Market Buzz
Monday newspaper round-up: Tax-free shopping, Asda, Morrisons
The Treasury’s independent forecaster is to review the axeing of tax-free shopping for tourists, raising the possibility that a decision that leisure companies and retailers have blasted for deterring visitors and losing the UK billions in sales could be reversed. With a change of heart likely to be seen as a shot in the arm for struggling businesses, the Office for Budget Responsibility (OBR) is to examine the costs and benefits associated with Rishi Sunak’s 2020 decision to end the retail scheme when he was chancellor of the exchequer.
Sunday newspaper round-up: Asda, Barclays, McLaren
Zuber Issa, one of the two billionaire brothers at the helm of Asda, has been sounding out potential buyers for his 22. 5% stake in the grocer. Instead, Zuber wishes to focus on EG Group, their petrol station empire. Meanwhile, Asda's next phase may include a bid for Boots. According to City sources, it was also possible that Zuber might use the funds raised through a sale to fund the purchase of his brother's stake in EG Group. - The Sunday Telegraph.
Friday newspaper round-up: Water companies, Ferrari, Superdry
An oil and gas company owned by a major Tory donor, which has been fined for illegal flaring, has been awarded a licence to drill for fossil fuels by the government. This week, the government granted the right to drill for fossil fuels in 24 new licence areas across the North Sea. One of the licences was given to EnQuest Heather, a subsidiary of EnQuest. – Guardian.
Thursday newspaper round-up: National Lottery, Mike Lynch, Morrisons
The Czech billionaire whose company takes over running the UK national lottery from Thursday is still in business with the Kremlin-owned gas company Gazprom, nearly two years after promising regulators he would sever ties with Russia. The Gambling Commission awarded Allwyn the lucrative 10-year licence to run the lottery, estimated to be worth up to £100bn in sales, in March 2022. – Guardian.