Your commercial news round-up: Timberlake, Volkswagen, Castore, online sales tax

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How strong is your business mind? Can you read a news story and isolate the political, economic, sociological, technological, legal and environmental impact a piece of news will have?

Have a go at doing this with this week’s commercial news round-up.

• Justin Timberlake, the US singer of the hit song ‘SexyBack’ has decided to sell his song catalogue to Hipgnosis Song Management. Hipgnosis is a London-based company in Notting Hill. It is now the proud owner of all of Timberlake’s “copyright, ownership and financial interests” including Timberlake’s share of public performance income and the catalogue of musical compositions written by the singer. In January, Hipgnosis and Blackstone acquired an 80% stake of Kenny Chesney’s recorded music royalties. Hipgnosis acquired the “legendary Canadian artist and composer Leonard Cohen” in March.
   
• Volkswagen has been ordered by the High Court to pay £193 million to over 90,000 drivers in England and Wales, following a settlement in court. The court decided the total amount to be allocated between the claimants and contribute towards the legal costs of the case. In a statement the company apologised to its customers for “the two mode software installed in the EA189 vehicles” and vowed it would “continue to work to rebuild the trust of their customers here in England and Wales." This isn’t the first time the German automobile has been involved in a dieselgate case; in 2020, Germany’s highest civil court ordered Volkswagen to pay compensation to a motorist who had purchased one of its diesel minivans fitted with emissions-cheating software.
   
• In the sporting industry, Castore announced they’re the official kit supplier of Sevilla FC. The British sportswear brand will design playing and training kits to be worn by the “Sevilla FC first team, Sevilla FC Women, and the academy teams ahead of the 2022-23 season.” José Castro Carmona, president of Sevilla FC, said: “Partnering with Castore is an important step for our club, because we are linking up with a company that shares our values.” Last week we reported that Spanish football league La Liga will be given exclusive space in Triverse, a new “metaverse of sport”.
   
• In retail news, high street retailers are allegedly paying 755% more in business rates than their digital competitors, according to the Retail gazette. This news follows the government’s decision to close a consultation into the “possible introduction of a digital sales tax as a way to pay for a reduction in business rates.” There’s been back and forth between supermarkets about whether the government should bring in an online sales tax, with M&S warning of the damage this will have on high street shops. Some supermarkets like Sainsbury’s support the introduction, stating that high business rates for shops were “destroying the high streets up and down the country”.

Check the News every Thursday for this weekly commercial news round-up.

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