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BUSINESS
National News
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Wednesday October 10 | 2018
Morrisons faces Murdoch Jnr steps down after massive payout Comcast takes control of Sky over data leaks SUPERMARKET giant Morrisons faces a potentially ‘vast’ compensation payout over a leak of staff data on the internet despite being innocent of any wrongdoing. A lawyer representing the company told the Court of Appeal it is challenging a ruling that it is ‘vicariously liable’ for the ‘criminal online disclosure of significant quantities of payroll data effected by a rogue employee’. Anya Proops QC said at a hearing in London – the first data leak class action in the UK – that if the decision of a High Court judge last year was allowed to stand Morrisons was exposed to ‘compensation claims on a potentially vast scale’. Litigation was launched after a security breach in 2014 when Andrew Skelton, an internal auditor at the retailer’s Bradford headquarters, leaked the payroll data of around 100,000 employees.
Watchdog probes UK’s audit sector THE competition watchdog has launched an investigation into Britain’s auditors after a series of scandals and concerns over conflict of interest. The Competition and Markets Authority [CMA] said it will examine concerns that the sector ‘is not working well for the economy or investors’. As part of the review, the CMA will investigate whether it is ‘competitive and resilient enough to maintain high quality standards’. The CMA pointed to the failure of Carillion and the criticism of those charged with reviewing the construction firm’s collapse, as well as recent poor results from audit quality reviews.
BULLETIN BOARD Comcast will ensure Sky News’ future
NEWS IN BRIEF
Facebook’s new tax bill is ‘outrageous’ FACEBOOK’S UK tax bill has been branded ‘outrageous’ after accounts revealed it had to pay just £7.4million for 2017. The technology giant’s bill rose to £15.8million but it will get an immediate cut by claiming tax credit. The latest UK tax bill is triple the £5.1million paid in 2016. But the net charge for 2017 comes to £7.4million, following tax relief of £8.45million for granting employees shares in the firm.
BrewDog ready to float
SKY chairman James Murdoch has resigned from the broadcaster as US cable giant Comcast took control of the British firm. Comcast said yesterday [Tuesday] that it has acquired more than 75 per cent of Sky after snapping up the 39 per cent stake that belonged to Rupert Murdoch’s 21st Century Fox. Comcast boss Brian Roberts said: “We are pleased today to be the majority owner of Sky. “Led by [Sky’s Chief Executive] Jeremy Darroch and his superb team, now together with Comcast, our combined global leadership in technology and content paves the way for us to accelerate investment and growth in Sky’s brand and premier platforms. “We are also fully committed to ensuring Sky News’ future, maintaining its editorial independence, and preserving its strong track record for trusted, high quality, impartial news.” Comcast emerged victorious in the takeover for the pay TV giant last month after beating 21st
Century Fox, controlled by the Murdoch family, in a long running takeover battle. The group tabled a £30billion bid for Sky, dwarfing Fox’s bid by a distance. It means the Murdochs have relinquished their holding in Sky, having twice failed to take full control of the broadcaster.
CRAFT brewery BrewDog has said a stock market debut remains firmly on the cards despite recent flotation woes. Co-founder James Watts has said plans for an initial public offering [IPO] were still on track for 2020. The independent Scottish brewer, which was valued at £1billion last year after selling a 22 per cent stake to private equity, is considering an IPO in either the UK or the US, though Mr Watts said London was the firm’s preference at this stage.
Growth
Greggs is topping sales
Mr Darroch said: “Comcast have committed to investment in Sky, including our Osterley and European headquarters and we very much look forward to working with Brian and the Comcast team to achieve further growth and development of Sky’s business. “Separately, Sky News will benefit greatly from Comcast’s funding commitments over the coming years and the arrangements that will be put in place to preserve and enhance its editorial independence.”
FOCACCIA-style pizzas and a summer drinks range helped bakery chain Greggs serve up a rise in sales despite unpredictable trading during the heatwave. The group - which has 1,912 shops across the UK - said like-for-like sales lifted 3.2 per cent across its own-managed shops during the 13 weeks to September 29, while total sales rose 7.3 per cent. This marks a pick-up since its first half, when sales edged 1.5 per cent higher.