Spanish Business News

Tesco  is shifting its currency exposure, holding cash and refusing to sign long-term supply contracts in the face of the eurozone crisis.

Britain’s biggest retailer said it was taking the risk of a eurozone break-up “seriously” and had taken steps to reduce its exposure to such an event.

Laurie McIlwee, Tesco’s finance director, said of a possible break-up: “Of course we’ve looked at it. Any business has got to take disruption in the eurozone seriously”.

Tesco’s finance chief said the retailer did not have any businesses directly in the eurozone core but that “currency management has been appropriately derisked”. He did not elaborate but the retailer is thought likely to have cut its euro holdings and moved cash into safer currencies such as the dollar or sterling, as well as better managing its exposure to eurozone suppliers.

Read the full article at the Telegraph/Yahoo Finance