onth’s ers & ers
1. Amazon Founder of the Ottakar’s book chain James Heneage has described Amazon
as a “dangerous” force that is damaging the high street book trade and threatens to undermine publishers’ ability to nurture new talent. “If you are concerned about the sort of books that get published you have to look to the future and the amount of value that businesses like Amazon can remove from the publishing business model,” said James Heneage, the businessman turned author who started the quirky Ottakar’s chain in the late 80s. Recently, the Guardian reported that Amazon paid no corporation tax on the profits generated by last years UK sales of £3.3bn and is now under investigation by the UK tax authorities. The dawn of the digital age has meant book lovers can buy the latest bestsellers from their Kindle with just one click, with eBooks growing to around a fifth of the £1.9bn UK book market, with physical book sales falling by 8% in the last 12 months.
2. BSkyB Satellite broadcaster BSkyB has announced the resignation of James Murdoch
as chairman, as well as its share price being knocked back to a seven-month low after admitting two counts of email hacking. Although Sky News claimed both occasions of hacking were in the public interest, punters chose to switch off BSkyB, leaving it at the bottom of the Footsie as it crashed down 22.5p to 635.5p. News Corp was forced to abandon plans to take full control of the group last July in the wake of the phone-hacking scandal that resulted in the demise of the News of the World, yet many still believe Mr Murdoch’s media empire will try again at some point in the future. However, Bernstein’s Claudio Aspesi warned that the latest revelation “makes this scenario even less likely, with News Corp suitability as the part owner already in question”. Also, the company is expected to reap legal costs and there is already increased competition of high speed fibre broadband and premium content.
3. Tesco A leading shareholder for Tesco has claimed that the only way the
supermarket can get back on track in the UK is to quit its American takeover. Richard Black at Legal & General Investment Management, Tesco’s third biggest shareholder with a 4% stake, comes days before chief executive Phil Clarke unveils his blueprint for reviving the chain. Black told the Sunday Times: “Strategically, the business needs to think about its capital allocation and return on capital. It needs to think long and hard about what it wants to be - can it be everything to everyone, or should it focus on its gem, the British grocery business? Of course, this is likely to raise questions about other areas of the business, such as America and the bank.” Justin King, chief executive of rival Sainsbury’s, said he believed customer service was the key difference between the two chains. Also, Tesco’s shares are now down by 21% in comparison to a 2.2% drop at Sainbury’s.
13 entrepreneurcountry
on’s Kindle the paperback
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