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• The UK Press Association reports that Richard Black of Legal & General Investment Management, Tesco’s third-biggest shareholder, has called for the company to pull out of the US and sell its Fresh & Easy chain in the western part of the country.

Black also says that he thinks that Tesco should get out of the banking business in the UK and refocus its efforts on the core grocery business.

"Strategically, the business needs to think about its capital allocation and return on capital,” Black says. "It needs to think long and hard about what it wants to be - can it be everything to everyone, or should it focus on its gem, the British grocery business? Of course, this is likely to raise questions about other areas of the business, such as America and the bank."
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