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6 Most Important Things in Business Today

Douglas A. McIntyre

Published: July 11, 2018 5:07 am

Last Updated: March 13, 2020 4:01 pm

The bidding war for U.K. media company Sky has heated up. According to MarketWatch:

Rupert Murdoch’s 21st Century Fox Inc. significantly lifted its offer price to consolidate ownership of Sky PLC, heating up a bidding war with Comcast Corp. for the British TV broadcaster.

Fox raised its bid for the roughly 61% of Sky it doesn’t already own by more than 30%, to GBP14 a share, in a deal that values all of Sky at GBP24.5 billion ($32.5 billion). Fox said Sky’s independent directors have agreed to the new offer.

The United States has threatened to sharply increase the level of tariffs on Chinese goods. According to MarketWatch:

The White House said it would assess 10% tariffs on a further $200 billion in Chinese goods, deepening the dispute with Beijing, while sending a message to other trading partners that the U.S. won’t back away from trade fights.

The new round of tariffs — hitting products from fish to luggage — comes on top of two others and is bound to be met with threats of retaliation from Beijing, though U.S. Trade Representative Robert Lighthizer said he was open to talks with China about a resolution of the dispute. “As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China’s unfair trade practices and to China opening its market to U.S. goods and services,” he said in a statement.

Pfizer Inc. (NYSE: PFE) will not raise some drug prices after attacks on the plan from President Trump. According to The Wall Street Journal:

 Pfizer Inc. said Tuesday it will defer some recent drug-price increases, reversing course after President Donald Trump criticized the company.

The New York-based drug maker, one of the world’s biggest pharmaceutical companies by sales, had faced criticism from Mr. Trump and others after raising the prices of more than 40 drugs last week.

Pfizer backtracked after Chief Executive Ian Read had what the company described as an extensive talk with Mr. Trump Tuesday about the July 1 price increases.

In a blow to Boeing Co. (NYSE: BA), JetBlue Airways Corp. (NASDAQ: JBLU) has ordered planes from rival Airbus. According to The Wall Street Journal:

JetBlue Airways Corp. on Tuesday said it would buy 60 CSeries jetliners from Airbus SE with options for more, as the European plane maker’s rivalry with Boeing Co. extends into the market for smaller planes.

Airline executives said the new aircraft would expand the reach of the smaller aircraft in JetBlue’s fleet, allowing them to take transcontinental U.S. flights while burning 40% less fuel per seat.

Facebook Inc. (NASDAQ: FB) will be penalized by the United Kingdom because it provided data to an outside firm. According to CNBC:

Facebook will be fined £500,000 ($662,900) in the U.K. after the country’s privacy watchdog said its data sharing scandal broke the law.

The Information Commissioner’s Office (ICO) is hitting the social network with the maximum possible fine it can impose, for two breaches of the U.K.’s Data Protection Act.

Facebook failed to safeguard people’s information, the ICO said, and was not transparent about the way in which user data was harvested by others.

Toyota Motor Corp. (NYSE: TM) is getting into the car-sharing service in one U.S. state. According to Fortune:

Toyota Motor Corp. is on the road less traveled with Hui, its new car-sharing service, available exclusively in Hawaii.

The service, which offers reservations through a smartphone app, gives drivers in Honolulu 25 pick-up and drop-off locations in the city, and a choice of 70 Toyota and Lexus vehicles, including Priuses and Camrys. Cars can be unlocked with started with the smartphone app using technology called Smart Key Box, and they must be dropped off where they were picked up.