Online retail giant Amazon is under
investigation by UK tax authorities after it was revealed they
paid no UK corporation tax on any of their £3.3 billion
profits from last year. The Guardian reports that over the past three
years the online retailer’s British operation, owned by a company
in Luxembourg, has generated sales of more than £7.6 billion
without attracting any corporation tax on the profits from those
sales.
Following the announcement yesterday that JJB
Sports was in negotiations with Dick’s Sporting
Goods about acquiring a minority stake, the Financial Times says a deal has been agreed.
The article states that JJB is to receive £30 million in new
financing from investors led by Dick’s, which could result in the
US retailer owning a stake of more than 60 per cent in the
company.
In more related JJB news, Chris Ronnie, the former chief
executive of JJB Sports, has been charged by the Serious Fraud
Office over an alleged £1 million fraud relating to
contracts entered into the sportswear retailer in 2008. The
Independent also reveals that David Ball, an
accountant and joint owner of Fashion & Sport, a supplier to JJB
Sports, has been charged with three offences of “furnishing
false information” contrary to the Theft Act 1968.
The Telegraph takes a look at
Tesco’s decision to ditch its £1 billion
Value range of goods, in favour of an updated line of products.
The new range of goods will be called Everyday Value.
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