Business headlines: Sky; Fox; EasyJet; Tesco; Jaguar Land Rover; The Commonwealth bank; Kimberly-Clark; Bacardi; Patron

Reference: UK press

It's vital to be aware of the latest news in the industry you're working in or applying to. Here are some headlines you might find interesting:

CMA provisionally rules Sky-Fox deal not in public interest
The UK's Competition and Markets Authority (CMA) has published a provisional report on Fox's proposed take-over of Sky, stating that the deal is not in the public interest. Fox has been trying to obtain full ownership of Sky; so far it only owns 39% of the company. The CMA stated that the takeover would negatively affect media plurality, giving the Murdoch Family Trust too much control of media platforms in the UK and therefore also too much of an influence over public opinion. Fox said it was disappointed about the CMA's finding but would continue to engage with the CMA until it publishes its final report in May. Disney agreed to buy a large part of Fox last year, which includes the 39% stake in Sky. The deal has yet to be approved by US regulators.

EasyJet reports jump in revenues and passenger numbers
EasyJet has reported an 8% jump in passenger numbers and a 14.1% increase in revenues for the three months to 31 December. Total revenues were up to £1.1bn while the airline recorded 18.8m passengers. Johan Lundgren, who was appointed as the new chief executive in November of last year, said that the pressure of competition had also eased, as competitors Air Berlin and Alitalia went into administration and Monarch collapsed. Meanwhile, Ryanair struggled with cancelled flights.

Tesco to cut 1,700 jobs
Tesco has announced it is cutting 1,700 jobs across its branches and warehouses. The move is part of its strategy to save £1.5bn in costs and turn the company around in the three years to 2020. UK chief executive of Tesco, Matt Davies, stated that the changes would ensure the company stays competitive. The cuts will also affect Tesco's international business, where it employs about 460,000 people. 900 new jobs will also be created in an attempt to move affected staff into different roles. Among the roles that will be cut are personal management positions in 757 large stores and seven UK warehouses and compliance manager roles in 667 large stores and seven warehouses. All customer service manager roles will be lost in 266 Tesco Extra stores.

Jaguar Land Rover to cut production over tax uncertainty
Jaguar Land Rover has stated it will scale back the production of its Discovery Sport and Range Rover Evoque models in the second quarter of this year. The move will be temporary, as the company deals with uncertainty regarding tax changes related to diesel cars. JLR reported that the UK market appeared tough, while its global sales hit record highs last year. The company said that the uncertainty surrounding Brexit was also negatively affecting demand in the UK -
with figures down by 5.7% last year - and Europe in general.

Commonwealth Bank expected to pay out $1.9m in compensation over poor advice
Australia's Commonwealth Bank is expected to pay out $1.9m (£1.36m) in compensation costs to customers who received poor advice. Extra licence conditions introduced in 2014 mean that the bank's records are to be inspected to look for any instances in which the bank's advisers gave out inappropriate advice leading clients to lose money. The latest compliance report by accountants KordaMentha identified five advisers who, together, caused about $1.2m in client losses, affecting 3500 clients in total. The Australian Securities and Investments Commission stated that the CBA had informed all the clients in question, with compensation payments ranging from $1500 to $202,000.

Kimberley-Clark, manufacturer of Kleenex tissues, has announced plans to shut down or sell 10 production plants and cut as many as 5,000 jobs as the firm works on restructuring its business to deal with a slowdown in sales.

Spirits company Bacardi is planning to buy tequila brand Patron after demand for high-quality tequila has grown in recent years.