UK farmers have sounded the alarm over reports the government plans a trade deal with Australia that would make its food and farming imports cheaper (The BBC). Farmers are warning of “damage” to UK agriculture if Australian beef and lamb producers are granted tariff-free access to the UK as part of the first major post-Brexit trade deal (The Guardian). Boris Johnson is prepared to offer Australia a trade deal that would allow free imports of beef, lamb and sugar, despite warnings it would be a “complete betrayal” of British farmers (The Telegraph).
Former Tesco boss Dave Lewis cashed in more than £13m of share options in October as he exercised bonuses handed out over his six years at the helm after leaving the group (The Guardian). Former Tesco boss Sir Dave Lewis walked away from the supermarket giant with a £1.6million pay packet last year (The Daily Mail).
Landsec is in the market for shopping centres, as one the UK’s largest commercial landlords calls the bottom of a sector that has been among the hardest hit by coronavirus (The Financial Times £). One of Britain’s biggest commercial landlords warned yesterday that there would be further retail collapses and a slow return of shoppers to central London as it announced a £1.4bn annual loss (The Times £). One of the UK’s biggest commercial landlords made a £1.4bn annual loss as lockdowns left properties empty and hammered rent income (The Daily Mail)
Britain’s pubs and restaurants are already suffering the reopening blues. Cautious diners return after lockdown but some question whether it will be enough to save the sector. (The Financial Times £)
Growing optimism about the country’s economic recovery and a jobs report that was better than expected helped to lift the pound above $1.42 for the first time since February. (The Times £)
A cannabis-based pain treatment company backed by Snoop Dogg and Imperial Brands is set to list in London this week. Oxford Cannabinoid Technologies said that its shares would start trading on the London Stock Exchange on Friday after it raised £16.5m. (The Times £)
Reinstating its dividend was the cue for investors to order some Britvic yesterday. (The Times £)
Tobacco manufacturer Imperial Brands has maintained its full-year guidance following a surge in operating profit resulting from the offloading of its premium cigars business. (The Daily Mail)
The US stock market debut of the Swedish oat milk producer Oatly, which is due to price its initial public offering on Wednesday, marks a milestone and a test for Toni Petersson, the marketing maven who has made it one of the world’s most recognisable brands in less than a decade. (The Financial Times £)
The creation of two chief operating jobs at Marks & Spencer for Katie Bickerstaffe and Stuart Machin, and a strategic role for finance director Eoin Tonge, inevitably will excite speculation that succession planning has begun. (The Daily Mail)
Government stimulus cheques and vaccinations have prompted Americans to “get out and shop”, Walmart said yesterday as it increased its profit forecasts. (The Times £)
Retailers offered a rosy picture on the health of the US consumer on Tuesday after reporting strong quarterly sales, as people armed with government stimulus cheques hit the shops in person and online. (The Financial Times £)
Chocolatier Godiva has pulled back from an aggressive expansion of its own shops to refocus on selling chocolates in grocery stores and other retailers, where sales are on a sugar-high from homebound consumers. (The Financial Times £)
South African brewer Distell has caught the eye of Dutch brewer Heineken, which confirmed on Tuesday it is in talks to buy the group. The FT’s Lex column estimates any deal for the entire business will be worth €2.3bn. The acquisition would boost Heineken’s growing presence in a market long dominated by AB InBev-owned South African Breweries. (The Financial Times £)