tesco

Two senior executives are to join Tesco's board as non-executive directors as the supermarket attempts to restore confidence following its accounting scandal.

I am still not ready to move negative duration

Tesco shares have fallen as much as 4% on reports it is considering a rights issue to shore up its balance sheet.

Tesco's third largest shareholder Warren Buffett has described his investment in the supermarket as a "huge mistake".

Shares in Sainsbury's fell further today after it became the latest supermarket to cut its sales forecast for the full year, following a slump in trading in the second quarter.

Tesco has said the Financial Conduct Authority (FCA) has started an investigation into its accounting error, after the supermarket revealed last month it had overstated its half year profits by £250m.

Tesco has created £2.5bn in credit reserves as senior management seek to deal with a £250m accounting error, falling shares, and the potential for ratings downgrades.

Tesco has confirmed former CFO Laurie McIlwee has not been working the final six months of his contract, encompassing most of the period currently under investigation by the firm following its profits overstatement.

UK shares edged lower this morning as concerns over the economic recovery in the US, and yesterday's move by the country to curb tax avoidance via M&A deals, continue to weigh on investor sentiment.

Shares in UK-listed pharmaceutical giants Shire and AstraZeneca have fallen sharply this morning, after the US Treasury introduced a new law to curb tax avoidance by US companies which buy overseas rivals.