Leahy on investors

Flush from reporting bumper profits, Tesco's chief executive, Sir Terry Leahy, warned that stock market speculators could harm UK business.

Addressing a London Business Forum seminar, Sir Terry said short-term investors were important but he would like to see investors that "believe in the business and its potential, rather than betting on a stock market price". Sir Terry, who in 14 years has quadrupled turnover, said Tesco's market capitalisation had been sold 15 times: "It is a share you want to own so you have to wonder how economically efficient that is."

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