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  1. Tesco posts largest loss in its history
  2. Tesco's Lewis: 'Some encouraging signs, but we are only at the beginning'
  3. Tesco's loss before tax for the year is £6.4bn

Live Reporting

By Tom Espiner

All times stated are UK

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  1. Bye now

    That wraps it up for today. Tesco dominated the headlines after reporting record annual losses of £6.4bn with around £4.7bn of the losses the result of a fall in property value for its UK stores. And a UK financial trader accused of contributing to the 2010 Wall Street "flash crash" has been granted bail. Join us again tomorrow from 06:00.

  2. GM food battle

    GM potatoes

    The US is unhappy about European Union plans to allow individual member countries to decide whether to allow imports of genetically modified foods and animal feed. "Dividing the EU into 28 separate markets for the circulation of certain products seems at odds with the EU's goal of deepening the internal market," said US trade representative Michael Froman.

  3. Million dollar whistleblower

    The US Securities and Exchange Commission said it can't by law name either the whistleblower who got more than $1m for raising misconduct concerns about a firm, or the firm itself. But, it said that a whistleblower can get between 10% and 30% of the money collected by the SEC when its sanctions exceed $1m. Since 2011, the SEC has paid out more than $50m to 16 whistleblowers.

  4. Million dollar whistleblower award

    Briefcase full of dollars

    US financial regulators have awarded a whistleblower between $1.4m and $1.6m for reporting misconduct at his firm. The unnamed compliance officer blew the whistle "after responsible management at the entity became aware of potentially impending harm to investors and failed to take steps to prevent it," the US Securities and Exchange Commission said in a statement.

  5. Flash crash

    Market complexity and size were factors in how long it took to bring charges against Navinder Singh Sarao, a UK trader accused of contributing to the Wall Street "flash crash" nearly five years ago, according to the head of the US Commodity Futures Trading Commission (CFTC). "Sometimes it takes a long time to put cases together," said CFTC chairman Tim Massad. "These are huge markets. There's a lot going on."

  6. Market update

    The FTSE has closed at 7,030.66, a fall of 32.27 points, or 0.46%. Big supermarket shares had a rough old time today, with the biggest fall seen by Tesco. Its shares dropped just over 5% after it reported a record £6.4bn annual loss. Shares in Sainsbury's fell 4%, and Morrisons dropped 3.8%. The biggest gains on the FTSE were made by Rolls Royce Holdings, which rose more than 4% after it announced that chief executive John Rishton would be succeeded by Warren East, head of technology company Arm Holdings.

  7. Flash crash

    Nanex chart showing trading during the flash crash

    Bail conditions for Mr Sarao, apart from the £5.05m security he must pay, and the £50,000 security his parents must pay, include: his wearing an electronic tag, a curfew at his Hounslow address, no internet access, and surrendering his passport and his parents' passports. In addition, he must make no attempt to leave England or Wales, and must report to Hounslow police station three times a week. Mr Sarao is accused of contributing to the 2010 Wall Street "flash crash".

  8. Flash crash

    Navinder Singh Sarao, who shares a house with his parents in Hounslow, was granted conditional bail by a UK court after being accused by US authorities of contributing to the 2010 Wall Street "flash crash". Judge Quentin Purdy said: "I suspect the last 24 hours or less have been somewhat dramatic for you. You know the US seek to extradite you to face very serious charges and put you on trial to prove that."

  9. Flash crash

    Navider Singh Sarao, a UK trader who was arrested after US authorities accused him of contributing to the Wall Street "flash crash" of 2010, has been granted bail with a security of £5m. Mr Sarao appeared in the dock at Westminster Magistrates' Court wearing a bright yellow sweatshirt and white tracksuit bottoms.

  10. Tesco kitchen-sinking

    Harry Low

    BBC Magazine

    "It's a communication technique commonly used by political parties and businesses, although it's not so well known by the public.

    The idea is to get release all of your bad news at the same time rather than creating a drip-drip effect over an extended period of time."

    Read Harry's full article.

  11. Market update

    Dow Jones index

    In New York, the Dow Jones Industrial Average was down slightly in early trading, with a fall of 0.22% to 17909.58. McDonald's shares rose 4.28% after it said it had a turnaround plan that it will reveal on 4 May, and Coca Cola saw gains of more than 1% after better than expected profits. Boeing shares fell more than 1.3% after sales missed analysts' expectations.

  12. McDonald's in Japan

    McDonald's outlet in China

    McDonald's first quarter like-for-like sales fell 8.3% for the Asia Pacific, Middle East and Africa regions. This was mainly due to "prolonged, broad-based consumer perception issues in Japan." In January, McDonald's apologised after a human tooth, plastic, and vinyl were among objects found in its food in Japan.

  13. France's frozen Russia warship deal

    Vladivostok in dock near Saint-Nazaire

    President Francois Hollande says that France will reimburse Russia if it fails to deliver two Mistral helicopter carrier warships in a deal frozen over the Ukraine conflict. "According to the different scenarios you either have payment or reimbursement," Mr Hollande said. He said that he will broach all aspects of the frozen deal when he meets Russian President Vladimir Putin later this week, but that delivery was not possible in the current conditions.

  14. Boeing airliners

    Boeing 737-800 airplane being assembled at Boeing's 737 facility in Renton, Washington.

    Boeing said it delivered 184 airliners in the quarter, up from 161 in the same period last year, with two-thirds of them for the venerable 737 jet. Orders rose by a net figure of 110 in the quarter, and Boeing now has 5,700 orders on its books. About half are for an upcoming version of the 737. The backlog is valued at $495bn.

  15. Tesco pensions

    Kevin Peachey

    Personal finance reporter, BBC News

    "Tesco wants to close its defined benefit pension scheme - which guarantees a pension based on earnings and length of service - to new members and for existing members' future accrual.

    This means that, should the change happen, all entitlements to date would be preserved, but staff would then move to a defined contribution scheme."

    Read Kevin's full article.

  16. McDonald's US and European sales

    Ronald McDonald in Macy's parade

    In the US, McDonald's like-for-like sales declined 2.6% in the first quarter "reflecting negative guest traffic", the company said - we're guessing that means it had fewer customers. In Europe, the firm saw sales growth in the UK, but this was more than offset by "weak results" in France and Russia.

  17. Boeing earnings

    boeing planes

    Boeing delivered more airliners in the first quarter, which helped prop the company up amid slow defence sales. First-quarter earnings rose 38% to $1.34bn (£890m). Sales rose 8% to $22.15bn, although that missed analysts' expectations.

  18. Coca cola beats expectations

    Cans of coke

    Coca-Cola's first quarter net profit fell 4% to $1.6bn (£1.06bn) the company has said. The figures beat Wall Street expectations after the world's largest soft drinks maker raised prices to offset slower growth.

  19. New-look live page

    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.

  20. McDonald's sales fall

    McDonald's chicken nuggets

    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.

  21. Hatton Garden heist

    Hatton garden heist

    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.

  22. 'An ant scaling the Himalayas'

    People climbing up an ice-covered mountain

    "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.

  23. Flash crash

    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.

  24. Via Twitter

    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

  25. Gazprom denies EU charges

    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.

  26. Via Twitter

    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

  27. Tesco shares fall

    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.

  28. Merrill Lynch fine

    FCA logo

    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 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".

  29. Germany lifts growth forecast

    german flag

    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."

  30. Via Blog

    Tesco hits the bottom

    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.

  31. Post update

    Gazprom probe

    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.

  32. Via Twitter

    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

  33. Tesco compared


    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.

  34. 'Another shocker'

    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.

  35. Bank of England

    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.

  36. No rights issue at Tesco

    Tesco sign

    Tesco boss Dave Lewis has ruled out a rights issue - that is, offering shareholders the chance to buy new shares as a way to help the firm to raise money - saying it would rather raise cash from asset sales to help reduce debt. "Our aspiration is to maintain the profit level at what it was last year but you should understand that if we feel we have to make further investments to keep the momentum of the business going ... we would," Mr Lewis said.

  37. Bank of England decision unanimous

    Bank of england

    The Bank of England's minutes show that the decision to leave interest rates at their record low of 0.5% earlier this month was unanimous. The nine members of the Monetary Policy Committee voted to leave rates on hold. The minutes, however, did reveal that for two members the decision remained "finely balanced". Late last year, two members of the MPC, Martin Weale and Ian McCafferty voted in favour of a rate increase, but rejoined the no-hike majority in January after inflation fell.

  38. Job title pain?

    man at desk

    It's not just about ego, getting people's job titles right could actually save businesses money, according to global management consultancy, Hay Group. Almost two thirds of HR managers (58%) blame poor job descriptions for employees leaving the firm, according to its survey of 750 HR managers. "Get job descriptions wrong and you'll recruit the wrong people, demotivating the team and increasing staff turnover, leading to underperformance," says Iain Fitzpatrick, VP at Hay Group. What say you?

  39. Chipotle pulled pork


    Mexican restaurant Chipotle's boss admitted last night that the chain's pork shortage causing it to run short on carnitas was "a challenge". "We are exploring options to increase the supply of pork that meets our high standards, " said Steve Ells, founder, chairman and co-chief executive of Chipotle. Yet the restaurant chain still managed to break the billion-dollar barrier for the first time in a single quarter. Sales rose 20% to $1.09bn, driven by new restaurant openings.

  40. Tesco boss optimistic


    Tesco's new boss is determined to remain optimistic despite the losses. "More people are buying more things at Tesco - this an important first step," Dave Lewis told journalists on a conference call following the results.

  41. Tesco

    Bernstein analyst Bruno Monteyne is relatively upbeat on Tesco's chances of turning its fortunes around, saying it has as 75% chance of success. "The bull case for Tesco has changed, we are no longer talking of 'excessive pessimism' built into the share price (rights issue, no margin recovery possible), we are now talking about 'how will the recovery look', 'how much would it be worth if all works out' and 'what more do we need to see to back it'," he writes.

  42. Via Email

    Tesco earnings

    Crawford Spence

    Warwick Business School

    These figures are absolutely huge - nearly the biggest loss in UK corporate history. However, they need to be understood in context. They relate mostly to asset write-downs rather than poor trading performance. Underlying trading performance for Tesco has actually not been too bad in recent months. In many ways Tesco has decided to make these losses now rather than later.

  43. Tesco shares rise

    Tesco share graph

    Tesco's shares have eked out a small rise in the first few minutes of trading, currently 0.3% higher at 235.6p. That's despite the supermarket chain announcing the worst loss in its history.

  44. Nikkei closes at highest level for 15 years


    Tokyo's benchmark index closed above 20,000 for the first time in 15 years. The Nikkei 225 index at the Tokyo Stock Exchange added 1.13%, to finish at 20,133.90. It last closed above the psychologically important 20k level in April 2000.

  45. New boss for Volvo

    Volvo sign

    Swedish truck maker Volvo has appointed 47-year old Martin Lundstedt as its new president and chief executive. The former Scania Group boss will take up the new role in October, replacing Olof Persson who has led the firm for the past four years.

  46. Tesco earnings

    Despite announcing the worst results in its history, Mr Lewis has warned this still isn't the end of the bad news for Tesco: "we are not expecting any let up in the months ahead." "When you add to this the fundamental changes we are making to our business and our offer, it is likely to lead to an increased level of volatility in short-term performance," he added.

  47. Via Email

    'The end of the Tesco era'

    "This is the official end of the Tesco era," emails John Ibbotson of the retail consultants, Retail Vision. "There's a long way to go yet before the agile new Tesco that is emerging becomes a profitable Tesco once again. And even when it does recover, it will never again be the force it once was. With this huge loss, the decadent retail dynasty of Tesco has come to an end."

  48. Via Twitter

    Joshua Raymond

    City Index analyst

    #Tesco property valuation now worth £22.9bn, loss of £7.6bn in 1yr. Basically a 25% decline in value = clearly overstated before.

  49. Via Twitter

    BBC Radio 4

    Tesco quote

    "Tesco used to be a great innovative company...If you stop innovating you're dead," - Ex-Northern Foods Lord Haskins.

  50. Rolls Royce boss


    Rolls-Royce boss John Rishton, who has been at the helm since 2011 and a top executive in various guises for 14 years, says he's decided "it is time for a change in lifestyle". "While there is clearly more to do, the company is better placed to face the future," he adds.

  51. Tesco earnings


    In terms of how the firm has actually traded - most of these losses are to do with property prices, not selling bread and milk - UK like-for-like sales excluding fuel declined by 3.6%. The firm said it has also agreed a plan with the trustees of its pension scheme to pay £270m a year to help mend its £3.89bn pension deficit. The firm has also started a consultation with staff to replace the current defined benefit pension scheme with a cheaper defined contribution scheme

  52. Via Twitter

    Kamal Ahmed

    BBC Business editor

    Tesco has kitchen-sinked it, and thrown in the dishwasher, the washing machine and deep fat fryer as well.

  53. BreakingBreaking News

    New Rolls-Royce boss

    It's not all about Tesco. Rolls-Royce has slipped out an announcement revealing that current chief executive John Rishton will retire on 2 July. Warren East, former boss of semi-conductor firm ARM Holdings for 12 years, has been appointed to take the reins.

  54. Tesco earnings

    New Tesco boss Dave Lewis, who took the helm last year, says it has been "a very difficult year". "The results we have published today reflect a deterioration in the market and, more significantly, an erosion of our competitiveness over recent years," he says. Mr Lewis says it now wants to "draw a line under the past." "Already we are beginning to see early encouraging signs from what we've done so far," he says.

  55. Tesco earnings

    That's a record loss for Tesco. "Challenging industry conditions and the decline in profit over the last year have resulted in an impairment charge of £3.8bn against our trading stores," it said. There's also a £925m charge for the 49 sites it decided not to build.

  56. BreakingBreaking News

    Tesco earnings


    Tesco results are out. The supermarket giant has posted a full-year loss before tax of £6.4bn after revising down the value of its property portfolio. Last year it posted a profit of £2.26bn.

  57. 'Flash crash'

    BBC Radio 4

    A British trader has been accused of causing a fall or "flash crash" on the Dow Jones stock index in the US. "Flash crash is a nice key word to cite but the case has very little to do with a flash crash" because an individual would not have access to the technology needed to cause such a thing, says Lloyds's Mr Stadlmann. It's more likely to be a "classic case" of alleged fraud, he said.

  58. Facebook earnings

    BBC Radio 4


    Facebook has earnings later today. "The key question at Facebook will be what's up with WhatsApp?" says Markus Stadlmann, chief investment officer at Lloyds private banking on Today. He says that Facebook, owner of WhatsApp, "hasn't done much with it. The question is, what's the business model for WhatsApp?"

  59. 'The deficit is a mega mortgage'

    Radio 5 live

    Chuka Umunna

    Shadow business secretary Chuka Umunna likens the deficit to a "mega mortgage" and the Labour party's policy to pay it off by the end of the coming parliament as the behaviour of a sensible home owner. "Do you seek to pay off your 25-year mortgage in five years or equally go to the other extreme and not pay my mortgage at all? The sensible position enables you to reduce your mortgage over time but also need to lead your life," he tells Wake Up to Money.

  60. Tesco results

    BBC Radio 4

    Tesco results come in at 07:00. Stuart Robinson, a commercial property consultant at CBRE, tells Today "we are seeing the most fundamental change in shopping habits." A 38% drop in store construction since 2012 shows what's going on, he says, pointing out that store values have been written down after this "dramatic change" in how people shop.

  61. Sky in focus

    Radio 5 live

    Sky in Germany

    Sky's strong results on Tuesday have scotched any possibility of the pay-TV firm as a potential takeover target after the heavy price it paid to maintain Premier League superiority, says Justin Urquhart Stewart, co-founder and director, at Seven Investment Management. "Sky has done very well. It's amazing that they're able to get people to pay so much for a television service. It's a very impressive way to build up a customer base," he says.

  62. Tesco eyes pension cuts

    Radio 5 live

    Tesco is expected to announce changes to its defined benefit pension for employees to see if it can cut the costs of running it. Malcolm McLean, pensions consultant at Barnett Waddingham, says it wouldn't be surprising if the supermarket chain made changes to the scheme. "It cost £542m to service the pension scheme last year. We're talking about big money," he says.

  63. Good morning

    Good morning! All eyes on Tesco this morning. The supermarket chain will announce its full year results at 7am, with some analysts forecasting a loss of £5bn. Meanwhile, in the UK a financial trader accused of contributing to the 2010 Wall Street "flash crash" is due to appear at an extradition hearing at Westminster Magistrates' Court later. You can email us at or tweet @bbcbusiness.