The City roundup video: Getting Tesco back on track

Video: Alex Lawson provides a run-down of the day's major news from the City

Click to follow
The Independent Online

Don't miss out on the goings on in the business world, with our daily round-up of the biggest news from the City.

Tesco chief executive Dave Lewis probably gave his shoes an extra polish this morning as he brought his strategy to get the retailer back on track to the City.

And he certainly cannot be accused of inaction with a raft of changes planned. He is going to close 43 stores, mothball plans for 51 planned shops and has poached Halfords boss Matt Davies to run its UK arm, replacing Chris Bush who was suspended amid its accounting scandal. He’s also ditched its defined benefits pension scheme, sold off streaming arm Blinkbox and will not pay a dividend.

So busy work for the new boy brought in from consumer goods giant Unilever last year to replace Philip Clarke.

But is he simply shooting into an open goal? The sell-off of divisions not devoted to its core discipline of selling baked beans and bananas, like Blinkbox, will always be welcomed by the City when times are hard while taking the opportunity to axe the defined benefits pension scheme was long overdue.