De La Rue caught up in corruption allegations
Banknote printer De La Rue (DLAR) has been implicated in an investigation into India’s former finance secretary, according to an update published today. The group said it is seeking legal advice after learning of the investigation by the Central Bureau of Investigation in India, and stressed that it had not served the government of India or the Central Bank of India since 2016.
It believes “there is no merit to the allegations that relate to De La Rue”. Allegations have been published for years about De La Rue’s dealings with Arvind Mayaram, and the company said as early as 2016 reports it had been blacklisted by the government but had continued supplying banknote paper were both “defamatory and malicious”.
The same update revealed that De La Rue has suspended its banknote printing operations in Kenya because of low demand. The group has also lost a legal case in Kenya over a historical tax issue, equating to around £7.2mn, but intends to appeal the ruling. De La Rue shares were down 6 per cent on the update, and 53 per cent year-on-year. JS
Netflix share price jumps as CEO Reed Hastings steps down
Google owner joins Big Tech staff cutting programme
Festive retail sales worse than expected
A range of retailers reported chunky sales growth figures over Christmas, but shopping volumes actually dropped in December according to the Office for National Statistics.
The statistics body said that retail sales volumes in Great Britain fell by 1 per cent in December against the previous month, and pointed to the impact of higher prices and affordability issues. Economists, according to a Reuters poll, had expected a 0.5 per cent rise. The data emphasises the challenging outlook for retailers amidst the cost of living crisis, with volumes down by 5.8 per cent in December compared to 2021. CA
No new North Sea oilfields, says Labour
Labour leader Keir Starmer has used a Davos appearance to call for an end to oil and gas development in the North Sea. This follows the first licensing round held by the North Sea Transition Authority for three years, which drew 115 bids across 258 blocks.
Starmer said new investment in the North Sea should go to renewables, rather than fossil fuel extraction when speaking on a panel at the World Economic Forum. “"Obviously it will play its part during that transition but not new investment, not new fields up in the North Sea, because we need to go towards net zero, we need to ensure that renewable energy is where we go next,” he said.
Labour, expected to form government some time in the next two years, has already said it would raise taxes on producers again, to a total rate of 78 per cent. AH
What the North Sea bids will tell investors about the UK’s energy security
