Your round-up of trade news: West Ham, Warner Music Group, UK-US trade deal, EY, Porsche
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On Monday, September 19, Queen Elizabeth’s funeral was watched by 29.2 million people on television in the UK, official viewership data showed. The Queen’s passing and preparations for her funeral have dominated the news over the past week, so we’ve rounded up some of the other stories you may have missed as a result. Read this week’s roundup of business news to make sure you stay on top of your business awareness.
- In the sports industry, West Ham’s main sponsor Betway has been hit with a fine of over £400,000 over its marketing on children’s web pages. Between April 14, 2020 and November 6, 2021, Betway’s logo and a link to its website had been posted on a website with printable teddy bear coloring pages, the Gaming Commission found. The watchdog also discovered that the logo and link appeared on the “Young Hammers at Home” page between October 24 and November 15, 2021.
As a result of the findings, the Gambling Commission claimed that Betway’s advertisements breached its “socially responsible” marketing rules with Enforcement Director Leanne Oxley stating: “Protecting children from the harm of gambling is at the heart of what we do. Although there is no suggestion that the operator was deliberately targeting children or that children were allowed to play, we take the violation of any rule intended to protect children very seriously.
In other sports news, With the club not officially up for sale, former Manchester United board member Michael Knighton says his takeover bid for the football club is “advancing as expected”. The club, currently owned by the Glazers, are facing pressure from fans to make a switch. The Glazer family are reportedly seeking an offer of around $4.3 billion to sell the club.
- Multinational entertainment and record company Warner Music Group (WMG) has filed a lawsuit against Bang Energy and parent company Vital Pharmaceuticals over alleged infringement of its music in social media ads. Reuters reported that WMG’s lawsuit was filed in a Florida court on Thursday, September 15. According to the lawsuit, Bang Energy “achieved widespread commercial success by infringing” the record label’s music with Instagram, TikTok and Facebook having been “instrumental to Bang’s success.” WMG claimed that Bang Energy had “misappropriated” nearly 200 of its “most popular and valuable” recordings and compositions, including music by Bruno Mars, Dua Lipa and Lizzo.
- Prime Minister Liz Truss has said a UK-US trade deal is not an immediate priority as no negotiations are currently taking place with the US. Speaking to reporters en route to the UN General Assembly, Truss explained that she did not expect negotiations between the UK and US to begin in the “short to medium term. “. Instead, the prime minister’s trade priorities focus on joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, as well as trade deals with India and the Gulf states.
- The big four EY firms have reported annual revenues of $45.4 billion, while its 13,000 partners are expected to vote on a breakup in November, which would see the firm’s advisory division spun off from its audit business. Its global revenue grew nearly 14% in the year to June, the fastest pace in nearly two decades, and its total number of employees rose 17% to 365,000. EY’s consulting division saw significant growth as companies sought to identify ways to reshape their operations and technology post-covid-19 – its consulting division saw revenue rise nearly 25% to 13, $9 billion over the period. EY bosses believe the split, which will be voted on later this year, will help the consultancy business grow faster as various conflict of interest rules will be scrapped.
- Porsche is set to go public in Frankfurt later this month and could be valued at up to 75 billion euros, making it one of the largest European public offerings to date, according to the automaker’s parent company. luxury automobile, Volkswagen. About 49% of the money generated from the IPO is to be used to pay a one-time special dividend to shareholders, with the rest used to help fund the move towards electric vehicles and battery technology.
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