Brussels has opened an investigation into Amazon to “take a very close look” into how the internet retail giant treats third-party merchants selling goods on its websites (The Times £). The European Union has launched a formal investigation into Amazon, opening a new front against the US tech giants (The Guardian). Amazon could be facing a massive fine after European competition regulators launched a fresh probe into its practices (The Daily Mail). The EU’s competition regulator is to investigate the use of sellers’ data by Amazon - the latest big multinational firm to face pressure over exploitation of customer information (Sky News).

Inflation held steady last month as energy price rises slowed and petrol costs levelled off (The Telegraph). Underlying inflation pressures are easing just as wage growth hits an 11-year high, helping to raise household living standards, official figures show (The Times £). A measure of the cost of living remained static last month as rising food and alcohol prices were offset by cheaper petrol and diesel (Sky News).

The pound fell to below $1.24 for the first time in two years today as Brexit fears continued to hold sway and data showed inflation remained unchanged in June. (The Daily Mail)

Brexit comes into the crosshairs as the pound takes another battering, writes Alex Brummer in The Mail. “Strategists at HSBC are projecting a No Deal would send the pound down to $1.10. All of this is certain to be weighing on the minds of Bank of England policy-makers.” (The Daily Mail)

Luxury confectioner Hotel Chocolat has hailed a Willy Wonka-esque pace of innovation that helped drive a 14 per cent sales rise over the last year (The Daily Mail). Vegan chocolate ice-lollies and billionaire sundaes have helped Hotel Chocolat to record a jump in full-year sales (The Times £).

The Tory leadership hopefuls are facing pressure to lower the salary threshold for migrant workers from £30,000 to £20,000 to avoid skills shortages across the economy after Brexit. (Sky News)

From Beyond Meat’s soaring share price since its IPO in May to the high demand for the Impossible Whopper at Burger King, the spotlight on the plant-based food sector has focused on meat substitutes. But other products, including yoghurt and cheese substitutes, are growing faster than plant-based meat as an increasing number of consumers look for alternatives to dairy-based foods, according to latest consumer data. (The Financial Times £)

Marks & Spencer says a controversial giveaway plastic toy campaign will continue despite protests from environment-conscious customers. The retailer is offering miniature replicas of its most popular food items in a promotion called Little Shop. (The BBC)

The number of people becoming financially insolvent in England and Wales has risen for a third year in a row, with women, and people living in coastal towns most likely to be affected. (The Guardian)