Tesco chief demands £1.25billion ‘Amazon tax’: Supermarket boss says windfall should aid struggling retailers. Tesco (TSCO) chief executive Dave Lewis has called for a £1.25 billion tax on products sold via the internet to prevent Britain’s shops being annihilated by online rivals. In an interview with The Mail on Sunday, Lewis said Chancellor Philip Hammond should impose a 2% charge – dubbed an ‘Amazon tax’ – on goods sold online. The Tesco boss – whose bold approach at the supermarket giant has earned him the moniker Drastic Dave – said it was time to ‘shift the burden of raising the country’s income’ away from store chains.
SCOTTISH INVESTMENT TRUST: The trust saves on costs and delivers year after year, unlike its rivals. Scottish Inv Trust (SCIN) is a rare beast. Unlike most of its rivals that are run by world- renowned asset houses – blue-blooded types such as Fidelity, Janus Henderson and JP Morgan – this fund is self-managed by a tight five-strong investment team from modest offices in Edinburgh. Premises that management, past and present, have occupied since the trust was launched 129 years ago. This might appear a little parochial and old fashioned, but it is an approach that has served the trust’s shareholders well.
French Connection founder is to sell his stake in fashion retailer after setting the company up in 1969. The British founder of French Connection Group (FCCN) is preparing to sell his stake in the fashion retailer as part of a deal that could lead to it being taken over. City sources said Stephen Marks, chairman and chief executive of the chain, has asked advisers at Numis to find a buyer for his 42% stake. Marks, 72, set up French Connection in 1969. He grew it into one of Britain’s most successful fashion brands and it became best known for its Fcuk marketing slogan.
RBS scandal fraudster and team reaped £1.9 million… Police turn the spotlight on action group after examining a dossier compiled by regulator. A fraudster behind a controversial action group set up to sue the Royal Bank of Scotland Group (RBS) is being accused of using small investors’ money to pay himself and his colleagues £1.9 million. The revelation comes as the RBoS Shareholders Action Group faces a police probe in the wake of concerns raised by a year-long investigation by The Mail on Sunday. The group, co-founded by Irish businessman Gerard Walsh, was established to sue the bank for compensation for investors who felt they were duped into buying shares in 2008.
MIDAS SHARE TIPS: If you want healthy profits consider the firm seeking cures using NHS records. MIDAS VERDICT: Sensyne Health (SENS) is a rare beast. Using cutting-edge technology, the company is working with the NHS to help drug companies find cures for some of the most prevalent diseases of our time. At 187p, the shares are a buy.
MIDAS SHARE TIPS UPDATE: Is now the time to sell your Royal Mail (RMG) shares after it fell 27% last week alone. Midas verdict: More than 500,000 people own shares in this business, including thousands of staff. Many will be tempted to sell now, while they can still make a tiny profit on the 330p flotation price. But the company reports half-year figures next month and Back will almost certainly try to deliver better news then. Worth holding, at least for the next few weeks.
