There’s more on Baugur in The Guardian and, in bonus Icelandic-fiscal-turmoil news, Kaputhing is chasing the entrepreneur behind the Yates’s and Slug & Lettuce chains for almost £650m.

You know times are tough when ever the royals are laying off staff. Prince Charles’ Duchy food company is the latest to make cuts, reports the Daily Mirror.

And while things are not so sweet for Anthony Worrall Thompson, whose restaurant chain has gone under, the Daily Mail reports that Carluccio’s is doing rather better, with sales up 14%. The recession obviously has yet to reach Islington.

Olympic swimming legend Michael Phelps has lost his gig as the face of Kellogg’s as a result of the multiple gold medal-winner allegedly smoking dope.

Meanwhile, The Guardian reveals that Diageo is giving pubs 500,000 branded glasses showing how many units are in a pint of the black stuff. (It’s 2.3 per pint, trivia fans.)

Elsewhere in marketing gimmicks, supermarkets are apparently looking to shift heart-shaped potatoes as some kind of special Valentine’s Day treat.

And ‘scientists’ have ‘discovered’ the ‘news’ that the best smell in the world is... chips. No kidding.