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Tesco boss refuses to confirm UK MD suspended

Tesco announced it overstated its half-year profits by £250m. Credit: Rui Vieira/PA Wire

Tesco chief executive Dave Lewis today declined to confirm reports that UK managing director Chris Bush was among the four members of staff suspended over the profits scandal.

However, he confirmed that Tesco's multichannel director Robin Terrell will lead the UK team.

He added: "We have asked four people to step aside so we can be sure we do the fullest and frankest investigation."

The investigation, which centres on timing issues relating to income received from suppliers, was brought to the attention of Tesco's general counsel by a whistleblower on Friday.

The company carried out a preliminary investigation over the weekend before issuing its profits warning earlier today.

Tesco suspends four staff over profits scandal

Tesco has suspended four employees while the company investigates how their profits came to be overstated by £250 million.

The supermarket made the shock admission today after "finding a problem with its accounts".

The four people, who worked across commercial and operations will step down from their roles while a review is carried out.

Tesco declined to comment.

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City analyst 'flabbergasted' by Tesco profit overstatement

The supermarket has ordered an independent review after discovering the "serious issue". Credit: Peter Byrne/PA Wire

A City analyst has said he is "flabbergasted" by the Tesco profit overstatement of £250 million.

Shore Capital retail analyst Clive Black said: "These are serious times for Tesco and its shareholders."

Tesco shares, which have already fallen by 39% over the last year, slumped by another 11% today.

Phone network EE to buy 58 Phones 4u stores

Phone network EE has said it will buy 58 Phones 4u stores - safeguarding 359 jobs - in a deal with administrator PwC.

The collapse of Phones 4u, which went into administration last week following EE's decision not to renew its contract, affected 5,600 workers at 560 Phones 4u stores and a further 160 concession outlets.

EE said the stores and 359 employees will be transferred with immediate effect. Credit: Philip Toscano/PA Wire

EE said the stores and 359 employees will be transferred with immediate effect, although the location of the shops has not been disclosed.

The stores will be re-branded to EE and it is planned that most will be opened in the next week.

Auditors to undertake 'independent review' of Tesco profits

Tesco has launched a investigation after discovering the Credit: PA

Tesco has ordered auditor firm Deloitte to undertake an "independent and comprehensive" review of their half-year profits after revealing they overstated them by £250 million.

The "error"' involved the accelerated recognition of commercial income and delayed accrual of costs.

New chief executive Dave Lewis, who started in the role on September 1, said: "We have uncovered a serious issue and have responded accordingly.

"The board, my colleagues, our customers and I expect Tesco to operate with integrity and transparency and we will take decisive action as the results of the investigation become clear."

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Sir Richard Branson 'most admired business leader'

Sir Richard Branson has been voted Britain's most admired business leader.

Sir Richard Branson is Britain's most admired business leader, a new poll suggests. Credit: PA Wire

The Virgin boss was was the runaway winner in the survey of FTSE 100 and FTSE 250 chairmen, chief executives, lawyers, accountants and headhunters.

Branson was recognised for his "longevity and impact across a big number of industries."

Among the runners up in the poll, published today in the Sunday Times, was the vacuum cleaner designer Sir James Dyson.

China fines GlaxoSmithKline £297 million for bribery

GlaxoSmithKline has been fined £297 million and its former country manager handed a suspended prison sentence in China for bribery.

GSK accepted the decision by the Changsha Intermediate People's Court in Hunan province that it had bribed doctors and hospitals to use its products, adding it has taken steps to change its working practices.

ITV News China Correspondent Lucy Watson reports from Beijing:

Alibaba's stock market debut values firm at $231 billion

Alibaba's unofficial closing price of $93.89 (£57.56) on its first day trading on the New York Stock Exchange values the company at $231 billion (£141.6 billion).

Traders work on the floor as they wait for a final price on the Alibaba Group Holding Ltd. initial public offering. Credit: REUTERS/Lucas Jackson

Alibaba's shares surged 38% in what looks to be a record initial public offering, while Yahoo! which holds a large stake in the firm, sold some $8 billion (£4.9 billion) worth of shares today.

However, Yahoo still has a 16.3% percent stake in the company.

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