Name it a humiliation of riches at JD Sports activities. Income, just like the share worth, are flying, to the purpose the place the corporate predicts £750m for the full-year, or £150m greater than the Metropolis had anticipated, which should be the most important revenue improve ever introduced by a UK retailer.The embarrassment, or issue, lies in the truth that JD accepted a big serving to hand from the general public purse – notably £61m in UK furlough money – and is conserving its Covid assist, a stance that appears more and more onerous to maintain.Many different UK retailers, from Primark downwards, way back accepted that, when post-lockdown buying and selling turned out higher than feared, they ought to choose up the tab for safeguarding jobs. There’s no obligation to take action, however a sample has been established and JD, an organization now price an astonishing £11bn, is an outlier.JD mentioned in July it might take into account repaying payroll assist when its full-year outcomes are in, and it’s sticking to that script now. And it’s being constant in its fretting about additional buying and selling restrictions: shareholders are usually not getting a half-year dividend both.However one suspects the hesitation about returning money to the UK Treasury can also be influenced by the concern that, if it concedes the precept, governments elsewhere might anticipate a contribution. JD trades from Australia to Thailand to Germany to the US and, in a technique or one other, most territories launched assist schemes.The US, which now accounts for greater than half JD’s income, is the massive one. JD was clearly an oblique beneficiary of the stimulus cheques despatched by federal authorities to lower-income households. Wouldn’t it be on the hook for a US fee if it coughs up within the UK? And, if that’s the case, how might any sum be calculated?That, no less than, appears to be the concern within the boardroom: the place does the road finish? However, truly, they’re over-thinking the issue. Simply observe native apply.US sports activities items retailers, who’re all reporting knockout numbers, seem like below no stress to take a wider view. However the tradition within the UK, when JD’s income are additionally smashing pre-pandemic ranges, is totally different. Repaying the UK furlough cash stays the correct course – and it shouldn’t take this lengthy to achieve that conclusion.Elliott Administration’s SSE thesis could also be flawedIs SSE, the Scottish FTSE 100 power group, a sleeping big that may be price extra in items? Ought to the thrilling renewables enterprise – windfarms and hydro energy – be separated from the uninteresting and boring enterprise that runs electrical energy wires?That, or one thing prefer it, could be the agenda being pursued by Elliott Administration, the activist US hedge fund presently additionally making an attempt to shake the tree at GlaxoSmithKline. Elliott is reportedly constructing a stake at SSE.There are a few odd facets to the supposed thesis, nonetheless. First, in contrast to GSK, SSE hasn’t clearly underperformed for years. It correctly bought into the renewables enterprise early and its shares stands near a 10-year excessive, which isn’t dangerous for the sector. Solely the final push within the share worth might be mentioned to be associated to latest stories by the Betaville weblog of Elliott’s stake-building.Second, the concept the renewables division is a hidden gem inside SSE is debatable. Sure, there’s a trend for separating “new” power from the previous, and, sure, one can discover Metropolis analysts who suppose SSE is undervalued. Alternatively, renewables are already 40% of the entire, so can hardly escape evaluation within the regular sum-of-the-parts calculations. Observe that Jefferies’ analysts concluded “no deep valuation low cost” when prodding the break-up query final month.We’ll await Elliott’s knowledge, however one hopes its huge brains haven’t ignored the political angle. Nicola Sturgeon might also have a view on whether or not one in every of Scotland’s greatest corporations ought to break up in two to please a New York hedge fund.Pension fund safety important for Morrisons auctionThere was a reminder on Tuesday that, earlier than Morrisons proceeds to public sale itself to the best bidder, there’s the necessary matter of the pension fund to be taken care of.Clayton, Dubilier & Rice has now cleared the hurdle by including just a few securities over properties, thereby reaching settlement with the fund’s trustees. That leaves Fortress Group, the under-bidder, to do the identical.There isn’t a cause to doubt that Fortress will step up ultimately, however any delay wouldn’t look good. By means of encouragement, Morrisons’ board might have a quiet phrase and say that, except the trustees are completely happy, there received’t be an public sale.