here at tesco hq dave lewis had only just started as the new ceo.rted as the new ceoi here at tesco hq dave lewis had only just started as the new ceo. i will investigate and speak to anyone and eve ryo ne investigate and speak to anyone and everyone who can help me understand what has gone on. investigations and fines, a business haemorrhaging sales and customers and a record £6 billion loss, the biggest in retail history. tesco had badly lost its way. over the past five years dave lewis took this business back to basics, from selling assets like dobbies garden centre to improving stories and tesco offer. he also cut costs a nd stories and tesco offer. he also cut costs and jobs. today he said that the turnaround was complete and it was time to move on. you will be remembered as the man who brought tesco out of a deep hole and tesco was broken in many ways notjust with pricing and quality of products but loss of customers across the board whether from products, pricing, quality, the brand. tesco is almost back to where it once was. he also brought

it is, many people thought dave lewis might stay ona people thought dave lewis might stay on a bit longernd he engineered. but timing is everything in business and i think dave lewis realised it wasn't going to get much better than the set of results. he joined the company when it was in disarray and there had been a string of profit warnings and there was an accounting scandal. tesco was in ms and he has done a lot. he sacked quite a few thousand staff, change the senior management and move to head office and the results have been overshadowed by the news of his departure. like for like sales, tough comparison with last year because last year was a good one for tesco. at the operating margin, which is what a lot of people look at was back up to 4%. a level it has not been at since the glory days. the grocery market is super competitive. aldi and lidl are snapping up tesco's heels, sainsbury‘s is cutting costs very hard. it is not going to get that much easier in the future so his timing is probably impeccable. 0k, as we were mentioning, some critics saying the job is far from as we were

dave lewis has been in charge since 2014.day after the bosses of both waitrose and argos also announced they were leaving. kate hardcastle is a retail analyst at insight with passion and she's in our leeds studio. dave lewis says his job is done, is it? what might his successor do differently? well, like every retailer out there, there is a constant evolving that needs to happen to make sure you have a strong future. if you look at his work, when he came into the business, not as a retailer, somebody that came from outside of the sector, he joined a somebody that came from outside of the sector, hejoined a company somebody that came from outside of the sector, he joined a company that was experiencing profit warnings, there was a huge accounting scandal and he has announced his departure next year. he is leaving a business that just announced a next year. he is leaving a business thatjust announced a decent profit situation and also sales that are certainly much better than they were. a business that looks like it has a futur

ken murphy is going to succeed dave lewis. dave lewis will step down as ceo of the u.k. crozier. murphy will step up as the top boss at the food shop. the company also came out with earnings, of course. big numbers that beat expectations. the first half adjusted operating profit was 1.4 one billion pounds. the estimate was for 1.3 billion pounds. tesco doing better than the street expected, also in terms of sales. tesco had first half revenue of 31.9 billion pounds compared to 31.8 -- .79 in the estimate. willig news is dave lewis leave. ken murphy is succeeding him. ultimatum from boris johnson. the u.k. pm is set to tell brussels to negotiate brexit on his terms were facing no deal divorce. he will set out more details when he speaks to the conference in manchester later today with his office saying he will present a fair and reasonable compromise to the eu. the chairman told the conference the government is prepared for no deal. >> i understand the uncertainty around brexit can be challenging. our step change in preparations has made a deal outcome more deal outcome no more ma

this is what dave lewis told steph in july.ristmas, so there will be less capacity. but we will do whatever is practical depending on how things develop between now and then. so, what are we expecting today? we will get results in about ten minutes, i'll bring them to you as soon we get them. it's interesting comparing this year with last year, last year had a good summer, we had the world cup, so a big boost in spending, now it will be a hard act to follow. the numbers may be difficult. as we heard from dave lewis earlier in the year, he said the cost—cutting turnaround plan is going well. so what i'm going to look at, and this is always the trick, all the devil is in the detail. all the devil is in the detail. i'll have those details for you just after seven a.m.. thank you. she may be one of the most famous actors in the world right now, but even renee zellweger got a little bit nervous when it came to her latest role. you could hear her giggles coming down the corridor, when she came in for the interview, she shook everyone

over the past five years dave lewis took this business back to basics, from selling assets like dobbiesve on. iam though going to step away, take some time, think about what it is i want to do for the next 10—15 years, and i will be honest with you, i have no idea. you will be remembered as the man who brought tesco out of a deep hole. it was broken in many ways, notjust pricing hole. it was broken in many ways, not just pricing and hole. it was broken in many ways, notjust pricing and quality of products, but lost the trust of customers across the board, whether it's from products, pricing, quality, the brand of the customers, tesco is back to where it once was. he also bought this business, booker, britain's biggest wholesaler, which supplies thousands of corners and corner shops, restau ra nts, of corners and corner shops, restaurants, giving tesco a slice of this market as well, and some much needed growth. but tesco still got plenty of challenges ahead from the discounters to brexit. dave lewes may have a lot on his plate before he leaves next year. his successor will have big boot

dave lewis has decided to move away from that business. later this week on bloomberg tv and radio, guy johnson will be speaking with the chicago fed president in madrid. you can catch that conversation after 7:30 a.m. tomorrow. the oecdwill speak to secretary-general fresh out of a meeting with angela merkel this week. we will get his take on trade tensions and fiscal stimulus. ♪ matt: welcome back to bloomberg markets. this is "the european open. we are 15 minutes away from the cash equities trade, still looking at red arrows across european equity indexed interest after a rush day -- a rough day forecast trade in the u.s.. ray dalio says the trump administration may be inching toward bigger moves against china. the bridgewater associates cochairman wrote that limiting capital flows to china must be considered among the possibilities. dalio's comments follow a bloomberg scoop on the white -- an official saying there is no discussion of such measures at this time. is the oecdow secretary-general. thank you for coming in. let me first ask y

dave lewis took over at britain's biggest retailer five years ago at a turbulent time.o replace him. the construction sector is suffering its worst downturn since the financial crisis. a closely watched survey suggests that building activity in september fell at the second fastest rate since 2009 — although the downturn injune of this year was even deeper. the economists behind the research say that brexit and the weak outlook for the overall economy are to blame. the cash machine provider link is promising to spend £1 million putting machines in communities where people are finding it hard to access cash. it's enough to pay for up to 50 atms in so—called ‘cash deserts‘. with their use in decline, the consumer group which? recently complained they were being removed more quickly in deprived areas. so, with fewer people using them, cash machines have been disappearing, hundreds every month, and consumer group which says the poorest areas have been seeing free machines vanish quickest. now, the biggest provider of cash machines, link, has decided to install free—to—access

tesco has announced that its chief executive dave lewis is stepping down after five years in the rolelan said he had accepted the resignation with "regret". the departure was announced as tesco reported a rise in profits. our business presenter dominic 0'connell said mr lewis' decision was a surprise. timing is everything in business, i think dave lewis realised it wasn't going to get much better with the results. hejoined the going to get much better with the results. he joined the company in disarray, there had been a string of profit warnings, there was an accounting scandal. he has turned around, he has actually done quite a lot, he sacked a few thousand staff, change their senior management and move their head office. he said the results were rather overshadowed by the news of his departure. like sales were flat but a tough comparison to last year because last year was quite a good one for tesco. but in the operating margin was back up but in the operating margin was back up to 4%, a level it has not been out since the glory days. really, he can say that it is kind ofjob done on

thank you, chief oil analyst tesco has announced chief ceo dave lewis will step down. he said the decision to leave was a personal run the company reported a price in fourth quarter profit. >>> boris johnson will unveil his final office to the european union today. he will reveal details of his brexit plan before submitting the proposal to brussels he will describe his deal as a, quote, fair and reasonable compromise and is expected to rule out negotiation delay if brussels does not move on with the over adding that the only way to move on is to come out of the eu on october 31 big day for the uk >>> also coming up, hong kong police respond to the shooting of an 18-year-old protester. more on this story after this break. your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve s

this is what they are calling dave lewis.en led a massive turnaround plan for britain's biggest supermarket chain. five years on he has surprised a nalysts five years on he has surprised analysts by announcing he will be leaving next summer and he said the decision was a personal one. he will be replaced by ken murphy, someone who has held a number of senior positions at the company who owns the chemist chain boots. carl mckeever is the managing director of the retail consultancy visual thinking. is it overstating it to say he was the man who saved tesco? no, you are quite right and many retail ceos would be of the same view. he has achieved nothing short ofa view. he has achieved nothing short of a remarkable turnaround in the la st of a remarkable turnaround in the last five years. he took over at a time when competition was really starting to hot up in the grocery sector. the discounters aldi and lidl snapping at the heels of the big, traditional retail grocers. do you think he did enough to fend off that competition? i th

matt: tesco has announced its ceo, dave lewis, will step down next summer and will be succeeded by aoice, walgreens boots alliances' ken murphy. u.k. investors love their supermarkets and this is a surprise change at the top. >> you are right, matt, absolutely. this is a surprise change. there was speculation lewis would step down because he had been around for five years at the top of the company. he has been instrumental to the turnaround of tesco, which despite the brexit jitters, has increased its profitability, cut costs, laid off people, extended businesses. there were rumors. but the choice they're making for this dark horse, for -- a top walgreens boots alliances is quite, ken murphy, surprising. there's speculation they would get somebody internally to step up to the ceo role. >> auto sales posting near record results, but shares are currently falling to the u.s. manufacturers as investors doubt the u.s. car market can sustain the near record results for much longer. general motors says u.s. sales rose, but not as much as expected. meanwhile, ford's third quarter sales fell

tesco, dave lewis, is stepping down. leaving after is a nine year 10-year. bank is saying goodbye. martin gilbert is leaving. ♪ ♪ matt: good morning from berlin. i am matt miller. this is "bloomberg daybreak: europe," and these are today's top stories. payroll pessimism. data points to a bleaker picture ahead for today's key jobs report and comments from jay powell. giveso the wire, the e.u. boris johnson one week to revise his brexit deal or risk a humiliating postponement of the u.k.'s departure. is drawn into donald trump's impeachment drama. beijing tolaus on investigate joe biden and his son. good morning. well "bloomberg daybreak: europe ." i am matt miller in berlin. look at futures. even after the disappointing u.s. services data we got out nonmanufacturing gauge disappointed. we still see futures rising here , ftse futures doing quite well at .6%. in london, we have breaking news on bp. shuffle of the c-suite we have seen, bob dudley is reportedly going to retire. he will be succeeded by bernard looney. bp ceo bob dudley is going to replaced and wil

. >> tesco ceo dave lewis is stepping down. he will leave the business next year.enneth murphy will replace him. murphy is currently vice president at walgreens. this comes as tesco reported profits for the first half that beat estimates. martin gilbert is retiring from standard life aberdeen. he lost his grip on power in march when the asset manager scrapped its structure. he founded aberdeen asset management in the 1980's and merged with standard life in 2017, making him a cohead of the uk's largest active asset manager. he will step down in september of 2020. in an internal memo about tidjane thiam praised the investigation into the spine debacle, saying quote full accountability has been taken. he described recent events as deeply regrettable. butboard exonerated thiam the chief operating officer was ousted. that is your bloomberg business flash. francine: thank you. an ultimatum from boris johnson. the prime minister has told brussels to negotiate on his terms or face a no deal divorce. he will set up more details when he speaks in manchester data today with h