Walmart has agreed to sell a majority stake in its Japan supermarket chain Seiyu in the latest move by the world’s biggest retailer to reshape its footprint outside the US (The Financial Times £). Private equity group KKR will acquire 65% and Japanese ecommerce company Rakuten will buy 20%.

Companies face renewed pressure to rein in excessive boardroom pay after a powerful investor group said it would single out businesses that handed bosses exorbitant pensions and warned against big post-pandemic bonuses (The Times £). The Investment Association urged companies yesterday to bring the retirement benefits that their bosses receive into line with the arrangements for the majority of their workforces.

Pret A Manger has launched a delivery-only dinner service as it seeks to boost flagging sales in lockdown (The Telegraph).

The founder of The Hut Group is to receive one of the biggest payouts in UK corporate history after the recently listed online retailer’s share price rose sharply (The Times £). Matthew Moulding, 48, who started the technology company in 2004, will receive at least £830 million in stock after the share price rose to hit its target, set out when it floated on the London Stock Exchange in September at 500p a share and a value of £5.4 billion.

Harvester and All Bar One owner Mitchells & Butlers is closing down up to 20 of its pubs and restaurants, putting scores of jobs at risk, as the industry struggles under a second national lockdown (The Mail).

China is zeroing in on cold chain goods to prevent any outbreaks of Covid-19 after packaging of frozen Argentine beef, German pork and Indian cuttlefish tested positive for the virus (The Financial Times £).

Positive news of a coronavirus vaccine and the conclusion of the US election have emboldened global dealmakers to revisit proposed mergers and acquisitions and strike large-ticket transactions, according to bankers and legal advisers (The Financial Times £). Companies across the globe announced nearly $40bn worth of deals on Monday alone in a clear sign that chief executives are looking to tap cheap debt or use cash stored away during the crisis to carry out strategic M&A.