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Tesco suspends execs over inflated profit report

LONDON (AP) — Tesco, Britain's largest retailer by revenue, has suspended four executives and launched an accounting investigation after admitting that its half-year profit was overstated by 250 million pounds ($407 million).
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In this Nov. 22 2012 photo, Po Po Aung, left and Cho Cho Aung right count sticks-that reflects the tally of baskets of gravel they hulled in a riverside barge in Yangon, Myanmar. The sisters haul gravel for less than 4 cents for each 20 kilogram (44 pound) basket, earning money to pay for school fees. From India to Indonesia, Myanmar and the Philippines, overcrowded cities have become studies in extremes of deprivation and wealth. (AP Photo/Gemunu Amarasinghe)Your daily look at late-breaking news, upcoming events and the stories that will be talked about today:



Tesco CEO says Robin Terrell will lead UK business

LONDON (Reuters) - Tesco's new chief executive Dave Lewis said Robin Terrell had stepped in to lead the grocer's UK leadership team in the wake of the firm's accounting issue, which has resulted in four employees stepping aside. Terrell was previously Tesco's group multi-channel director. In a conference call with reporters Lewis declined to comment on whether UK managing director Chris Bush was one of the employees asked to step aside while investigations continue. The BBC and Sky News had reported that Bush was one of the four. (Reporting by James Davey; editing by Kate Holton)
Tesco cuts profit outlook again and suspends staff after accounting error

A sign spells out the store name on a Tesco store in Bow, east LondonBy James Davey LONDON (Reuters) - Tesco cut its profit forecast for the third time this year on Monday and suspended four members of staff after finding a fault in its accounts, another blow to the reputation of Britain's biggest grocer. The company's shares fell 12 percent after Tesco said it had called in new accountants to investigate an error that forced it to cut its first-half profit outlook by 250 million pounds ($408.50 million). A profit warning on Aug. 29 had overstated expected first half profit by 23 percent, it said. ...



Kurds say they have halted Islamic State advance on Syrian town

Kurdish Peshmerga fighters take part in field training to fight Islamic State militants at Mount Batnaya near ZummarBEIRUT (Reuters) - Syrian Kurdish fighters have halted an advance by Islamic State fighters to the east of a predominantly Kurdish town near the border with Turkey, a spokesman for the main armed Kurdish group said. "Fierce clashes are still under way but the ISIS (Islamic State) advance to the east of Kobani has been halted since last night," Redur Xelil, spokesman for the main Kurdish armed group, the YPG, said via Skype. He said the eastern front was the scene of the fiercest fighting in the offensive launched by Islamic State last Tuesday on Kobani, also known in Arabic as Ayn al-Arab. ...





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