UK Business Papers Review: 9 August 2017

UK Business Press Review

Today we look at Sky, Transition Periods, McDonald’s, Venezuela and Guy Hands.

It would appear the vendetta against the Rupert Murdoch empire between HM Government and its lackey regulator continues in an unabashed and overt way. Indeed, it beggars belief that 21st Century Fox cannot take over what is essentially a sister company in Sky. As far as the Government asking for 21st Century Fox’s record as a broadcast, would we believe that its own broadcaster, the BBC, would ever have its record looked at, or get this type of roughshod treatment? The Telegraph is the bearer of bad news for Mr Murdoch and cohorts.

The Daily Mail reports on how oil companies are pouring out of what it describes as crisis stricken Venezuela, which should really be described as a country where socialism has been allowed to run to its logical conclusion. What is perhaps most surprising here is the way that only now that Venezuela is in pure hell, have our fossil fuel hungry friends decided to run for the hills. So no one could say they were not committed to making money at all costs.

In an article will please fans of fine dining around the world, The Times reveals that McDonald’s is to nearly double the number of outlets in China over the next 5 years, as it partners with Citic and Carlyle Group. Dissidents of the Beijing regime will be hoping this cultural invasion will amount to a culinary Trojan Horse, if nothing else.

Surprise, surprise, Project Fear lives on at the Bank of England, as it does all over the Establishment – which needs cheap foreign labour to maintain its lifestyle, as well as holding down wages in the middle and lower tiers of the jobs market. Therefore we have the warning from Sam Woods, a Deputy Governor of the Bank of England that the UK faces a cliff edge Brexit without a “transition deal”. Transition deal in this instance meaning maintaining the status quo for an indefinite period until hopefully the Remainers can change public opinion.

The Financial Times reports on how Guy “EMI” Hands has proved you can fool all of the people all of the time, as long as you given them 10 years to do so. A decade after the pie in the face deal made regarding EMI, short memories mean that Mr Hands is on the buyout trail again in the US. Hopefully this will not mean we are at the top of the market as we were in 2007. In fact, perhaps it would be better if we were?

Zak Mir is Co Founder, technical analyst, author, broadcaster and financial markets commentator.

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