THE DAILY BRIEFING

SAUCE SELL- OFF Reckitt Benckiser is poised to offload its food business to help fund its £14.3bn takeover of baby food maker Mead Johnson Nutrition, according to reports. The deal would see it sell-off mustard brand French’s and Frank’s Red Hot sauces, as it focuses on consumer health products.

SHOPPING KING London is the retail market leader in Europe, driven by Britons spending more on the High Street, according to a new report. Real estate advisers Colliers International said more stores were opening in London than in any other market.

SALES SOAR Asos looks set to showcase another jump in sales when it reports interim results tomorrow. Sales at the online retailer are expected to outstrip the wider UK market, but most of the boost will come from strong overseas revenue. The firm is expected to notch up a 27pc rise in profits to £ 27.1m for the half year, with group sales reaching £901m.

FRENCH FARCE Marks & Spencer’s French business has fallen into a loss for the fifth year in a row. It lost £596,000 on sales of £71m, bringing total losses over the past five years to £12m. M&S plans to shut its seven owned stores in France, but will keep its 13 franchise food shops in Paris.

ITALIAN DEAL BT is preparing to sell-off its Italian business to a local rival in the wake of its £531m accounting scandal. It is understood a board delegation visited Milan for talks with BT Italia’s new management – as the telecoms giant plans to cut its losses.