Thursday newspaper round-up: John Lewis Partnership, Ineos, Telegraph Media Group
The owner of John Lewis and Waitrose has tripled profits to £126m but workers at the staff-owned retail group have missed out on a bonus for a third year in a row. The John Lewis Partnership (JLP) said sales rose 3% to £12.8bn in the 12 months to 25 January 2025, as underlying profit rose from £42m. However, the company said it was prioritising investment over the bonus with plans to spend £600m on transforming the business. – Guardian
Two British taxi companies have launched a crowdfunding drive for the last leg of a lengthy legal battle with Uber that could result in higher cab fares. Uber will seek, at a supreme court hearing in July, a ruling on contractual models that affect whether VAT applies to private-hire companies outside London, which it has argued would level the playing field across the UK. – Guardian
More retired baby boomers are paying income tax than Gen Z workers in a dramatic reversal of the pre-lockdown trend, official figures show. Data published by the taxman show 5.45m Britons aged over 70 paid income tax in the 2022-23 financial year, compared with 5.23m Britons aged under 30. It comes as the triple lock drags more pensioners into the tax bracket while a rise in youth worklessness leaves more young people on the sidelines of the jobs market. – Telegraph
Sir Jim Ratcliffe’s car company has been forced to recall SUVs in the US after customers complained that doors were flying open while driving. Ineos Automotive has confirmed plans to replace door button parts on 7,000 Grenadier cars, dealing a fresh blow to the billionaire’s business. According to documents filed to the US National Highway Traffic Safety Administration, Ineos said the relevant parts had been assembled without enough grease being applied. – Telegraph
Independent auditors have been called in at Telegraph Media Group to look into concerns about the accuracy of the circulation figures it recorded. Protiviti, a consultancy firm, is conducting a review after Cathy Southgate, the group’s acting chief financial officer, reported concerns about how the business recorded newspaper circulation figures and certain revenue between at least 2020 and 2023. – The Times