Source: VisMedia

Tesco Bank may have “failed to act” on an industry-wide warning from Visa a year ago, officials at the Financial Conduct Authority and the National Crime Agency believe. The Times reports this morning that investigators are looking into whether Tesco Bank ignored a warning about a security flaw in its payment system that allowed fraudsters to steal millions of pounds from the accounts of thousands of its customers.

Poundland is planning to close up to 80 stores, just more than two months after it was acquired South African retail giant Steinhoff International, according to The Telegraph. The paper writes that a list of the stores spread across the country has been circulated to property agents as Poundland aims to consolidate its portfolio. Following the takeover, Poundland had about 900 stores in the UK and the Republic of Ireland. It has since converted 235 99p Stores and earmarked 17 for closure or disposal (The Times).

Black Friday comes under the media glare this weekend with the high streets quiet as shoppers buy online. The Guardian reports that takings soared 16% in the online bonanza with consumers grabbing a record £1.27bn of bargains. The paper had a reporter stationed at Tesco Extra in Streatham, south London, at 5am in search of stories. However, it was all quiet compared with a year ago, with HD TVs, FIFA 17 video games, iPad minis and Google Chromecast devices the most popular products.

Figures from CBI showed retail sales volumes grew at the fastest rate in more than a year in the months since the Brexit vote (The Times).

British American Tobacco has moved a step closer to securing a £1.2bn windfall from the government for decades of overpaid taxes (The Sunday Times).

The Sunday Times says Mark Carney is working on a secret plan to keep British businesses in the single market for at least two years after the country leaves the EU.

The Lex column in The Financial Times looks at the pulled $1bn IPO on the Mexican stock exchange by José Cuervo, the world’s largest tequila distillery, as a result of market uncertainty. “The proximate causes are easy to understand. The Mexican bourse has fallen 7 per cent (double that in dollar terms) since November 8. Donald Trump has threatened to dismantle the North American Free Trade Agreement, potentially hitting trade between the two markets,” the paper writes.

The Mail on Sunday profiles eco-friendly pet products firm Beco Pets, which is exporting to 43 countries and expects the food range, launched in the summer, to turn over £2m in the first year.

Waitrose is set to unveil the latest gastronomic gamble from Heston Blumenthal – a bacon and banana flavoured trifle, according to The Guardian.