Three former Tesco directors charged with fraud are seeking to have the case against them dismissed, arguing that no false accounting took place. Barristers for Carl Rogberg, John Scouler and Christopher Bush have indicated that they will argue that there is no case to answer and that Tesco should not have restated its profits in a move that ultimately contributed to the grocer suffering a record loss in 2014 (The Times £). Tesco chief executive Dave Lewis has been called to appear as a witness in a fraud case involving three of the retail giant’s former executives (The Telegraph).

Meanwhile, the UK’s competition watchdog has launched an investigation into Tesco’s £3.7bn deal to merge with food wholesaler Booker. The deal he move has come under fire from some of the supermarket’s shareholders, while analysts believe it will face a lengthy investigation from competition regulators (The Telegraph). Analysts say the grocery market is now less concentrated than it was when the Competition Commission last conducted an investigation a decade ago… However, some suppliers have privately expressed unease at the proposed combination (The Financial Times £). Shareholders, rivals, customers and other interested parties have been asked to submit their views before the CMA decides whether to rubber-stamp the deal or investigate further (The Daily Mail). If the CMA identifies potential problems, it will refer the takeover for an in-depth investigation which could last up to 24 weeks (Sky News).

Co-Operative Bank, the troubled lender that put itself up for sale amid a capital shortfall, is coming closer to forcing bondholders to swap debt into equity and selling shares as it runs out of options to bolster its financial strength, according to people familiar with the matter. (Bloomberg)

In a message many customers won’t want to hear, the boss planning a big makeover for M&S asks…’Why is everyone so besotted with womenswear?’, writes The Daily Mail. It quotes boss Steve Rowe saying: “’Nearly 60 per cent of our business is food. We sometimes get over-fixated with womenswear. But 48 per cent of our customers are men. I’ve got a menswear division and kids, and homeware and beauty.” (The Daily Mail)

Joesley Batista, the Brazilian meat tycoon, left his reputation in tatters when he departed Brazil for the US this month after confessing to one of the country’s biggest bribery scandals. Bankruptcy experts say it is now only a matter of time before the company enters some form of restructuring or an asset disposal programme to deal with expected tightening liquidity conditions. (The Financial Times £)

The Chinese private equity firm that controls Pizza Express has replaced the restaurant chain’s chief executive with immediate effect as it seeks to step up the pace of international expansion (The Times £). The chief executive of Pizza Express has resigned after four years in the job just weeks after the business suffered a second annual drop in UK sales (The Telegraph).

Reynolds American’s first chief executive will remain at the helm of the US tobacco company after its proposed purchase by British American Tobacco is complete. The company — which makes Camel and Pall Mall cigarettes — said on Tuesday that Debra Crew will keep her job as president and chief executive of Reynolds, reporting to BAT president and chief executive Nicandro Durante if the $49.4bn deal closes as expected in the third quarter of the year. (The Financial Times £)

Food price inflation has risen again in a further sign that the impact from the weak pound is continuing to hit consumers’ wallets. (The Times £)

As Amazon’s shares hit $1,000 per share – up from just $18 when the company listed in 1997 – The Telegraph looks at the secrets behind the web giant’s success. (The Telegraph)

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