The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Tesco, Superdry, Vertu Motors, SSE, WANdisco and Topps Tiles. Read the Wednesday 4 October Business Live blog below.
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Ex-crypto king Sam Bankman-Fried goes on trial for ‘biggest fraud in history’
Sam Bankman-Fried’s trial kicked off yesterday in what has been dubbed as a ‘watershed’ moment for the world of crypto.
The disgraced tycoon, who founded cryptocurrency exchange FTX in 2019, is facing trial for alleged financial crimes stemming from the collapse of the business in November last year.
Tesco lifts profit forecast
Tesco has raised its full-year profit guidance after Britain’s biggest retail enjoyed a better-than-expected first half and easing levels of cost inflation.
Ken Murphy, chief executive, said:
‘Our investments in value, and in improving more than 1,100 own brand products from pasta to fresh fish, are helping us to offer outstanding quality at great prices, all underpinned by market-leading availability.
‘Customers are responding well, contributing to market share gains in store and online. We’re seeing the results at both ends of the basket, with strong growth in our Finest range as shoppers look to save by treating themselves at home, voting with their feet as they switch from premium retailers to Tesco.
‘This relentless focus on customers, combined with significant cost reductions from our Save to Invest programme, has driven our strong performance in the first half of the year. Food inflation fell across the half and while external pressures remain, we expect that it will continue to do so in the second half of the year.
‘We are in a strong position to keep investing for customers, and will continue to lower prices wherever we can – doing everything in our power to make sure customers can have a fantastic, affordable Christmas by shopping at Tesco.’
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