Business round-up: Four key stories of the day

Here are four of today’s key business stories in one handy package.

Tesco's profits tumbled but the grocer said its sales trends were improving

Tesco said its first-half operating profits more than halved to £354 million, but insisted its recovery was on track amid an improving sales performance. Like-for-like sales in the UK and Ireland were down 1.3 per cent, compared with a 2 per cent decline in the final quarter of last year.

Beer giant SABMiller rebuffed a sweetened £68 billion takeover proposal from rival and Budweiser brewer Anheuser-Busch InBev, claiming it “very substantially undervalues” the business. The Peroni and Grolsch firm said its board was unanimous in rejecting AB InBev’s latest approach of £42.15 a share – having already turned down two offers of £38 and £40 a share.

Edinburgh-based oil and gas firm Bowleven named former Asco boss Billy Allan as its new chairman. The Africa-focused explorer said Allan, who also sits on the board of Partick Thistle Football Club, has joined as a non-executive director and is poised to replace Ronnie Hanna as chairman at the end of its annual meeting on 16 December.

Energy services firm Wood Group won a “multi-million” dollar contract in Kazakhstan with US civil engineering outfit Bechtel. The Aberdeen-based firm said the deal covered engineering, control hardware and remote instrument enclosures for the Tengizchevroil crude storage capacity project at the Tengiz field.