Murdoch’s Sky takeover hangs in the balance, UK borrowing hits a 17-year low, and more trending news

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Britain’s regulators have put the brakes on Rupert Murdoch’s ￡11.7bn takeover of Sky. The Competition and Markets Authority advised blocking the takeover, ruling that it isn’t in the public interest. The body said the deal would give the Murdoch Family Trust (MFT) “too much control over news providers in the UK ... and therefore too much influence over public opinion and the political agenda”. MFT is also a major shareholder in News Corp – owner of The Sun, The Times and The Sunday Times.

The UK’s December borrowing figures dipped to a 17-year low. UK finances received something of a boost thanks to a fall in public spending and a ￡1.2bn rebate from the EU. Economists had expected public sector net borrowing of between ￡5bn and ￡6bn last month, but ONS figures reveal a significantly lower sum: ￡2.6bn. This represents a 49% decrease on the ￡5.1bn recorded a year earlier. Public borrowing for the financial year to date now totals ￡50bn – the lowest year-to-date total since 2007.

Sainsbury’s and Tesco are both axing jobs in a bid to cut overheads. Sainsbury’s is cutting thousands of store management roles, but said its overall headcount will stay the same, with those affected being offered alternative – but lower-paid – positions. Meanwhile, Tesco is cutting 1,700 jobs from its branches and warehouses, but it’s also planning to create 900 jobs and said it will try to move those impacted by the cuts into the new positions. Tesco is on a drive to make ￡1.5bn in cost savings over the three years to 2020.

Hackers stole ￡4.6bn from British internet users in 2017. Data from cybersecurity firm Norton shows a whopping 17 million Brits were hit by cybercrime in the past year. Globally, a total of ￡130bn was stolen from consumers by cybercriminals, with phishing attacks, ransomware and fraudulent purchases all being used to steal funds. And it’s not just money people are losing – they’re losing time too, with each victim wasting an average of nearly two working days dealing with scams.

Jaguar Land Rover is cutting its production levels amid uncertainty over Brexit and the new diesel car tax being implemented from 2020. The carmaker will scale back production of the Discovery Sport and Range Rover Evoque models, which are made at the company's Halewood plant in Merseyside, in the second quarter of 2018. Last week, JLR said it achieved record global sales in 2017, but described the UK market as "tough". The firm said concerns around the future of diesel and petrol vehicles have hit consumer demand – last summer the Government confirmed plans to ban the sale of new diesel and petrol cars in the UK from 2040.

Idea of the Day: “Like so many entrepreneurs, I have treated my body as if I’m invincible for the entirety of my startup life,” says Leila Janah, founder and CEO of Samasource and LXMI. But the stress recently pushed her to the brink – and she doesn’t want others to find themselves in the same situation.

“The moral of my story: don’t be a fool. Good health is your most important life and work goal. Everything else depends on it. And when you lose it, as I did, … you realise how very precious your one body is, and how much care it deserves.”

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