Tuesday newspaper round-up: Winter blackouts, Selfridges, Richemont
By Michele Maatouk
Date: Tuesday 08 Oct 2024
(Sharecast News) - Ticket sales for the Oasis reunion tour helped to increase non-essential spending by British consumers to the highest level this year in September, amid a bumper month for retailers. In a sign of resilience despite a pre-budget hit to consumer confidence, industry figures show retail sales and discretionary spending on entertainment, meals out and little luxuries rose sharply last month. - Guardian
The risk of winter blackouts in Great Britain has tumbled to its lowest in four years even after the shutdown of the UK's last coal plant, thanks to investments in low-carbon electricity sources. The National Energy System Operator (Neso) expects Britain's winter power supplies to outstrip demand by almost 9% this year in its base case scenario, the greatest margin since the winter of 2019 to 2020. - Guardian
Britain is set to suffer the biggest exodus of millionaires in the world ahead of the Government's planned raid on non-doms, analysis has found. The share of the population who are millionaires is expected to plunge by 20pc over the course of this Parliament, from 4.55pc now to 3.62pc over the next five years, according to an Adam Smith Institute analysis of UBS forecasts. This is in contrast to Germany, France and Italy, all of which are predicted to grow their share. - Telegraph
Saudi Arabia has struck a deal to become the junior partner in the iconic London department store Selfridges after buying out a bust Austrian property tycoon. In a tie-up with Thailand's Central Group, a family-owned retail conglomerate, Saudi's Public Investment Fund (PIF) has acquired a 40pc stake in Selfridges from Rene Benko's property business Signa. Under the terms of the deal, Central will have a 60pc stake in both the property and operating businesses of Selfridges, while PIF will significantly increase its 10pc position. - Telegraph
Richemont has struck a deal to offload Yoox Net-a-Porter, its struggling online luxury business, to its German rival Mytheresa after a previous sale agreement collapsed. The Swiss luxury conglomerate, which owns Cartier and other high-end jewellery and fashion brands, had been looking to sell YNAP after a previous plan to sell it to Farfetch fell apart last December. - The Times
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