Reuters, the news and information firm, today unveiled plans to buy back £1bn (€1.4bn) of its shares over the next two years. It came as the firm reported a 51% fall in pre-tax profits in the first six months of the year.

Reuters was the biggest faller in the FTSE 100, down 7.8% as it outlined cost savings and product changes that will eat into profit margins. Shares were 380.12p at 13:26 GMT.