There is no one like Rupert Murdoch to stoke up a controversy, sanctimonious comment in the rival press and questions in parliament. Last week we were treated to the full panoply after he announced that his 21st Century Fox is once again bidding for full ownership of Sky, in which it already owns a 39 per cent stake.
If it goes through, Mr Murdoch’s offer of £10.75 a share will cost him £11 billion (Dh51.32bn), compared to the £7.8bn he offered five years ago, a premium of about 40 per cent. But in Mr Murdoch’s case, it doesn’t really matter what he offers – there is always going to be a good old-fashioned fight. The former Labour leader Ed Miliband called on ministers to reject the deal, referring back to tired old issues of phone hacking. And Vince Cable, the business secretary who referred Mr Murdoch’s original bid to the competition authorities – and effectively killed it – opined that nothing had changed since he raised concerns about Mr Murdoch’s dominance of the UK media scene. There was much more in the same tedious vein.
This time round Mr Murdoch should win easily, although he is under pressure to raise his offer just a tad to satisfy the outside institutional shareholders who never, on principle, accept the first offer.
Thomas Moore, the investment director at Standard Life, led the charge, telling the BBC: “We would hope this is a starting bid and on reflection they will appreciate that a higher bid is more appropriate.” I doubt he will win that one – the independent Sky directors have already supported the bid and a higher offer now would deeply embarrass them. Mr Murdoch wouldn’t want that.
Sky is a bit of unfinished business for the 85-year-old mogul who gambled everything to launch it in 1989 and came within an inch of bankruptcy as its losses mounted.
It was an extraordinarily courageous, entrepreneurial thing to do at the time, taking on the whole media establishment, particularly the BBC and the main body of the press, using money he borrowed from the banks at penal interest rates.
I was the deputy editor of The Sunday Times at the time and witnessed it all at first-hand. It had to be put together in great haste. The government had awarded what was intended to be Britain's sole satellite operating licence to British Satellite Broadcasting (BSB), which was backed by deep-pocketed establishment companies including Pearson, Reed and Anglia TV. Mr Murdoch cleverly spotted a gap in the regulations governing the process – the British government had no control over signals beamed down from space, and there was nothing to stop him from legally launching his own operation. BSB protested vigorously, but Mrs Thatcher supported Rupert and she was right.
So when the Luxembourg-based Astra satellite project offered him five spare transponders, he accepted, knowing the new company had to be fully up and running before BSB could launch its much more sophisticated satellites. He ran it as a military operation – within the hour, my then editor, Andrew Neil, was summoned, told he was the new chairman, and dispatched from Wapping the same day to Osterley. People were pulled in from Australia, California and New York – anywhere Mr Murdoch could find useful bodies.
Wapping was stripped of its finance director, personnel manager and even its canteen staff.
Three frenetic months later, with everyone working around the clock, we all went out to Osterley where Rupert and Andrew and Norman Tebbitt, then the trade minister, counted down to the launch. Bang on time, the nascent Sky News appeared on the screen behind them.
Over the next two years, Sky cost Mr Murdoch £5bn. BSB, late into operation, spent £12bn, monstrous sums at the time which neither could afford. Then came the credit crunch of the early 1990s and interest rates soared. Mr Murdoch was caught short and the consortium of 157 banks to whom he owed money threatened to pull the plug.
Most of them had also lent money to BSB and their price for bailing Rupert out was that he merge Sky, whose subscriber numbers were building rapidly, with BSB, which was a dead duck.
He hated that deal, which cost him 50 per cent of the business – or more than £9bn at today's valuation – more than anything he ever did, with the possible exception of closing his beloved News of the World. He took all the risk, used all his ingenuity and skills, drove people mercilessly, while BSB squandered resources on fancy offices and technology that didn't work.
He swore that if it was the last thing he would do, one day he would get it back. He may be right on both counts.
Ivan Fallon is a former business editor of The Sunday Times and the author of Black Horse Ride: The Inside Story of Lloyds and the Financial Crisis.
business@thenational.ae
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Federer's 19 grand slam titles
Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Day 2 at the Gabba
Australia 312-1
Warner 151 not out, Burns 97, Labuschagne 55 not out
Pakistan 240
Shafiq 76, Starc 4-52
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
DUBAI%20BLING%3A%20EPISODE%201
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Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
More from Neighbourhood Watch
SPECS
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New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
OPINIONS ON PALESTINE & ISRAEL
Company%20Profile
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