Commercial news round-up: Bitcoin, Toys R Us, food waste, Disney/Fox deal, VW emissions
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Last week’s NationalLawLIVE conference confirmed once again that the ability to deliver commercial legal advice to clients is essential – we heard from a panel of partners about its centrality to their practices, from recruiters about how to demonstrate it, and a myriad of workshop topics that delved into its role in today’s law firms. We expect that this message will be affirmed once again at CityLawLIVE tomorrow. As a way to start developing your commerciality, read on for this week’s selection of top business news:
- Bitcoin – the virtual currency causing waves in the financial world – has surpassed its high of last week ($11,000) to hit a whopping $14,000. Critics claim that the currency, which started at just $1,000 at the beginning of the year, is going through a bubble that will inevitably burst.
- Toys R Us is to shut at least 26 of its 106 UK stores, putting 800 jobs at risk. The company has said that the warehouse style of its stores are “too big and expensive to run in the current retail environment”.
- In an effort to cut down on food waste, the East of England Co-op (distinct from The Co-operative) has decided to sell some of its stock past the ‘best before’ dates for a significantly reduced price. Wrap, the government’s waste advisory body, says that £13 billion-worth of edible food is thrown out in Britain every year.
- Shares in Sky headed upwards as it was revealed that talks between Disney and 21st Century Fox were back on. The deal would see Disney take control of Fox's film, TV production, cable network and international assets, which includes its 39% stake in Sky.
- A senior Volkswagen executive at the centre of the emissions scandal has been sentenced to seven years in prison. Oliver Schmidt was found guilty of concealing software used to evade pollution limits on nearly 600,000 vehicles.