Tuesday newspaper round-up: Black Friday, Sports Direct, Eddie Stobart
Just one in 20 Black Friday deals are genuine, according to damning research by Which? that concluded the annual shopping event was “all hype”. The consumer group price checked 83 items on sale on Black Friday last year and found that nearly all were cheaper or available for the same price at other times of the year. A Samsung soundbar was a Currys PC World Black Friday deal last year at £299. But the researchers found that the price dropped by a further £49 during the month after Black Friday and was priced at £279.97 at least 13 times in the following six months. – Guardian
Mike Ashley’s Sports Direct International, which has attracted criticism from politicians and investors over working conditions and its approach to business, has announced plans to rebrand itself as Frasers Group. The retail group, which has a market value of £1.8bn, said it was seeking to elevate its image beyond the sportswear through which the billionaire chief executive made his fortune. - Guardian
Eddie Stobart has attacked rival Wincanton for failing to submit a takeover bid, leaving investors with just one option to rescue the troubled trucking company. The firm said it was "disappointed" with Wincanton, which had been given access to confidential files belonging to one of its fiercest rivals. Wincanton dropped out of the running on Monday afternoon, citing concerns about Eddie Stobart's finances. – Telegraph
A former senior executive at Barclays became “close” to the prime minister of Qatar before the Gulf state invested in the British bank to stave off a government bailout in 2008, a court was told. Roger Jenkins, who used to be one of the best known bankers in Britain and was Barclays’ former chairman of investment banking in the Middle East and north Africa, told the Old Bailey how he had met and developed a business relationship with Sheikh Hamad bin Jassim bin Jaber al-Thani. – The Times
National Grid has agreed to pay $36 million to end a dispute over gas supplies in New York after the state’s governor threatened to strip it of its licence to operate. The FTSE 100 utility group backed down in its stand-off with Andrew Cuomo yesterday, agreeing to lift its moratorium on connecting new customers with immediate effect. The governor had set a deadline of today for National Grid to respond to prevent the state moving to revoke its licence. – The Times