Thu, Jan 04, 2018 - Page 10 News List

World Business Quick Take



Rynair applies for UK license

Irish low-cost carrier Ryanair Ltd on Tuesday said that it has applied for a British operating license in case the UK leaves the EU next year without an aviation deal. Other airlines have made similar moves amid concerns that Brexit could severely disrupt air traffic between Britain and continental Europe. “Ryanair today confirmed that a subsidiary company, Ryanair UK, filed an application on Dec. 21 for an Air Operator’s Certificate with the Civil Aviation Authority in the UK,” an airline spokesman said. “This may be required for Ryanair’s three UK domestic routes in the event of a hard Brexit in March 2019.”


Amazon could target Target Inc is to acquire discounter Target Corp, Loup Venture cofounder Gene Munster wrote in a report highlighting eight predictions for the technology industry this year. “Target is the ideal offline partner for Amazon for two reasons, shared demographic and manageable, but comprehensive store count,” Munster wrote, adding that both companies focus on mothers and families. “Getting the timing on this is difficult, but seeing the value of the combination is easy.” Market share numbers suggest a deal would be approved by regulators and Wal-Mart Stores Inc would still have a larger share than an Amazon-Target combination, Munster said.


Next lifts profit forecast

British apparel and home-furnishings chain Next PLC lifted its profit forecast after a better-than-expected Christmas, in an upbeat signal for UK retailers facing Brexit-related worries and the rise of online shopping. Full-priced sales under the Next brand rose 1.5 percent in the 54 days through Dec. 24, compared with the median analyst estimate for a 0.5 percent decline. The company raised its profit outlook for its current fiscal year, which ends this month, by £8 million (US$10.9 million) to a midpoint of £725 million. Sales over the Christmas period were boosted by cold, snowy weather, Next said.


Spotify deal challenged

Spotify AB’s US$43 million settlement with songwriters is being challenged in a new lawsuit from a publisher who has said that artists like Tom Petty and Neil Young deserve a lot more — US$1.6 billion more. Wixen Music Publishing Inc claimed in a lawsuit filed on Friday last week that Spotify has infringed upon copyrights to 10,784 songs it administers, and is seeking US$150,000 in statutory damages for each song. Spotify declined to comment. Spotify last year settled a case with songwriters in a bid to end years of fighting ahead of its planned listing on the New York Stock Exchange.


Government eyes TPP

The country is interested in joining the Trans-Pacific Partnership (TPP) trade bloc after it leaves the EU, the Financial Times newspaper said. The paper said that the government had started informal talks about joining the bloc in a bid to boost post-Brexit exports. Although the US pulled out of the talks to form the bloc nearly a year ago, other TPP countries have pledged to move forward with plans for a trade group. The TPP has so far involved only countries around the Pacific Rim, such as Japan, Canada and Mexico. However, Minister of State for Trade and Investment Greg Hands said there was no geographical restriction that would prevent Britain’s participation.

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