The maker of Lambert & Butler and Players cigarettes has announced a £1.1 billion buyback, helping to lift its shares a day after Rishi Sunak announced plans to eventually outlaw cigarette sales in England (The Times £). Imperial Brands will buy back £1.1billion shares after bumper demand and growing sales of smoking alternatives kept the tobacco group on track to meet full-year guidance (Daily Mail).

Is the business model of big tobacco finally going up in smoke? The industry has been smouldering on by offsetting volume declines with price hikes. But tougher anti-smoking policies, of the kind announced by UK prime minister Rishi Sunak on Wednesday, highlight the limits of this strategy. (Financial Times £)

Plant-based meat industry on a mission to rebrand itself as healthy option. In the wake of falling sales, insolvencies and fast-disappearing financing, the plant-based meat sector is now on a mission to win back consumers by explaining its manufacturing processes and highlighting what it says are the health benefits of plant-based meat. (Financial Times £)

The Cadbury Dairy Milk 30% less sugar treat will soon be removed from supermarket shelves after the company decided to delist it. (Sky News)

Supermarkets have warned the UK government that efforts to rid their supply chains of products linked to deforestation will be derailed unless it aligns with new EU rules due to take effect at the end of 2024. (Financial Times £)

Formula milk is now regularly being rationed by baby banks as they try to cope with a surge in the numbers of families struggling to afford to feed their babies. (Sky News)

Casino has finalised an agreement for a capital injection led by Czech billionaire Daniel Křetínský and a debt restructuring as the heavily indebted French food retailer rushes to avert default. (Financial Times £)

Constellation Brands has plenty to toast these days. The beer, wine and spirit powerhouse is home to the most popular beer in the US right now. Its Modelo Especial overtook Anheuser-Busch InBev’s Bud Light as the top America’s selling beer in May. (Financial Times £)