The Sunday Times reports that Guinness owner Diageo is preparing to slash jobs at its London head office in a bid to boost profits. The drinks giant is in the midst of a three-year drive to cut overheads by £200m. The paper says that some workers fear that as many as 400 of the 1,500 staff at its main office could be cut, although other sources put the number much lower.

McDonald’s could face an order to pay nearly $500m in back taxes to Luxembourg, according to a Financial Times analysis of an investigation by Brussels into state-supported tax avoidance. Last month the European Commission imposed a €13bn tax penalty on Apple in Ireland. As the commission steps up its crackdown on so-called sweetheart tax deals, two US multinationals — McDonald’s and Amazon — are potentially next in line, The FT adds.

Pet food business Butcher’s Pet Care is investing £17m to expand its factory on the back of booming trade (The Mail on Sunday). The £100m-turnover business in Northamptonshire already produces six million packs of cat and dog food each week and sells in 11 countries.

The owner of Krispy Kreme’s UK operations is expected to push the button on a £200m float this week, The Mail writes. Six months ago private equity firm Alcuin Capital Partners hired Investec to bring the doughnut maker to the London Stock Exchange.

A flagship Boots store on Oxford Street in central London has been snapped up by Norway’s sovereign wealth fund as it hunted for bargains after the Brexit vote (The Mail).

The 43% slide in Crawshaw’s shares last week points to lean times in the meat category, says The Financial Times. The warning by the value butcher hinted that a supermarket price war on meat had only just begun, the paper adds.