Pfizer-BioNTech, supermarket giants, Arcadia, Salesforce.com, UEFA: your commercial news round-up

One of the crucial skills that all lawyers – aspiring and qualified – must have is good commercial awareness. While you aren’t expected to know everything about the law, you are expected to understand commercial issues that effect law firms as businesses and their clients. When you are reading the news, select a few stories that really interest you and follow them as they progress – this is one way that you can develop your commercial awareness and impress recruiters during your application and interview. Read LCN’s summaries of some of the week’s biggest stories to get you started:

• The Pfizer-BioNTech vaccine, which offers up to 95% protection against covid-19, has been approved by the UK’s independent health regulator. The UK is the first country to have a “clinically authorised vaccine”, with roll out planned for early next week. Around 10 million of the UK’s 40 million vaccine doses ordered should be available soon, with those on the UK government’s vaccination priority list to receive it first. The first phase of the programme indicates that residents in a care home for older adults and their carers should be the first to have the vaccination, with those 80 years of age and over, plus frontline health and social care workers next on the list. Number six on the list are all individuals aged 16 years to 64 years with underlying health conditions, followed by 60+ year olds, 55+ year olds and 50+ year olds. Meanwhile, Moderna seeks approval in the US and Europe.

• Supermarket giants Tesco and Morrisons are set to pay back business rates relief of £585 million and £274 million, respectively. Chair of Tesco John Allan said: "We firmly believe now that this is the right thing to do, and we hope this will enable additional support to those businesses and communities who need it." Sainsbury’s and Aldi have since followed suit, revealing that they will pay back a combined £540 million of business rates relief, with both stores explaining that their decision came after they were able to stay open during lockdown. In total, the four supermarket chains will pay back more than £1 billion in business rates relief following criticism for taking government support during the pandemic, while also paying dividends to shareholders.  

• Retail company Arcadia has gone into administration. The group, which owns high-street stores including Topshop, Burton and Dorothy Perkins, has appointed big four accountancy firm Deloitte as its administrator. Trading will continue while Deloitte considers Arcadia’s options, with all Black Friday weekend orders to be respected. After experiencing a fall in sales as a result of the pandemic and forced store closures, the group was unable to secure additional funding to pay off its debts.

• In a bid to rival business software giant Microsoft, Salesforce.com is set to buy Slack – a business communication platform – for $27.7 billion, making it the largest acquisition in Salesforce’s 21-year history.

• Following the new multi-year partnership announcement between PepsiCo and UEFA women’s football, PepsiCo and UEFA have agreed a new three-year deal, extending the brand’s UEFA Champions League sponsorship until 2024. The food and drinks company’s partnership with the UEFA Super Cup will also last another three years.

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.