Wednesday newspaper round-up: Sky, Tesla, Starbucks

Thousands of delicatessens and other specialist food shops have said new border rules that come in from Wednesday are likely to mean reduced choice of products for consumers. The Guild of Fine Food (GFF), which represents 12,000 businesses, has raised fears that European suppliers of specialist foods such as cheeses and meats will stop supplying the UK as a result of the additional red tape for imported goods. – Guardian

Sky is to cut about 1,000 jobs as customers move away from traditional satellite pay-TV to streaming-based services, in the latest round of redundancies to hit the UK media industry. The company, which employs about 26,000 staff in the UK, is seeking to reduce its workforce by about 4% this year. – Guardian

A US judge has ruled that billionaire Elon Musk’s $56bn (£44bn) Tesla pay package can be cancelled, calling the compensation “an unfathomable sum” that was not fair to shareholders, according to a court filing. The court’s opinion directed a Tesla shareholder who challenged the pay plan to work with Elon Musk’s legal team on an order implementing the judge’s decision. – Telegraph

HMRC has underestimated the true cost of government tax breaks by billions of pounds because it has been doing its sums wrong, the audit watchdog has claimed. Official forecasts massively underestimated the true cost of a range of tax reliefs because HMRC’s modelling did not account for the fact that the policies boosted growth, the National Audit Office (NAO) said in a report. – Telegraph

The world’s biggest coffee chain missed Wall Street estimates for quarterly sales in a sign that demand for its pricey coffees in the United States might be struggling, while its international markets also faced a slowdown. Shares in Starbucks, which opened its first outlet in 1971 in Seattle and has more than 32,000 stores in 80 countries, rose 4.2 per cent, or $3.95, to $98.03 in extended trading as its China business showed signs of recovery. – The Times