Brexit, World Cup, Sports Direct, Google, Gaucho: your commercial news round-up
updated on 19 July 2018
The Brexit shambles continues apace, with meetings this week between the new UK Brexit secretary, Dominic Raab, and the EU’s chief negotiator, Michel Barnier. It is thought that the main topic of conversation will be the EU’s scornful view of May’s white paper and its many problematic elements. And while you’re trying to keep up with the Brexit machinations, you also need to keep an eye on the commercial world – let us help, with this week’s selection of curated business news:
- If it’s not still too raw, here is a useful analysis of the World Cup’s winners and losers, in economic terms – some companies and brands did extremely well out of their association with the tournament, others less so (see Burger King’s ill-advised promotion).
- And there was one sector of the economy that definitely did not benefit from the football-fest; retail sales fell by 0.5% in May-June, as shoppers chose to spend their time watching the games rather than consuming goods.
- Sports Direct has suffered a staggering 72% loss in pre-tax profits for the year to 29 April, dropping from £281 million to just £77 million. Share prices fell by 10% following the announcement.
- Google is facing a record-breaking fine of £3.9 billion for abusing its market position through use of its Android technology. Google plans to appeal, but currently, if it does not change its business practices within 90 days, it will incur further fines.
- The Gaucho restaurant chain is in trouble, putting 1,500 jobs at risk. The company has appointed administrators and is currently looking for a buyer to help preserve the 39-restaurant brand.
Be sure to check the News every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK on Twitter and like us on Facebook for instant business news updates.
