Tesco is in line to face the biggest fine on record from the UK financial watchdog for a cyber-related fraud (Financial Times £). The Financial Conduct Authority and Tesco’s banking arm are locked in negotiations over a penalty for the incident that took place in late 2016, with regulators considering a fine as high as £30m, according to people familiar with the situation. It follows an incident in November 2016 when Tesco Bank was forced to suspend all online transactions after it detected criminals trying to access its services (Sky News).
Unilever’s chairman has mounted a staunch defence of the consumer goods giant’s decision to abandon its unusual Anglo-Dutch structure in favour of a single headquarters in Rotterdam, insisting “reports of Unilever leaving the UK could not be further from the truth” (Telegraph). Writing in today’s Daily Telegraph, Marijn Dekkers dismissed suggestions the controversial move would force shareholders to shoulder a new tax imposed by the Dutch government and insisted it would improve the way Unilever is run and make it easier for the company to buy and sell brands.
Amazon has made two preliminary approaches for Deliveroo, the Daily Telegraph has revealed, as the food delivery company is circled by ride-hailing giant Uber. Deliveroo, known for its green-jacketed bike couriers, has raised hundreds of millions of pounds in investment and is currently valued at about $2bn.
Large supermarkets and manufacturers are signing up to efforts to drive down the UK’s annual £20bn food waste bill by committing to halving waste from “farm to fork” by 2030 (The Guardian). A roadmap being published on Tuesday by the government’s waste reduction body, Wrap, and the food and grocery charity IGD sets a series of milestones for businesses to reduce waste at every stage of the supply chain. The annual bill is equivalent to more than £300 per UK citizen.
Weight Watchers is dropping its name after 55 years, slimming down to its initials to reinvent itself for an age in which health has taken precedence over size (Financial Times £).
A father whose 15-year-old daughter with severe food allergies died after eating a baguette from Pret a Manger has told an inquest that the food chain is to blame for its failure to list allergens (The Guardian).
Two of France’s biggest supermarkets have locked horns over a mystery takeover (Daily Mail). The dispute erupted after Casino said it had rejected a tie-up approach from larger rival Carrefour – but Carrefour has denied ever making a bid.
British American Tobacco Plc picked Jack Bowles to become new chief executive officer when Nicandro Durante steps down next year (Bloomberg).
Charges to withdraw money from cash machines would be scrapped under a Labour government to “save Britain’s high streets” (Sky News). Attempts to stop their “slow agonising death” were announced by shadow business secretary Rebecca Long-Bailey with a range of measures - including stopping Post Office closures.
Labour’s plans for large companies to be part-owned by their employees would hit investment in UK firms, leading to lower pay and productivity, CBI director Carolyn Fairbairn has warned (Independent).
Rihanna’s make-up range boosted sales at Harvey Nichols last year. The department store, which has an agreement to sell the pop star’s line Fenty Beauty exclusively in the UK, saw sales rise 8.5 per cent to £210million in the year to March 31 (Daily Mail).
The boss of Debenhams has vowed to make “shopping fun again” through a new store concept focused on giving customers an experience in an attempt to shore up the chain’s flagging fortunes (Telegraph).
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