Inflationary pressures have prompted Associated British Foods to raise the prices of its grocery brands and resist upgrading profit guidance despite recovering sales at Primark (The Times £).

Associated British Foods is forecasting revenue and profits to far exceed its pre-pandemic levels, offsetting significant inflationary pressures (The Mail).

ABF, which also owns brands including Twinings and Ovaltine as well as a sugar business, said that it expects total sales and operating profits to be strongly ahead of the equivalent period in 2021 (The Guardian).

Shares in McColl’s have plummeted more than 60% after the beleaguered convenience store chain confirmed it is looking for fresh funding in a bid to prevent its collapse (The Mail).

The billionaire owners of Asda attempted a takeover of McColl’s before withdrawing their offer last week, the London-listed convenience retailer confirmed yesterday as it laid out its fight for survival (The Times £).

GlaxoSmithKline expects to spin off its consumer healthcare joint venture Haleon in July, as the UK drugmaker presses on with plans for the largest demerger in Europe in the past 20 years despite market uncertainty over Ukraine (The Financial Times £).

Unveiling the prospects for GSK’s consumer healthcare business at a capital markets day event ahead of the separation from its core vaccines and pharmaceuticals businesses in the summer, Dame Emma Walmsley, its chief executive, said it was the “most significant corporate change” since the group was formed 20 years ago (The Times £).

GSK on Monday pledged to investors that the new company, which will run brands such as Sensodyne toothpaste, Panadol painkillers and Centrum vitamin supplements, would offer strong growth opportunities (The Guardian).

The boss of GlaxoSmithKline deplored the Russian invasion of Ukraine as the pharma giant revealed it was supporting relief efforts in the country (The Mail).

The price of petrol has reached 150p a litre, in a grim signal of how the conflict in Ukraine is fuelling Britain’s cost-of-living crisis (The Telegraph).

The average cost of unleaded petrol climbed to 151.25p and diesel rose to 154.74p on Sunday, both record highs, according to RAC data from roughly 7,500 petrol forecourts (The Guardian).

BBC News looks at rising petrol prices and asks: “Are we paying too much at the pump?” Fuel retailers face calls to reduce prices as the cost of living rises.

Shares in the London-listed Russian retailer Fix Price crashed by three quarters after it suspended a share buyback because sanctions have been imposed on its bank, VTB Capital (The Times £).

Risks to global supply chains are rising from the increasingly severe effects of climate change laid bare in a landmark UN report this week, and could place extra pressure on fuel stability and essential goods worldwide (The Financial TImes £).