The City roundup video: Where will Tesco's woes end?
Video: Alex Lawson provides a run-down of the day's major news from the City
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Don't miss out on the goings on in the business world, with our daily round-up of the biggest news from the City.
The City once again turned its attention on Tesco as the ailing supermarket issued its fourth profit warning of the year.
It appears to be a clearing of the decks for new boss Dave Lewis, who today marked his 100th day in the job by telling shareholders profits will be no more than £1.4 billion this year – far less than the £2 billion originally predicted.
Lewis has sent nearly 1,000 staff in its commercial team back to school, retraining them to prevent another accounting error. What’s more he’s promised an extra 6,000 staff will hit the shop floor as he attempts to keep the shelves full and customers happy.
Lewis said today he does not have a crystal ball to predict when his turnaround will be complete but on present form it looks a long way off.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments