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Today’s provisional findings on the groceries market from the Competition Commission look like a win for Tesco, the largest supermarket group. Yes, it may have to sell some land, but it may well become easier for it to get planning permission for new stores, and there seems to be no real concern about competition on the high street or about supermarkets’ relations with suppliers. Tesco shares are up nearly 3 per cent to an all-time high. We’ll have masses on this online during the day and in tomorrow’s paper.
We also have the first, and I think the only, public debate on Sir David Walker’s proposals for improved transparency in private equity. The event is at the Institute of Chartered Accountants in England and Wales and could be lively. You can watch a webcast online this afternoon.
Also, if you were enjoying this morning’s good stuff on MF Global, you should check out the Seeking Alpha blog, which has spotted this great quote from chief executive Kevin Davis in court papers. “Part of my role as CEO is to meet and greet various of my colleagues’ customers as they come in through the day. I don’t know who they are. I just do a good job of pretending that I am interested in what they have to say.” Davis apparently defended the remark to our reporter Sarah Spikes so we’ll make sure we get that in tomorrow’s paper.
We also have more Mifid coverage - hooray, I hear you shout. Today we’re focusing on the nitty-gritty of the equity market revolution and who the winners are likely to be. It’s a Norma Cohen special. Finding data to illustrate all this stuff, though, is surprising hard.
Otherwise, Taylor Wimpey, created by this year’s merger, warned today it would set aside further provisions to cover losses at its US division as the country’s worst housing downturn for 16 years continued to bite.
And we may also take a closer look at what is going on at Mitchells & Butlers. Neil Hume spotted last night that John Magnier and JP McManus, the Irish racing tycoons, had built a 3.4 per cent stake the pub and restaurant operator. The shares are up nearly 6 per cent today.
Finally, RDF Media has admitted it suffered a financial hit from the Crowngate affair, although the impact is not in today’s results.