UK govt confirms review for Sky bid
CAMBRIDGE, England: Britain should judge Rupert Murdoch’s bid for broadcaster Sky on facts and not politics or risk stifling inward investment after Brexit, his son and fellow executive James Murdoch said on Thursday.
Appearing before an audience of media executives hours after the government referred TwentyFirst Century Fox’s $15 billion bid for a detailed investigation, James Murdoch struck a combative tone in defence of his family’s record in building a business that spans TV, film and news.
He was confident the country’s independent regulators would assess the deal on its merits and not be swayed by politicians with scores to settle over how his father’s newspapers had treated them over the decades.
“Whether or not 30 years ago someone had a grievance about a political position that a newspaper took that is no longer a part of the business is irrelevant,” said Murdoch, who is chief executive of Twenty-First Century Fox and chairman of Sky.
“We have a clock on this now. We are confident it goes through.”
The Murdochs returned to buy full control of Sky in December 2016, more than five years after a phone-hacking scandal at their now-defunct News of the World tabloid sank a previous attempt. (RTRS)
MILAN:
Italy’s markets watchdog said Wednesday that French media group Vivendi had “de facto control” over Telecom Italia but the Italian operator said it would contest the decision.
Vivendi’s role in Italy’s telecommunications sector has come under growing scrutiny since the company built up a stake of 23.94 percent in Telecom Italia and took 28.8 percent of the country’s biggest commercial broadcaster, Mediaset.
If Vivendi is found guilty of failing to have notified the Italian authorities of its control of Telecom Italia, it risks a minimum fine of 300 million euros ($356 million).
“After a thorough analysis of the current laws and the facts on the ground, (markets watchdog) Consob has concluded that Vivendi’s stake in Tim qualifies as de facto control,” a statement said.
Vivendi, the biggest shareholder in Telecom Italia (Tim), has consistently denied controlling the company, saying that it only exercises “management and coordination activities” since July.
Telecom Italia said it “will take all legal action to defend its interests and is confident that its actions have been correct and its arguments solid.” (AFP)
ZURICH:
Swiss insurer Swiss Life said Thursday it has been contacted by the US Department of Justice regarding its cross-border business with American clients.
The firm said its business with US clients via its Swiss Life Liechtenstein and Swiss Life Singapore units amounts to approximately 250 million Swiss francs ($260 million, 220 million euros).
It said all insurance contracts had been reported under US anti-tax evasion laws that require reporting of assets owned by US citizens.
Swiss Life said portfolio of business with US clients had previously totalled as much as 1 billion Swiss francs. “Swiss Life will use the opportunity for dialogue and explain its past cross-border business in cooperation with the US authorities,” it said, without providing any additional information about the nature of the contact from the Department of Justice.
Swiss Life is particularly active in retirement savings and asset management.
In recent years, the United States has tightened its crackdown on tax evasion by requiring foreign financial institutions to report assets held by US citizens. (AFP)