Tesco is “taking small but real steps towards recovery”, according to the Lex colum in The Financial Times (£) this morning. The paper writes: “Recent initiatives have helped steady the ship and put the share price back on an upward trajectory. However, it will be some time before they are reflected in wider margins, bigger profits and a return to dividends.”

The future of BHS is to be decided at a hotel in west London on Wednesday morning when the 90-year-old chain’s creditors will vote on whether to back a rescue deal (The Guardian). BHS has been desperately trying to cut costs to avoid administration. If the plan goes ahead, dozens of its landlords will lose out on future rent but more than 40 of its 160-plus shops are expected to close within months as part of the deal (The Daily Mail)

Retailers, restaurants, and food and drink companies would be the most at risk from Britain leaving the EU, credit ratings agency Moody’s has warned. The uncertainty caused by leaving Europe would lead to slower economic growth over the medium term for British-based companies, Moody’s said, due to additional trade barriers, delayed investment decisions, regulatory changes and curbs on migration to and from the UK. (The Telegraph)

The chief executive of British American Tobacco saw his pay jump by almost £1m last year, despite an investor revolt over the company’s remuneration plans. Nicandro Durante took home £4.5m in 2015, according to the group’s annual report, up from £3.6m in 2014. The rise was caused by the 59-year-old being awarded 100% of his annual bonus and nearly 9% of his performance-linked share awards. (The Telegraph)

John Lewis Partnership has appointed the outgoing boss of British Airways, Keith Williams, as deputy chairman. He will replace Mark Price, who is also boss of the group’s Waitrose chain, but steps down on 4 April after more than 30 years at the partnership. (The Guardian, The Telegraph)

Morocco’s Atlas Mountains seek place on winemaking map. Morocco is the second-largest exporter of wine on the continent after South Africa. But its export volumes — 52,000 hectolitres compared with South Africa’s 4m — remain low. (The Financial Times £)

The major retail story of this morning is the plunge in Sport Direct’s share price yesterday. “Sports Direct shares tumble 10% on trading fears”, says The Financial Times (£), “Ashley ‘scores own goal’ as Sports Direct tumbles”, writes The Times (£), while The Telegraph asks “When will Mike Ashley stop scoring own goals?” Sports Direct has been forced to clarify its profit expectations for the year to the City this morning after its founder Mike Ashley admitted in an interview with The Times that the retailer was “not trading very well” (The Guardian).

The chief executive of London brewer and pub group Young’s is stepping down after 13 years at the helm. Stephen Goodyear will hand over to Patrick Dardis, the company’s retail director, at the AGM on July 5. (The Telegraph)

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