India’s second-richest man Mukesh Ambani and US buyout firm Apollo Global Management are planning a joint bid for UK high street pharmacy chain Boots, in a move that would see one of Britain’s best-known retailers expand its presence into India, south-east Asia and the Middle East (The Financial Times £). Both Reliance and Apollo would own stakes in Boots, although it is not clear whether the stakes would be of equal size (The Times £). Indian billionaire Mukesh Ambani, the biggest shareholder and chairman of retail-to-energy group Reliance Industries, is reportedly planning a takeover bid for the UK high street chain Boots (The BBC).

Farmers have criticised a government plan to cut tariffs on food imports, saying it would not “even begin to deal” with the causes of rising prices (The Times £). Lowering food tariffs will not solve the cost of living crisis and it would be “misleading” to suggest as much to consumers, the president of the farmers’ union said after reports ministers were considering slashing import taxes (The Guardian)

Cereal maker Kellogg is launching a legal challenge against new UK government rules on nutrition that will restrict advertising and promotion of foods high in fat, salt and sugar (The Financial Times £). Kellogg’s, the owner of brands from Coco Pops to Special K, has launched a legal action against the UK government over new junk food rules that will ban some cereals from being prominently displayed on supermarket shelves (The Guardian). Kellogg’s says the formula used by the government to measure the nutritional value of cereals is wrong as new regulations are set to come into force in England later this year, meaning food retailers must stop displaying products with high fat, salt and sugar content, prominently (Sky News).

Shoppers cut back on spending this month as fears over rising inflation and energy prices continue to squeeze consumers (The Times £). Retail sales in the UK have slumped in April as hard-pressed households reined in their spending amid the soaring cost of living, according to an industry snapshot (The Guardian). Retail sales slumped in Britain during April, reflecting the caution of shoppers as the cost of living crisis worsens (Sky News).

The easing of travel restrictions has helped to push WH Smith back into the black after two years of pandemic- related disruption (The Times £). WH Smith has returned to profit following a substantial resumption in trade at its travel stores, despite sales being slowed by the Omicron variant of Covid-19 (The Daily Mail).

The FT looks at “how Russia’s war in Ukraine upended the breadbasket of Europe”. With swaths of farmland turning into battlefields and Ukraine’s road and port infrastructure being attacked by Russian missiles and bombs, the country’s food supply chain has seized up (The Financial Times £). Impact of Ukraine war on global food security ‘will be dramatic’ – Yara, one of the world’s largest fertiliser producers, says that a quarter of Europe’s supply of key crop nutrients, potash, and phosphate come from Russia (Sky News).

The grandson of the founder of Nichols is to step down after more than 50 years at the soft drinks maker, the past 15 as non-executive chairman. (The Times £)

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