Tesco posts £1.6bn profit as global markets recover

Tesco raised hopes of avoiding a double-dip recession after posting a first-half pre-tax profit of £1.6bn.

Terry Leahy, chief executive suggested that developed markets like the UK could be stabilised in the wake of Asian growth, avoiding a fall back into recession.

"My starting point is the global economy, which is in a pretty robust recovery," he said.

"If you look at the customer psychology and the pulling power of the developing markets, I think they will pull Europe and the United States into a stable and established recovery."

Read a full report at the Daily Telegraph ·