Source: Sharecast
John Lewis and Waitrose will refocus on department stores and supermarkets again after a controversial shift to housebuilding under Dame Sharon White, the outgoing chairwoman. White outlined plans in 2020 for the John Lewis Partnership to make 40 per cent of its profits from non-retailing activities, including construction and financial services, by the end of the decade. The gloomier economic backdrop means that now appears highly unlikely, and in a joint note to partners last month, White and Nish Kankiwala, the new chief executive, wrote: “The next phase [of the strategy] will see us focus on brilliant retail." – The Sunday Times.
OakNorth, the digital lender backed by SoftBank, has appointed former City watchdog head Lord Adair Turner to the role of chair as it considers a stock market listing in London, the US or both. Turner, who served as chair of the Financial Services Authority during the financial crisis, rejoins OakNorth after previously sitting on the board as senior independent director until 2017. The appointment of Turner, who replaces outgoing chair Cyrus Ardalan, will add extensive regulatory experience to the board and comes as OakNorth considers plans for an initial public offering. – Financial Times
Unilever's shake up of its portfolio has continued apace with the addition of haircare brand K18. The consumer goods giant announced the deal after it sold many of its less successful brands earlier this month. Chief executive Hein Schumacher plans to streamline the business by getting rid of brands that were not seen to be contributing to the bottom line. Unilever did not reveal how much it had paid for K18, which was founded just three years ago in 2020. – Mail on Sunday
Crypto companies have sharply increased donations to US politicians as sentiment in Washington hardens against the digital assets market. [...] This week Coinbase, Circle and a16z were among the companies to put $78mn into Fairshake, a federal super Pac that can take unlimited money from corporations and individuals to spend on elections, to be directed to “pro-crypto leadership”. “We’re going to do whatever it takes to depoliticise crypto,” said Faryar Shirzad, chief policy officer at Coinbase. – Financial Times
Dining tycoon Richard Caring is considering selling a stake in his Ivy Collection of restaurants, which could be worth £1billion. Caring – known as 'the King of Mayfair' for his empire of venues – has called in bankers at HSBC to advise on a sales process. – Mail on Sunday
Sir James Dyson has criticised the government for not “going for growth” after the latest official figures revealed an increasing likelihood of a recession in the UK. The inventor said wealth generation and growth had become “dirty words” while praising the economic policies of former chancellor Kwasi Kwarteng and former prime minister Liz Truss, whose disastrous mini-budget sent the pound crashing against the dollar and brought the near collapse of pension funds and soaring mortgage costs. – The Guardian
Serious concerns have been raised over the growing influence of private equity in the provision of children’s care homes, after an Observer investigation revealed that the number of homes backed by investment companies has more than doubled over five years. The news comes with children’s social care directors, council leaders and campaigners for those in care accusing some businesses of profiteering from their involvement in children’s social care. Increasing numbers of councils are warning they face bankruptcy as a result of rising costs. Several care home providers backed by investment companies are also heavily indebted. – The Guardian
