The governor of the Bank of England has accused retailers of putting further strain on households by overcharging consumers on petrol and other goods at a time when UK authorities are struggling to curb inflation (The Guardian). Andrew Bailey has accused some retailers of profiteering from inflated petrol and diesel costs, warning regulators must tackle the problem to help bring down soaring prices (Telegraph £).

Britain is dealing in “fantasyland economics” in which companies are criticised for raising prices but face pressure to increase staff wages, one of the UK’s biggest electrical retailers has said. AO CEO John Roberts said that when the cost base goes up for retailers ‘you either pass that on or go bust’. (Telegraph £)

Bosses at J Sainsbury said yesterday that it is “not a rip-off retailer” as they defended their company’s profits amid scrutiny of the inflation in food prices over the past year at its AGM. (The Times £)

The trade body for British retailers has made new calls for the return of tax-free shopping for tourists to capitalise on an increase in international visitors. (The Times £)

M&S’ attempt to shut out private shareholders by telling them “not to attend physically” in order to make the meeting “even more democratic” was a classic piece of modern corporate double-think, writes Harry Wallop in The Times £.

The Guardian’s Nils Pratley writes: “There will be a problem if digital is overly emphasised and in-person is discouraged by stealth. The basic shareholder right to turn up and question directors face-to-face ought to be sacrosanct. Not everybody wants her or his question filtered through a “shareholder advocate” (The Guardian)

The Daily Mail interviews Brewdog founder James Watt. The plan is still to float in London, although New York is tempting given the bias towards growth companies, he says. I ask if he’s tempted by a sale, which he rules out immediately: ‘What would I do?’ (Daily Mail)

Researchers’ recipe for cutting restaurant food waste – business school academics studied how to tackle lost nutrition and climate impact. “Food waste is not a choice but the result of managerial decisions that reflect short-term thinking and a lack of professionalisation. Many organisations fall short because knowledge does not always trigger greater accountability. Waste is often seen as inevitable and even necessary.” (Financial Times £)

The US is the world’s biggest corn exporter - but for how long? Buyers in China - the world’s biggest importer of corn - have been cancelling orders from the US, in large part because there are cheaper alternatives elsewhere. (BBC)

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