Sky shares, Carillion collapse, Trump Iran sanctions, Labour Brexit position: your commercial news round-up
updated on 27 September 2018
As autumn knocks at the door, we’re sure that you’re all getting excited for crunchy leaves, pumpkin spiced lattes, and Chancellor Philip Hammond’s big reveal of the autumn budget (29 October, people, put it in your diaries!). Here at LCN the autumn term signifies the onset of traversing the country for law fair season. Why not find out more about preparing for law fairs with our brand new podcast, and impress recruiters on the day with your commercial awareness knowledge? For more on the latter, read on:
- Media mogul Rupert Murdoch has ended his control of Sky after it was announced that 21st Century Fox will sell its 39% stake in the company to Comcast. Fox had previously tried to take control of Sky but lost out by under-bidding. Comcast’s new stake in Sky is valued at £11.6 billion.
- The collapse of construction company Carillion at the beginning of 2018 is estimated to cost the taxpayer over £150 million, it has been revealed this week. More than £50 million has already been paid out in redundancy payments, although this expected to rise to £60 million. Ministers have been blamed for not realising soon enough that the company was in trouble, and then offering new contracts to boost investor confidence. Several big Carillion projects, including the Royal Liverpool hospital, will be funded by taxpayers’ money.
- Addressing the UN this week, US President Donald Trump asked all nations to stop doing business with Iran, after the United States pulled out of the six-country nuclear deal earlier in the year. Several business operations have already pulled out of existing or future projects, including Boeing BA who announced it will not deliver contracted aircraft to Iranian airlines because of the new sanctions. The EU will work around the sanctions to enable legal trade with Iran, preserving its current oil and other business deals.
- Jeremy Corbyn realigned the Labour Party’s position on Brexit at the party conference yesterday, declaring that Labour MPs will vote against Theresa May’s Chequers Brexit plan and “oppose leaving the EU with no deal”. He also said that the prime minister will have to call another general election if she cannot get her Brexit plan through Parliament.
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