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Steinhoff shares plunge over 50% amid probe; Google bars Amazon from YouTube app

TOP NEWS

* Steinhoff International Holdings NV's shares lost more than half their value after the owner of U.S. specialty bedding retailer Mattress Firm said it had begun an investigation into alleged accounting irregularities and its CEO had resigned. The South Africa-based retailer said that "new information has come to light which relates to accounting irregularities requiring further investigation" and that accounting firm PwC had been approached to perform an independent probe.

* Tech giant Google Inc. blocked some of Amazon.com Inc.'s devices from accessing content in its YouTube video app as a response to the e-commerce giant's refusal to sell many Google products, Reuters reported. Amazon reportedly said that the Alphabet Inc. unit displayed a "disappointing" approach but aims to resolve the matter with the company "as soon as possible."

TEXTILES, APPAREL AND LUXURY GOODS

* Apparel and footwear retailer Genesco Inc. announced the retirement of James Estepa, CEO and senior vice president of its retail arm The Journeys Group, effective Feb. 1, 2018. Estepa will remain chairman emeritus of Journeys until June 30, 2018, and assist with the transition of his duties.

E-COMMERCE

* E-commerce giant Amazon.com Inc. rolled out its S$8.99-a-month Prime membership service in Singapore at a promotional rate of S$2.99 per month for an unspecified period, following its debut in the city-state in July. A free two-hour delivery service will also be provided for orders with a value of more than $40, while free international delivery will be available for orders of more than S$60 from items on Amazon's U.S. site.

* Grocery chain Whole Foods Market Inc. marked up prices of select items by 1% at September-end following its price cuts announced by parent Amazon.com Inc. in August, Business Insider reported, citing a survey of 110 goods by research firm Gordon Haskett. The study, reportedly conducted at a Whole Foods outlet in Princeton, N.J., found an average price hike of 1.6% across products, which were mostly in the dry and packaged goods categories.

* Amazon.com Inc.'s customers can order its Handmade handcrafted products through the e-commerce giant's Prime Now delivery service from Dec. 5 through the holiday season. The service can be used by Amazon Prime members in 10 cities, including parts of New York City, Minneapolis and Seattle.

FOOD AND DRUG RETAILING

* U.S. drug retailer CVS Health Corp. said in a regulatory filing that it would pay health insurer Aetna Inc. a fee of $2.1 billion if its deal is discontinued for reasons such as failure to secure approval and recommendations, or breach of the agreement, among others. Conversely, Aetna would pay CVS the same fee if certain conditions are not met.

* Consumer goods giant Nestlé SA plans to acquire Canadian vitamin manufacturer Atrium Innovations Inc. from investors led by equity firm Permira Funds for $2.3 billion in an all-cash deal. The companies expect the deal to close during the first quarter of 2018. The acquisition will expand the Swiss company's health sciences division.

HYPERMARKETS AND SUPERCENTERS

* Wal-Mart Stores Inc.'s Brazilian arm will combine its physical and online businesses and expand its e-commerce operations, Reuters reported. The activities, which would include a ramp-up of existing stores and brands, reportedly would cost Wal-Mart Brasil about 1.5 billion Brazilian reais over the next four years.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* Tiffany & Co. will put activist investor JANA Partners LLC's director nominees, Roger Farah, James Lillie and Francesco Trapani, up for a shareholders' vote at the jeweler's 2018 annual meeting as part of a deal that the companies struck in February. The U.S.-based retailer is working with a "leading search firm" to fill out the nomination list for the event, which remains to be scheduled.

* Privately held U.S. company Toys R Us was given the go-ahead by a U.S. Bankruptcy Court to pay 17 executives as much as $21 million in bonuses as an incentive to hit the holiday earnings target of $641 million, Reuters reported. The terms, previously set at $14 million in bonuses if earnings reach $550 million, were approved despite protests by the retailer's advisers and bankruptcy watchdog U.S. Trustee.

* Swedish furniture retailer IKEA Group will offer unspecialized job services in Canada through matching portal TaskRabbit Inc., with plans to extend the offer in Europe and Asia, the Financial Times reported, citing IKEA CEO Jesper Brodin. Silicon Valley startup TaskRabbit, acquired by IKEA to provide furniture assembly services to customers, reportedly will grow its capacity in the U.S. and the U.K.

* Pet products producer Bark & Co. met with banks to discuss its options for a potential takeover or IPO, CNBC reported, citing Bark co-founder and CEO Matt Meeker and sources familiar with the matter. The Target Corp. partner reportedly is prepared to go public in as little as six months.

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