The pound and UK government bond yields have recovered in anticipation of a key statement from the new Chancellor tasked with sorting out the fallout from the government’s disastrous mini-budget (Sky News). The pound rose on Monday following the news that Chancellor Jeremy Hunt is to make a statement later, fast-tracking tax and spending measures in an attempt to calm the markets (The BBC). Sterling is up and gilt yields have fallen sharply ahead of the Chancellor’s fiscal statement later today (The Daily Mail).

The chairman of Tesco has warned of the hardship people will face in the wake of rising interest rates. John Allan told the BBC he was aware millions would face much higher mortgage payments while prices for food and energy were already increasing. (The BBC)

Kroger has agreed to acquire rival Albertsons for $24.6bn in a deal that would create one of the US’s largest grocery store chains if it can overcome significant antitrust hurdles (The Financial Times £). The American grocer Kroger has agreed to buy its rival Albertsons in a $24.6 billion attempt to tackle Walmart (The Times £).

A combination of Kroger, Albertsons and Safeway may pass regulatory scrutiny because of this encroachment by general retailers and the success of ecommerce. Kroger already has a plan to lighten its load when competition authorities review the deal. (The Financial Times £)

Beyond Meat has slashed its sales forecast and revealed a plan to cut its workforce by almost a fifth, the latest company in the nascent plant-based meat sector to reveal a hit from inflation and rising competition. (The Financial Times £)

The Beyond Meat executive who was accused of biting a man’s nose is leaving the vegan food company. The US firm, known for its plant-based burgers, had suspended Douglas Ramsey, then chief operating officer, indefinitely after the incident. (The BBC)

Morrisons chief executive David Potts is under pressure to revive the supermarket chain after its performance deteriorated under private equity ownership. Senior grocery market sources said he urgently needs to cut prices and arrest a sharp decline in market share, or risk being ‘punished’ further at the tills by German discounters Aldi and Lidl. (The Daily Mail)

Waitrose is to restore the free coffee offer it controversially removed from its loyalty card members, in an attempt to halt the supermarket’s waning fortunes as customers tighten their belts. (The Guardian)

Farmers have warned they will not be able to grow crops next year if predictions that the drought will last until next summer prove accurate. (The Guardian)

The boss and co-founder of Ocado has admitted that the online grocer’s growth has been slower than was envisaged when the company was launched. (The Times £)

Most rapid grocery apps fail to deliver for investors. Fewer than half the pandemic-era start-ups in the sector are still alive, with Gorillas the latest to come under threat. (The Financial Times £)

Fever-Tree’s shares are among the most shorted in London, which is never a good sign. The short sellers look to be on to something, with the high-end tonics and mixers supplier’s share price down by 65% over the past year, buffeted by cost headwinds. (The Financial Times £)

The Times looks at why M&S is speeding up its high-street revolution – On Wednesday last week, M&S chief executive Stuart Machin told an investor call that the retailer was to accelerate its closures of large, multi-category stores that sell clothing, homeware and food, while adding 104 “bigger and fresher” food-only outlets. (The Times £)

As we all try to be greener in our everyday lives, pioneering packaging companies such as DS Smith are cashing in. The firm is helping businesses to replace plastic packaging with more eco-friendly cardboard and aims for all its products to be recycled or reused by 2030. (The Daily Mail)

Danone is seeking an exit from its dairy and yoghurt business in Russia in a transaction that could result in a write-off of up to €1bn for one of the world’s biggest makers of consumer goods. (The Financial Times £)

Shoppers are being pushed towards veganism as the cost of dairy and meat soars faster than plant-based alternatives. (The Telegraph £)

Elliott Management’s efforts to spark a higher price in Philip Morris International’s pursuit of Swedish Match are justified and might just succeed. The Stockholm- headquartered group is the largest supplier of orally consumed tobacco and nicotine products in the US. PMI wants to expand sales of such lower-risk products to half of total by 2025. However, to make Swedish Match part of those ambitions, it will need to cough up more cash. (The Financial Times £)