Agenda for Tesco CEO: price cuts, board & UKTesco needs to reduce, rebuild and review. Friday saw a jumbo profit alert from the UK grocer, plus a big cut to the interim dividend and a lowered capex budget. The good news was that the new chief executive is to arrive a month earlier than originally envisaged. This kitchen-sinking will make life easier for Dave Lewis when he starts on September 1. But his trolley is still loaded high with problems.Top of the agenda is the supermarket price war. Tesco has done little more than skirmish so far, for example by offering repeat shoppers cheaper fuel. Lewis has to get bigger guns blazing. He needs to stem the flow of custom to mainstream and upstart hard-discount rivals, notably Asda and Aldi. Tesco founder Jack Cohen piled it high and sold it cheap. The best of his successors have done the same. In joining that cohort, Lewis should focus the fight on one front, and the mass market is more important than the upmarket.To succeed, Lewis also

The three Rs

Reuters

German soccer glory was predictable, with luck

Germane

Numbers show Germany will beat Brazil to World Cup

Soccernomics two

Doubt full discount

Business Standard

Three ways for FIFA to score on governance

Beautiful or damned?

Soccernomics

Pimco outflows are a wake-up call for Allianz

Too passive, too tense

Diageo throws money at Indian empire-building

Risky whisky

Key grip

Unilever washes off emerging market uncertainties

Soft soap 

Nestle lacks a good reason to sell L'Oreal

Take a break

Unilever's emerging weakness is a strategic hazard

Soft soap

Royal Mail should price below middle of IPO range

Stamp booty

Nestle miss leaves the shares less than appetising

Indigestion

It is time the UK buried Thatcher's europhobia

Mummy's boy

Tokyo stocks: This time could really be different

Turning Japanese

Shareholders in News Corp would be forgiven for being outraged at a report that Rebekah Brooks, the former CEO of News Corp&rsquo;s UK newspapers, has received a 7 million pound &ldquo;payoff&rdquo;. She left her post in July last year as allegations of phone hacking engulfed the News of the World and led to the abrupt closure of the Sunday tabloid owned by the company.

Happy sad

Don&rsquo;t laugh, the European Union deserves its Nobel Peace Prize. Its faults and flaws are many. Financial strains may yet scupper the whole project.

Nobel laud

Tesco is finally admitting that its American dream has gone sour. But the likely exit from the United States will focus investor concern on a much bigger issue: the health of its core business in Britain and its hotchpotch of other international markets.

Checking out

Global equities have had a good summer. The S&amp;P 500 index of US shares has risen 10 per cent in the last three months; European shares even more. Optimism also showed in bond yield shifts, though recent moves underline the depth of ongoing doubts. The world still has serious problems, and near-term reversals are possible, but asset allocators should hold their nerve.

Cross eyed

All eyes are drawn to the blurred, but unmistakably fleshy, image on the right-hand side of Britain's best selling tabloid front page. But the genuinely revealing bit was to the left. There, in headline-sized type, are the words: &quot;Pic of naked Harry you've already seen on the internet&quot;.

Robert Cole

Robert Cole

Page 2 - Robert Cole

The three Rs

Germane

Soccernomics two

Doubt full discount

Beautiful or damned?

Soccernomics

Too passive, too tense

Risky whisky

Key grip

Soft soap

Take a break

Soft soap

Stamp booty

Indigestion

Mummy's boy

Turning Japanese

Happy sad

Nobel laud

Checking out

Cross eyed