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- Business and finance update 16th December 2024
Business and finance update 16th December 2024
Succession plan thwarted
Good morning. Today we're talking about the Murdoch succession plan, London’s falling markets and the UK’s new trade agreement.
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Succession plan thwarted
Billionaire Rupert Murdoch's plan to install his eldest son, Lachlan, as the sole heir to his media empire has been thwarted by a US court. A judge ruled against 93-year-old Murdoch's attempt to amend a family trust that would have granted Lachlan exclusive control over News Corp and Fox News. The decision comes after a contentious legal battle, where Murdoch argued that Lachlan was the only one of his four eldest children capable of maintaining the companies' conservative editorial stance. However, the court found that the proposed changes were motivated by "bad faith" and designed to unfairly benefit Lachlan. This setback for Murdoch raises questions about the future of his media empire and the potential for further family disputes. As the mogul ages, the succession plan for his vast media holdings remains uncertain.
London falling
The UK's once-thriving initial public offering (IPO) market dropped 9% this year, falling to 20th place globally after countries like Oman and Malaysia. This contrasts to just a few years ago, when London would regularly feature among the top five venues globally for companies to go public. This sharp drop is attributed to various factors, including Brexit, economic uncertainty, and a shift towards private market funding. The government's efforts to attract listings have been hampered by a lack of investor appetite and regulatory challenges. As a result, many high-growth companies are opting for private funding or listing on foreign exchanges, depriving the UK market of valuable opportunities. This trend is bad news for the City, and for a government that sees financial services as one of the most important growth drivers of the British economy.
New trade deal
The UK has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade bloc encompassing 11 countries and 500m people in the Indo-Pacific region. This move is expected to boost UK trade and investment opportunities, particularly in high-growth markets such as Japan, Canada and Australia. By joining the CPTPP, the UK aims to diversify its trade relationships and reduce reliance on the EU. The agreement will eliminate tariffs on a wide range of goods and services, with officials hoping it could boost the economy by as much as £2bn a year. Although a handful of trade deals have been agreed since Brexit, none match the scale of the EU, plus deals with economic heavyweights like the US and India are yet to materialise.
Elsewhere...
Falling back: The UK economy shrank for the second month in a row in October as concerns about the Budget continued to weigh on confidence.
Transport rises: Tube and rail fares in London will go up by 4.6% from next March.
New heights: Planning permission for 1 Undershaft, which will be the tallest skyscraper in the City of London, has been approved.
RIP: The billionaire founder of high street fashion chain Mango has died in an accident in Spain.
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