's loss.

  17. 'Another shocker'published at 10:22 British Summer Time 22 April 2015

    Marc Kimsey, senior trader at Accendo Markets, says Tesco's results are "another shocker" from the troubled supermarket chain. "This set of results disappoints on every level - the pre-tax loss exceeds the City's already dire expectations and the trading profit has fallen by almost 60% in just a year," he writes.

  18. Bank of Englandpublished at 10:04 British Summer Time 22 April 2015

    The central bank said that the euro zone appeared to be recovering more strongly than thought. "Although it was too early to be confident, a succession of firmer data suggested that growth in the euro area economy was picking up," the BoE said. The US economy had unexpectedly disappointed in the previous month. However, the Bank said there was a good chance this would prove temporary.