All the latest business and financial news, including the biggest loss in Tesco’s history and Greece’s debt talksTesco shocks City with £6.38bn lossCEO: It’s been a very difficult year 7.16am BST Dave Lewis, the executive parachuted into Tesco last summer to rebuilt its fortunes, admits that it has been “a very difficult year for Tesco”.The results we have published today reflect a deterioration in the market and, more significantly, an erosion of our competitiveness over recent years. We have faced into this reality, sought to draw a line under the past and begun to rebuild, and already we are beginning to see early encouraging signs from what we’ve done so far.“The market is still challenging and we are not expecting any let up in the months ahead.” 7.14am BST Trading profits, which strip out one-off factors, have also tumbled. Tesco posted a trading profit of £1.4bn for the last financial year, down 58.2% year-on-year. 7.11am BST Today’s results show that Tesco is struggling in the increasingly competitive supermarket sector. Like-for-like sales, excluding fuel and VAT, fell by 1.7% in the last quarter. 7.09am BST The City was braced for something nasty, after Sky reported last night that the loss could reach £5bn. But still -- a loss of this scale simply wasn’t expected.Quite obvious why #Tesco leaked the loss story. Imagine if they hadn't, the shock that would have come. £6.38bn loss is huge #kitchensink 7.06am BST It’s a truly stunning loss.Six point three seven billion. Imagine. 7.06am BST Breaking: Britain’s largest supermarket has just stunned the City with the biggest loss in its history.Tesco has posted a loss of almost £6.4bn for 2014, even worse than the most pessimistic analysts had expected. 7.02am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Today we’ll be watching Greece, as usual. Deputy finance ministers from across the eurozone are meeting later to discuss the progress towards locking some aid.#Greece AltFinMin Mardas says gov't is €400ml short in cash needed for end of April payments of wages & pensions. /via @koinoniaoramegaBritain’s biggest supermarket will post its first yearly figures since Mr Lewis was drafted in to turn around its fortunes following a series of profit warnings amid a ferocious price war with rivals. They are expected to show trading profits falling by 58% to £1.4bn, their lowest level for more than a decade. Continue reading...
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