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Message: <blockquote data-quote="Coralin96" data-source="post: 660" data-attributes="member: 15">Next update <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile    :)" loading="lazy" data-shortname=":)" />22/04/2018New UK Corporate Governance Rules<ul> <li data-xf-list-type="ul">The Story: The UK is introducing new corporate governance reforms in May in an attempt to tackle some of the unacceptable practices of businesses during the financial crisis and the collapse of large private companies.  It will require: companies to publish the ratio of CEO pay v average employee pay, large private companies to state whether they've complied with the corporate governance code and for directors of public and private companies to show that they have acted in the best interests of all stakeholders (employees/suppliers etc) and not just shareholders.</li> <li data-xf-list-type="ul">Impact on law firms and clients: This is big news for large private companies who were not required to follow the Corporate Governance Code or disclose the information before. The public requirements could shame businesses and cause great media criticism, for example, if their CEO's were paid significantly high sums compared to the average employee and force them to justify it. Whilst it won't be legally binding to follow the code, it could force companies to re-assess their policies and see if they need to improve.</li> </ul>Trump's criticism of OPEC<ul> <li data-xf-list-type="ul">The Story: Trump has criticised OPEC for artificially inflating oil prices in an early morning tweet. He said it will not be accepted in what is seen as a charge against Saudi Arabia for cutting oil production so oil prices rise.</li> <li data-xf-list-type="ul">Impact on law firms and clients: This comes as Saudi Arabia is planning to modernise the economy through reforms. The country needs high oil prices to pass large-scale reforms as it depends on the export of oil for its revenue. High oil prices will also increase the value of Saudi Aramco, which it plans to list on the stock exchange. The news demonstrates the extent to which the oil industry is influenced by politics.</li> </ul>Russian sanctions at risk of hurting European companies<ul> <li data-xf-list-type="ul">The Story: France is leading the way in a European push to persuade the US to ease sanctions against Russia. There are concerns that the sanctions are so tough that the impact will spread across the continent.</li> <li data-xf-list-type="ul">Impact on law firms and clients: The Countering America's Adversaries Through Sanctions Act prevents Europeans from trading with targeted Russian companies. This has led to fears that the Russian sanctions will impact EU industries. For example, alumina, an aluminium raw material supplied by Russian company Rusal has risen by 80% after sanctions were announced. Rusal is one of the world's largest producers of aluminium outside China. Some European plants are also at risk of closure and the price rises could affect companies that import metal such as BMW and Airbus.</li> </ul>Warran Buffet leaving the board of Kraft Heinz<ul> <li data-xf-list-type="ul">The story: Buffet, the world's third-richest person, is retiring from the board of Kraft Heinz. His company, Berkshire Hathaway, owns 27% of Kraft Heinz. His move comes after a rocky period for Kraft as it failed a bid to acquire Unilever. Since then its earnings have disappointed and its shares have fallen.</li> <li data-xf-list-type="ul">The impact on law firms and clients: Many analysts expect Kraft Heinz need another M&A deal for growth.  But Warren Buffet has long opposed hostile takeovers, and his retirement may pave way for that to happen.  Companies similar to Unilever have implemented large programs to prevent against the risk of unsolicited takeover bids.</li> </ul>Brexit's argument over space<ul> <li data-xf-list-type="ul">The story: The EU has been pushing to lock Britain out a €10bn satellite project after Brexit. The European Commission said to the UK that it would be inappropriate to share sensitive information about its satellite project, Galileo, after 2019. The project offers a navigation system for governments and rivals the US's GPS. The UK is discussing whether to launch its own satellite system so it does not have to be dependent on the US.</li> <li data-xf-list-type="ul">The impact on law firms and clients: If the UK is excluded, French companies are expected to benefit when the next round of contracts are awarded. This affects a number of British companies that want to build applications using the service. The UK aims to capture 10% of the space market by 2030 and the UK government has invested heavily to ensure it stays ahead of the competition. This is a sign of the unexpected fallouts after Brexit and suggests the EU is resistant to a close security relationship after Brexit. Airbus could be forced to move work out of the UK if rules are not changed.</li> </ul></blockquote>

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