Tuesday newspaper round-up: Gambling tax, Warren Buffett, Legal & General

(Sharecast News) - The Gambling Commission has demanded a UK bookmaker hand over a trove of financial documents after the company accidentally disclosed information suggesting it may be running an illegal offshore betting operation. The Guardian understands that the company, which sponsors sporting events and boasts connections to high-profile figures in sport and politics, is the subject of early inquiries that could lead to a full-blown investigation. - Guardian Switzerland is nearing a deal with the US to slash its 39pc tariff rate after some of the country's largest businesses launched a charm offensive targeting Donald Trump. Negotiators are in talks about cutting the current levy on Swiss exports to 15pc, Bloomberg reported, after executives from the country's largest businesses met the US president to press their case. - Telegraph

Rachel Reeves's gambling tax grab will benefit criminals operating on the black market, an industry-backed report has warned. A tax rise by the Chancellor across the £7bn sector could trigger a surge in the number of people using unregulated websites, according to a study by PwC - leaving players more vulnerable and depriving the Treasury of vital tax receipts. - Telegraph

Warren Buffett has assured shareholders of Berkshire Hathaway that they need not worry about his departure as chief executive, giving a ringing endorsement to his successor Greg Abel and promising to remain a major investor in the conglomerate. In a letter to Berkshire investors, possibly his last public communication with them until he steps down at the end of the year, Buffett, 95, said Abel had "more than met" his high expectations when he first thought the 63-year-old was chief executive material. - The Times

Britain's biggest investment institution, Legal & General, voted against Elon Musk's $1 trillion pay packet partly because it did not require him explicitly to spend any time at the electric cars and robots company. L&G, which owns $8.6 billion worth of Tesla stock, revealed it had been one of the rebel shareholders unsuccessfully trying to stop Musk landing the biggest pay deal of all time. - The Times