The City roundup video: Tesco suffers another blow as Warren Buffett sells off 250m shares

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

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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 suffered another blow today as legendary US investor Warren Buffett sold off at least 250 million shares in the supermarket.

His investment firm Berkshire Hathaway now has a stake of less than 3% having previously owned more than 5% of the UK's biggest supermarket.

Buffett recently said his bet on Tesco had been a "huge mistake".

Elsewhere, it was some good news on the high street with WH Smith and Game Digital both seeing a rise in profits.

WH Smith managed a sixth successive year of growing profits, up to £112 million, with travel stores, particularly at London train stations as airports, performing best.

At Game, the computer game retailer which floated earlier this year, recorded a £7.3 million half year profit and said it expects a strong Christmas as more casual gamers buy the latest generation of Xbox and Playstation consoles.