‘Fat Cat Thursday’ caused a stir this week as top UK bosses earned more than the national annual salary in less than a week. Apple is on track to be the first $1tn company this year. Disappointing figures so far in the January sales meant a fall in shares for Debenhams and Spotify is being sued for $1.6bn over rights to over 10,000 songs.
A think tank dubbed 4th January ‘Fat Cat Thursday’ as they calculated that the UK’s top bosses earned the average annual salary by Thursday. High Pay Centre director Stefan Stern said that this highlights the “unjustifiable gaps between the top and the rest of the workforce”. However, others have commented that pay at the top should remain competitive so British business doesn’t risk losing out on talent to the US and Europe.
Financial experts have predicted that 2018 will see the first company to reach a stock market value of $1tn. Apple, Amazon, Facebook, and Alphabet are all in the race with Apple currently leading the way.
Debenhams shares plummeted by around 20% on Thursday morning as the store revealed that it would miss profit forecasts. It blames the reduced number of shoppers in stores for the January sales.
Spotify is being sued for $1.6bn for streaming songs which it doesn’t have the full rights to. Wixen, the company which collects royalties for artists such as Tom Petty and the Doors, claims that the streaming service doesn’t hold composition rights for more than 10,000 songs.
Colman’s is to close its factory in Norwich after 160 years. The company employs 113 people in the city and owner Unilever said that it is “difficult news” for their staff but that it is the “best option” for the company.
Also in the news:
- Terror-related offences to be added to Unduly Lenient Sentence scheme
- Laws on driverless cars, surrogacy, and smart contracts to be reviewed
- Judges facing “torrent of personal abuse”, says Lord Chief Justice