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Tesco profits overstated by £263m

Tesco has announced that it overstated its profits for the first half of the year by £263m, slightly higher than the £250m originally estimated when the company was hit by an accounting scandal.

ITV News Economic Editor Richard Edgar is following developments.

Five of the company's executives have been suspended over the issue and city regulators are investigating what went on.

Chief executive Dave Lewis said the suspensions were not disciplinary but would enable a "full and frank" investigation.


Report: Lloyds to cut 9,000 jobs over next three years

At least 9,000 jobs will be axed at Lloyds Banking Group over the next three years along with an unknown number of branch closures, Reuters has reported, citing sources.

The cuts would amount to 10 per cent of Lloyds' workforce and follow some 30,000 job axings by the company since the financial crisis of 2007 to 2009.

The Government still holds a 25 percent stake in Lloyds Banking Group after a £20.5 billion pound bailout in the wake of the financial crisis. Credit: Paul Faith/PA Archive

Reuters reported the job cuts will be announced by Chief Executive Antonio Horta-Osorio in a three-year strategy review next week.

The report said the increase of online transactions and automated bureaucracy will lead to the closure of some branches.

Around 80 Homebase stores to be closed by 2018

Around 80 stores will be closed by 2018. Credit: Tim Ockenden/PA Wire

Around 25% of Homebase stores will be closed by 2018 as part of plans to "revitalise the business", Home Retail Group has announced.

The announcement - which will mean a reduction of around 80 stores - marks an acceleration of an existing plan for closures.

Home Retail Group said it will redeploy staff within the Group "where possible" or "encourage retailers buying our leases to offer roles within their businesses locally".

Public borrowing up as tax receipts stay largely flat

Borrowing for April to September stands at £58 billion, 10% higher than for the same period in 2013/14.

Taxes on income and wealth for September of £13.1 billion were flat on the same month last year and just 0.6% ahead for the year to date.

Within this, revenues from income tax and capital gains tax rose 2.2% for the month and 0.1% for the year to date.


Blow for Osborne as public spending deficit widens

A squeeze on earnings growth was blamed for the widening deficit. Credit: PA

George Osborne suffered a fresh blow today as the latest official figures showed a widening hole in the public finances.

They showed borrowing for the month, excluding the effects of bank bail-outs, was £11.8 billion, which was 15.3%, or £1.6 billion, ahead of September last year.

It means that halfway through the financial year, the Treasury looks well behind the target for a 12% fall in the annual deficit expected by the independent Office for Budget Responsibility (OBR).

Jennifer Garner: De la Renta 'let the woman be the star'

Garner (right) wearing a de la Renta dress at the 2008 Oscars. Credit: Reuters

Actress Jennifer Garner says Oscar de la Renta was a "gentleman" whose love of women was reflected in the dresses he created.

Garner - who wore a de la Renta dress at the 2008 Oscars, among other occasions - said: "You saw it in every design that he did - he honoured women's features, he honoured our bodies.

He wasn't afraid to pull back and let the woman be the star of the look. I was just lucky to get to wear his designs and get to know him a little bit - just the tiniest bit - as a person.

– Jennifer Garner on Oscar de la Renta

Clintons: De la Renta's eye matched only by his heart

Bill and Hillary Clinton have expressed their sadness at the loss of fashion designer and friend Oscar de la Renta, saying: "Oscar’s remarkable eye was matched only by his generous heart."

Then First Lady Hillary Clinton wearing a de la Renta dress in 1997. Credit: Reuters

Hillary was one of a number of US First Ladies to wear de la Renta designs while in the White House, and the family were also close friends of the fashion heavyweight.

In a statement, the Clintons said: "His singular talent and exquisite taste elevated American fashion, and his warmth and friendship will be missed by our family and all whose lives he touched in his extraordinary journey."

His legacy of philanthropy extended from children in his home country who now have access to education and healthcare, to some of New York’s finest artists whose creativity has been sustained through his support.

We will always be grateful to Oscar for the love he showed us, and for sharing his talent on some of the most important occasions of our lives.

– Clinton family

Driver involved in crash that killed Total CEO 'drunk'

The driver of the snow plow involved in a deadly plane crash that killed the chief executive of French oil company Total was drunk, Russian investigators said.

The crash occurred late last night in an airport in Moscow. A spokesperson for Russia's Investigative Committee said:

At the moment, it is already established that the driver of the snow plow was in a condition of alcoholic intoxication.

– Russia's Investigative Committee
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