Debenhams, Facebook data fine, Airbnb in Barcelona, gender pay gap: your commercial news round-up
updated on 25 October 2018
If you fancy boosting your commercial awareness, don’t forget that applications are still open for our student careers conferences LawCareersNetLIVE. Panel discussions with partners on the law firm as a business, as well as a range of interactive firm-led workshops (including Vinson & Elkins’ commercial awareness workshop in London) will give you the opportunity to find out how law firms really operate as businesses and provide a valuable insight into the commercial issues affecting lawyers today. Before polishing off your application – the deadline is this Sunday! – make sure you read our summary of this week’s business news stories:
- It’s not looking good for department store Debenhams as the chain reported record annual losses and is set to close up to 50 stores, putting 4,000 jobs at risk. Debenhams’ boss Sergio Bucher said that the company was “taking tough decisions” on stores which were less likely to remain profitable in the next three to five years. Up to 100 profitable flagship stores account for more than 80% of the chain’s profits.
- Facebook has been fined the maximum penalty of £500,000 for the Cambridge Analytica user data scandal. The Information Commissioner’s Office (ICO) handed out the penalty for Facebook’s role in processing people’s data without consent and failing to keep that data secure. Information Commissioner, Elizabeth Denham, said, “Facebook failed to sufficiently protect the privacy of its users before, during and after the unlawful processing of this data. A company of its size and expertise should have known better and it should have done better.”
- It was revealed this week that one Airbnb host manages a portfolio of 204 apartments in Barcelona which generate over £33,000 a day in rental income during the high season. The news has prompted critics to call for more regulation on the holiday house-sharing site. “Barcelona is an extreme case, but certainly the law needs to catch up so Airbnb doesn’t price locals out of their community,” argued Steven Poole in the Guardian on Wednesday. A report by DataHippo found that the 10 biggest hosts in Barcelona managed 996 apartments between them, with a further 666 managing five or more.
- You might be pleased to hear that the gender pay gap in the UK is at its lowest level yet, according to the Office for National Statistics. But don’t rejoice too soon: the average female employee still earns 8.6% less than male colleagues, with older women more likely to be underpaid in comparison to male counterparts.
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.
