The US has been given 90 days to remove a special tax exemption granted to Boeing because it was deemed as an unlawful subsidy. Following a complaint from the European Union the WTO investigated and the result won’t fly well with the aerospace giant. The case revolves around the tax cut provided by Washington in 2013, ensuring that wings for Boeing’s new jetliner were exclusively made there.
Luxury goods group LVMH, who encompass brands like Louis Vuitton eye up a potential deal to buy high-end cycle wear company Rapha. This move reflects LVMH’s intentions to move into the sports and leisure sectors. Rapha was founded in 2004 and is known for premium quality/ priced cycling kit, and whom you may recognise from the Team Sky outfits.
Dunelm has agreed to buy baby goods specialist Kiddicare with the aim to boost their online presence. The acquisition is part of the £8.5m rescue deal for UK online shopping group Worldstores. The Kiddicare firm was bought by Morrisons in 2011 before being sold shortly after; £68m lower may we add.
Over the weekend the result of the French primary vote showed candidate Francois Fillon emerged as a clear winner. The centre right candidate is believed to be far enough right to capture some of the far-right frontrunner’s votes, calming markets somewhat at this very early stage in the up-and-coming political drama. First though we have the Italian referendum on Sunday, which as we stand looks up in the air and as a result banking stocks as well as the wider equity market have certainly felt some unease, likely to increase as we move towards the weekend.
Ahead of the OPEC meeting, worries over a deal being unable to be agreed upon sent energy shares lower. The turbulent oil price continues to upset markets ahead of Wednesday’s meeting.