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Tesco suspends four executives after overstating profits by £250m

Tesco's unexpected profit warning sent its shares to an 11-year low today after the supermarket warned it may have overstated profits by £250 million.

The revelation has prompted the suspension of four senior executives and will be investigated independently by Deloitte.

ITV News Economics Editor Richard Edgar reports:

Weather: A chilly night for many parts of the UK

Tonight a cold front will sink further south east and either side of that in the north and south it will be chilly but where it remains cloudy temperatures will stay mild.

Tomorrow is the first day of Autumn and the north will have outbreaks of rain but the south will enjoy pleasant spells of sunshine before the cloud increases during the day. ITV's weather presenter Alex Beresford has the latest:


Mother-in-law of Latvian suspect: 'He must be caught soon'

The mother-in-law of Latvian Arnis Zalkalns, who is being sought in connection with the disappearance of Alice Gross, says she hopes he will be caught soon.

Viktorija Zalkalne. Credit: ITV News

In 1998 Zalkalns was convicted of bludgeoning and stabbing his wife Rudite Zalkalns to death in Latvia and served seven years in prison.

Ms Zalkalns' mother Viktorija told ITV News:

We tried to forget it. And now suddenly journalists arrive start asking questions... Relatives were already blaming me for talking but I thought – he has to be caught sooner. He has to be caught as soon as possible because he was sentenced with such short time for a planned murder.

– Viktorija Zalkalne

Speaking about the killing of her daughter Ms Zalkalne said:

I couldn't understand it. How can a human being do something like that to another person? He was her first man, her first love, her first child. Everything was the first.

– Viktorija Zalkalne


Tesco shares shed 10% after shock profit warning

Storm clouds are gathering over Tesco after shares lost a further 10% on Monday. Credit: Luke MacGregor/Reuters

Shares in Tesco have closed down more than 10% after the shock profit warning issued by Britain's largest supermarket chain this morning.

The stock shed 23.7p to end the day at 205.9p, meaning that the FTSE 100 member has lost almost 40% of its value since the start of this year. Tesco is now worth £16.7bn and now faces speculation that it could be a takeover target.

Shares in rival Sainsbury's have also sunk since January, with its stock falling by 23% in the same period, and Morrisons declining by more than 31%. Asda, the other big supermarket chain, is owned by US retail giant Walmart.

Keith Bowman, equity analyst at Hargreaves Lansdown, said: "Tesco has dealt investors a severe blow to confidence, with fellow food retailers also suffering."

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