28 Jan 2024 | 19:32
Sunday newspaper round-up: NatWest, China, Vodafone
(Sharecast News) - The Chancellor is laying the groundwork for the sale of billons of pounds worth of shares in NatWest as soon as June. A contract to a market research company has been awarded to study the public's views, alongside a tender to public relations firms and advertising companies who would work on the marketing campaign. Nevertheless, sources inside the Treasury have played down recent speculation in the City that Jeremy Hunt might announce the decision in his 6 March budget. The sale was expected to be priced at a discount. - The Sunday Times
China's stock market regulator has issued a temporary ban on investors' ability to lend shares out for trading purposes. The measure, which will come into force on Monday, is meant to create "a fairer market order", according to China's Securities Regulatory Commission. Yet it is only the latest in a series of market interventions by the authorities which so far had not succeeded in shoring up the stock market. - Sunday Telegraph
The Competition and Markets Authority has started a 'phase1' investigation into the proposed tie-up between Vodafone and Three. According to the regulator, it's goal is to determine whether a merger would reduce competition. The transaction would see the creation of the UK's largest mobile operator. A day before the CMA's announcement, the government had told Vodafone that its relationship with Emirates Telecommunications, its largest shareholder, posed a national security risk. - The Financial Mail on Sunday
The John Lewis Partnership has raised £260m in financing for its turnaround plans, which will include 11,000 layoffs over the next five years. The latter is a part of its plans to cut costs by £900m. That is on top of a halving in redundancy pay.The partnership's boss, Nish Kankiwala, envisages refocusing on the core retail business. - The Sunday Times