tesco

Tesco has reported its first decline in annual profits for two decades after taking a £1bn hit from exiting the US market.

Invesco Perpetual's Neil Woodford topped up his stake in supermarket Morrisons as BlackRock sold down its position at the start of 2013, according to reports.

Tesco is considering selling off its loss-making US business Fresh & Easy, announcing it will conduct a strategic review of the retail franchise.

Tesco, the UK's largest retailer, has reported falling profits for the first time in 18 years, its latest financial statement has revealed.

Fixed income managers have expressed concerns a new bubble may be forming in higher-rated corporate bonds as investors pile into the asset class.

Kames Capital's Stephen Adams, head of UK equities and manager of the group's £398m UK Equity fund, has bought a 2% stake in retailer Tesco in anticipation of a re-rating over the coming months.

Standard & Poor's has cut its outlook on Tesco to negative in the belief declining profitability may force it to cut the UK retailer's credit rating in future.

Active managers who use short-term volatility to back their convictions are better placed than ever to prove their worth, according to Simon Brazier, head of UK equities at Threadneedle.

PROFIT WARNINGS

Philip Clarke, the chief executive of Tesco, has opted not to take his £372,000 annual bonus because of the group's poor performance in its core British market.