The Serious Fraud Office has been accused of misrepresenting evidence, giving “sinister meanings” to innocent events and documents and failing to properly investigate an alleged accounting fraud at Tesco. The claims against the agency were made in court yesterday at the start of closing arguments by defence barristers representing three former Tesco executives accused of manipulating the grocer’s accounts. (The Times £)
Winemaker Chapel Down has secured the backing of a new institutional investor in a £18.5m fundraising which marks a step-change for the company (The Telegraph). It will use the money to buy 500 acres of vineyard land, invest in its foray into the gin and vodka markets, and grow its beer brand (The Daily Mail)
National Lottery players are turning their backs on draw-based games, triggering a drop in income for charities and other good causes. According to the National Audit Office, the Government’s spending watchdog, good causes income fell by 15% to £1.63bn in the year to April. (The Telegraph)
Wage growth fell behind inflation for a seventh month in a row, according to new employment figures. The Office for National Statistics said average weekly wages rose by 2.3% in the three months to October, below inflation at 3%. (The BBC)
Malaysian authorities are investigating the safety of infant formula powders after seizing hundreds of packets of counterfeit products. Manufacturer Mead Johnson said the goods imitated its Enfalac A+ Step 1 formula. The government is testing the powders amid reports of parents saying their children suffered fevers and rashes after consuming the fake products. (The BBC)
German wholesale retailer Metro is promising more profits in 2018. The Düsseldorf-based retailer, which in July hived off its electronics retail activities into a separate company dubbed Ceconomy, on Wednesday said wants to increase earnings excluding property and currency moves by around €140m. (The Financial Times £)
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