Compounding an already miserable year for supermarket giant Tesco, the company yesterday announced a 92% fall in pre-tax profits in the six months to the end of August.

Tesco has announced a 92% profits plunge and warned of more pain to come after the discovery of a worse-than-expected £263 million hole in its accounts.

Tesco will reveal a steep fall in half-year profits next week in the wake of a catalogue of disasters including a £250m accounting error that has seen eight of its executives suspended.

Embattled supermarket Tesco has announced that it is beefing up its board as it battles sliding sales and faces a probe into a £250m accounting blunder.

Tesco has been plunged into fresh turmoil following the suspension of four UK executives while it investigates a £250m over-statement of profits.

Britain’s biggest retailer Tesco has slashed its interim dividend by 75%, as tough trading conditions forced it to cut its profit forecast for the second time in two months.

Tesco replaced CEO Philip Clarke after first-half profit trailed expectations, the latest in a series of setbacks since the company veteran took the helm in 2011.

Tesco chief executive Philip Clarke is to quit as the boss of Britain’s biggest supermarket.

Shareholders at Tesco’s annual meeting yesterday berated the British retailer’s board for its low share price and poor results, and questioned whether management knew what it was doing.

Tesco bosses pleaded for more time for their turnaround today after coming under fire from unhappy shareholders at the supermarket’s annual meeting in the UK.

Insurance giant Aviva today announced that former Australian banking boss John McFarlane will become its chairman from next June.

Supermarket giant Tesco today said Sir Richard Broadbent will take on one of the biggest roles in UK business when he replaces David Reid as chairman in November.

The row over banker’s pay in Britain has been reignited after reports Barclays boss Bob Diamond could be in line to receive a bonus package of more than £9m (€10.7m).

A banker at Barclays netted £22m (€32.5m) in salary, shares and bonuses last year and owns stock in the group worth nearly £65m (€96m), it was revealed today.