Supermarket Tesco is London’s biggest faller after admitting it mistakenly overstated first half profits by £250 million – that’s $408 million. It suspends four senior directors and appoints accountants Deloitte to conduct a review. New small business and residential mortgage bank Aldermore, backed by private equity firm AnaCap will IPO in October, after waiting for the outcome of the Scottish independence referendum to remove uncertainty from the market. Air France-KLM goes into the second week of a damaging pilots’ strike with a further fall in its share price. Miners such as Rio Tinto and commodity traders like Glencore lose value as China slowdown hits commodity prices. The slump hits markets in Asia and Europe alike.