M&S will break 85 years of tradition by selling some of Britain's best-loved brands, the FT said. M&S is in discussions with big consumer goods companies about supplying brands, possibly including Heinz tomato ketchup, Nestlé coffee and Kellogg's Corn Flakes. M&S would update the market at its annual results later this month, it added.
The OFT's continuing investigation into the alleged price fixing of milk by Morrisons is largely based on a single email, according to The Sunday Telegraph. The paper said it had seen confidential documents that appeared to show its case against Morrisons relied on a single email from a national account manager at Arla to an Asda buyer.
Boardroom pay at Tesco rose nearly 18% last year and CEO Sir Terry Leahy received nearly £10m in cash and shares, said the Guardian. Leahy, who is paid a basic salary of £1.3m, gained an annual cash bonus of £1.2m and another bonus, paid in shares, worth £1.7m. He was also awarded shares worth £1.2m under the group's long-term incentive plan and further shares worth £4.2m under a previous incentive scheme.
Consumers are being overcharged for brands including Lynx, Dove, Duracell and Gillette, The Sunday Times claimed. Appearing to confuse mark-up with gross margin, it said popular household lines were being sold in supermarkets at a mark-up of up to 126%.
Sainsbury's CEO Justin King could scoop a £9m cash and shares bonus if all targets in a three-year bonus scheme linked to growing sales and profits are achieved, The Observer calculated. King will have earned 1.7 million shares, worth about £6.6m, it said, on top of an annual bonus of up to 150% of his £850,000 salary and pension contributions of £255,000. Sainsbury's 118,000 staff are expected to share a bonus of more than £50m this year.
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