Employers should be threatened with huge fines to prevent a repeat of the BHS debacle in which Sir Philip Green walked away from pension promises to 20,000 former workers, MPs say.

Penal fines, stronger powers for regulators, mandatory vetting of takeover bids and the speedier repair of pension schemes in deficit are among a string of recommendations from the House of Commons cross-party work and pensions committee (The Times £). Sir Philip Green may have to pay £1bn to resolve the problems facing the BHS pension scheme under proposals tabled by MPs (The Guardian). The Pensions Regulator is still in negotiations with Sir Philip Green after he promised to “sort” BHS’s £571m pension deficit which has left 20,000 former workers facing payment cuts (The Telegraph)

Hundreds of mergers and acquisitions could be derailed by a proposal to force regulators to scrutinise deals that may threaten pension promises. An £850 million leveraged bid for WH Smith by Permira in 2004 was blocked by trustees because of worries that it would add to the risk of pensions not being paid. (The Times £)

The Grocer’s Finance Newsletter has highlighted the story that China’s Bright Food Group has hired Goldman Sachs to sell the breakfast cereals producer Weetabix in a deal that could value the famous British brand at roughly £1bn. (Reuters)

The CBI has urged the Government to embrace a “whole economy” approach to Brexit, releasing a Christmas wish list of demands on behalf of businesses (Sky News). UK firms need to continue to have “barrier-free” access to European Union markets after Brexit, the CBI business lobby group has warned (The BBC).

Christmas shoppers relying on “click and collect” services to by last-minute presents and groceries may be thrown into a panic this year as stores are cancelling them early due to record demand. (The Telegraph)

US retailers’ holiday shopping season is becoming increasingly dominated by steep promotions, highlighting the risk to profit margins in the peak selling period if their discounts fail to encourage consumers to buy full-priced items as well. (The Financial Times £)

An influential committee of MPs is poised to launch an investigation into Britain’s £1bn online shopping VAT fraud crisis after sellers on Amazon and eBay evaded hundreds of millions of pounds in tax in the run-up to Christmas. (The Guardian)

Yoghurt troubles continue to sour sales and profits at General Mills. The food giant saw its shares slide 3.5% on Tuesday after it announced quarterly earnings that missed Wall Street’s estimates, as demand for its Yoplait yoghurt slumped. (The Financial Times £)

A Kent-based gangmaster couple have agreed to a landmark settlement worth more than £1m in compensation and legal costs for a group of migrants who were trafficked to work on farms producing eggs for high street brands. (The Guardian)

Walgreens Boots Alliance has taken one step closer to ensuring its merger with Rite Aid goes through after it struck a deal to sell off 865 Rite Aid stores to Fred’s Pharmacy for $950m. (The Financial Times £)

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