Tesco’s former UK food boss did not commit fraud but in fact helped to uncover accounting irregularities after ordering a junior employee to investigate problems in its commercial finance department, his lawyer told a court yesterday. Ian Winter, QC, for John Scouler, said that far from trying to cover up a fraud, Mr Scouler had “ordered” Amit Soni — a Tesco finance director and the “whistleblower” behind the grocer’s high-profile accounting scandal — to investigate problems with the reporting of income from suppliers. (The Times £)

Marks and Spencer has sold its Hong Kong and Macau operations to Al-Futtaim, a Dubai conglomerate and franchise partner, as part of a plan to overhaul its global operations (The Financial Times £). Marks & Spencer has struck a deal to sell 27 of its shops in Hong Kong and Macau as the retailer sharpens its focus on its UK operations (The Telegraph). Marks & Spencer is selling its stores in Hong Kong and Macau as the retailer pushes on with a wide-ranging overhaul (The Guardian). The retailer is moving to a franchise model for its overseas stores following a review (The Daily Mail).

Alex Brummer in The Daily Mail writes: “The retreat of Marks & Spencer from imperial ambitions is understandable given the challenges it faces in Britain. Even so, the withdrawal from Hong Kong, where Britain’s freewheeling ways are still preferred to domination from Beijing, does seem regrettable.” (The Daily Mail)

The South African owner of Poundland will restate its 2015 results and has warned that its accounting problems are likely to extend even further back in time (The Times £).Steinhoff International, the South African retailer, has warned that accounting irregularities began at least a year earlier than previously acknowledged (The Financial Times £). Scandal-hit South African retail giant Steinhoff has warned its financial irregularities stretch back before 2015 (The Telegraph).

Weight Watchers is betting that DJ Khaled is ready to change a lot in 2018. After the weight-loss company named the music star its new social-media ambassador, a grateful Wall Street sent its shares up 6.3% on Tuesday (The Financial Times £). The American music producer DJ Khaled has boosted Weight Watchers shares by joining the diet company as a social media ambassador (The Times £).

The Telegraph looks at what 2018 has in store for the retail sector, predicting “a year of retail distress”, pressure mounting on Sainsbury’s due to its reliance on Argos and a shake-up at Asda. (The Telegraph)

Christmas trading takes on added significance at Tesco, writes the FT. It says the rise of discounters and looming vote on Booker deal are main focus ahead of festive updates. (The Financial Times £)

With the holiday season out of the way, is Amazon gearing up to do some shopping in 2018? One research firm is predicting that retail chain Target will find its way into the acquisitive e-commerce giant’s cart in the new year. (The Financial Times £)

Amazon has revealed plans for delivery drones which explode in mid-air. The internet giant’s machines will break apart if they hit difficulties while flying. (The Daily Mail)

Tobacco firm Philip Morris has placed an advertisement in some newspapers promoting its “ambition to stop selling cigarettes in the UK”. It is part of the company’s drive to achieve a “smoke-free future”. (The BBC)

Snapchat advert by Diageo for its Captain Morgan’s rum brand has been banned by the authorities over fears it could encourage children to drink. (The Telegraph)

French private equity group PAI Partners is in exclusive talks to buy packaging company Albéa in a $1.5bn deal in a second attempt at selling it after owners Sun European Partners failed to get competitive bids more than a year ago (The Financial Times £).

The FT looks at booming sales of Prosecco in the UK and what it means for producers of Champagne, noting “Italian challengers could leave French producers concentrating on premium market”. (The Financial Times £)

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