Sugar tax prompts soft drinks companies to plan legal challenge
Coca-Cola and other drink makers are poised to sue the government over George Osborne’s new sugar tax.
Industry bosses are drawing up plans for a legal challenge after the chancellor announced a charge on sugary drinks such as Coke, Red Bull and Irn-Bru. The tax will be levied from 2018.
Soft-drink makers will claim the tax is discriminatory because it will not hit other beverages with a high sugar content, such as fruit juice and milkshakes.
"It’s fair to say we are more than just considering legal action. This has been rushed through without warning," said a senior industry source.
Source: The Sunday Times
China’s Wanda Group to sponsor next four World Cups
Conglomerate Wanda Group has become the first Chinese top-tier partner of world football governing body Fifa.
It is the first big deal of new Fifa President Gianni Infantino's reign, and the first since the scandals that engulfed the organisation.
Wanda Group operates in a number of sectors including property, retail, sport, hotels, film and stores.
It has entered at the highest level of sponsorship rights and the deal covers the next four World Cups until 2030.
Source: BBC
Sainsbury’s and Argos tie-up set to go ahead
Sainsbury's has emerged victorious in its £1.4bn takeover battle for Argos owner Home Retail Group.
The City had been anxiously waiting for a resolution to a month-long "Mexican stand-off" with South Africa’s Steinhoff International ahead of a 5pm deadline on Friday.
However, with just over two hours to go Steinhoff dropped its pursuit of Argos in favour of a £673m takeover of electricals retailer Darty.
The rival’s exit meant that Sainsbury’s did not have to raise its offer and made a bid on the same terms that gained Home Retail’s board’s backing before Steinhoff gatecrashed the deal.
Source: Daily Telegraph
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