The Tesco accounting scandal will continue to be investigated by the industry watchdog even though it has cleared the retailer’s former chief financial officer of wrongdoing.

The Financial Reporting Council announced yesterday that it had closed its investigation into Laurie McIlwee after concluding there was “no realistic prospect that a tribunal would make an adverse finding” into his conduct. (The Times £)

PwC remains under investigation. The scandal is also being looked at by the Serious Fraud Office, which interviewed former CEO Philip Clarke under caution last year. It is understood that McIlwee has been interviewed by the SFO, but only as a witness, and he is not being considered for prosecution. (The Guardian)

Speaking to Sky News, Laurie McIlwee said he bore no ill-feeling towards Britain’s biggest retailer or its current management - but revealed that he had lost out on a new executive role two years ago when regulators launched investigations into the Tesco scandal.

Steinhoff International, the South African retail conglomerate in pursuit of UK discount retailer Poundland, has warned that the sharp fall in the pound since the EU membership vote could have negative consequences for its businesses in Britain, which include Harveys and Bensons for Beds. (The Financial Times £)

Meanwhile, the battle for control of Poundland took a new turn last night after Elliott Capital said that it had raised its stake in the retailer to 22.7%. Under pressure from Elliott last month, Steinhoff raised its recommended cash offer for Poundland by 5p to 227p a share, including a final dividend of 2p. (The Times £)

Marks & Spencer is to be lobbied by MPs and fair pay campaigners after a petition against planned pay cuts gathered almost 90,000 signatures. Long-serving shop staff say they face pay cuts that could potentially cost thousands of pounds after M&S removed premiums for working Sundays and antisocial hours, trimmed back bank holiday payments and changed pensions payments. (The Guardian)

Contactless cards have overtaken cheque books as a payment method for the first time. Figures from analysts Mintel showed cheques had been used by 31% of Britons in the three months to April. That put them behind contactless debit cards, used by 39%, and contactless credit cards at 34%. (Sky News)

Finally, The Guardian declares that we consumer so much chicken that the bird is set to play an epoch-defining role for humanity, as its bones could become the key fossil evidence for the dawn of the age in which humankind came to dominate the planet. (The Guardian)

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