Thursday newspaper round-up: Post Office, Amazon, UK stocks
The former chair of the Post Office has expressed “sincere regret” for the state-owned body’s failings in the Horizon IT scandal and said it was a mistake not to show a key report on the problem to its board. Tim Parker, who was chair of the Post Office between 2015 and 2022, told a judge-led public inquiry that he felt “deep sympathy” for the Post Office operatives affected by what MPs have described as one of the biggest miscarriages of justice in UK history. – Guardian
Amazon founder and executive chair Jeff Bezos is planning to sell almost $5bn worth of shares in the e-commerce giant, a regulatory filing showed, after its stock hit a record high. The proposed sale of 25m shares was disclosed in a notice filed after market hours on Tuesday. The stock had hit an all-time high of $200.43 during the session. It has jumped more than 30% so far this year, outpacing the 4% gain in the Dow Jones Industrial Average index. – Guardian
Sir Jim Ratcliffe has shelved plans for his Ineos Automotive business to build an electric vehicle only months after a model was unveiled, citing low consumer demand and a lack of clarity over the government’s policy on net zero. In February, the petrochemicals tycoon revealed an all-electric Fusilier, intended to be available also as a hybrid variant and as a smaller sister vehicle to the Ineos Grenadier, an all-terrain 4×4 developed after Jaguar Land Rover’s decision to abandon its old-style Land Rover Defender. – The Times
The Conservatives “damaged” the life sciences sector after more than a decade in government and the country’s biggest pharmaceuticals company was right to question Britain as an investment destination, according to a former minister. The candid remarks were made by George Freeman when he was minister at the Department for Science, Innovation and Technology. They were contained in an email sent from his personal Gmail address to AstraZeneca, Britain’s most valuable public company, and were obtained by The Times under the Freedom of Information Act. – The Times
British stocks are benefitting from political turbulence in France, a City investor has said. In recent weeks there has been a flood of investment into UK markets, with funds seeking stability amid the chaos of Emmanuel Macron’s snap election. Isabel Albarran, investment officer at Close Brothers Asset Management, said there has been a sharp rise in demand for UK assets, which are increasingly being viewed as a safe haven. – Telegraph