House of Fraser, Amazon, Sky, 3rd runway, TSB: your commercial news round-up
updated on 07 June 2018
News just in this morning about House of Fraser’s decision to close nearly half of its stores is shocking; not just for the 6,000 jobs that will be lost, but for what it signifies for high street retailers generally. Among other locations, the company’s flagship Oxford Street store will close, presenting as it does an “existential threat” to the rest of the company. Yikes. For a flavour of other business news, cast your eye over this selection:
- Amazon is the subject of yet more unwanted attention, as the GMB union announced that it is taking legal action on behalf of drivers working for three firms used by the delivery giant. The case related to the fact that the drivers are termed as self-employed, and yet are “required to attend scheduled shifts that were controlled by Amazon, meaning they did not have the flexibility that is integral to being self-employed”.
- The government has approved 21st Century Fox’s bid to own Sky, with some conditions attached – significantly, that Sky News must be sold to an independent buyer, in order to preserve some semblance of objectivity. The government also approved a rival bid from Comcast, setting up the possibility of a bidding war.
- Heathrow will get its third runway – or at least, the government has given it the go-ahead, despite vociferous objections from campaigners. Transport secretary Chris Grayling said it was an “historic moment”, but critics claim it will cost taxpayers billions and cause untold environmental damage.
- TSB has had to answer some tough questions about its IT meltdown last month, including around the fact that over 1,300 of its customers had money stolen from their accounts by hackers exploiting the bank’s failed system. Three of the bank’s chief executives were in the hot seat before a government select committee this week, during which Nicky Morgan MP termed it the “Truly Shambolic Bank“.
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