15 July 2019 - 21 July 2019

17th July 2019
Electric Vehicle

Ford and Volkswagen’s Billion Pound Alliance

The Story Last Friday, two of the world’s biggest car makers, Volkswagen and Ford announced the expansion of their global alliance, to include autonomous and electric vehicles. The alliance will enable both companies to share investments in vehicle architectures in an attempt to reduce costs on new technologies. As part of the deal, Volkswagen will invest $2.6 billion ($1 billion in cash and $1.6 billion in assets) into Argo AI, […]
17th July 2019
British Airways GDPR

British Airways fined a record £183 million under new GDPR

The Story Last week British Airways (BA) was fined £183 million for its breach of security systems last September. The personal details of 500,000 BA customers were collected. This is by far the largest data breach fine and the first to be recorded under the new General Data Protection Regulation (GDPR). The GDPR increased the maximum penalty for data breaches to 4% of a company’s turnover. BA’s penalty amounts to […]
17th July 2019
France tax

France’s Digital Tax

The Story Last Thursday, French lawmakers approved a digital services tax, which will apply a 3% tax on large digital companies in France. The tax will affect about 30 companies, including US tech giants Google, Amazon and Facebook, which generate over €750m in annual global revenues including at least €25m in France. Ahead of its passage, the US announced a Section 301 investigation to determine whether the tax proposal unfairly […]
17th July 2019
Libra

US Opposition to Libra

The Story Over the past several days, Facebook has come up against significant opposition from Washington to its proposed cryptocurrency Libra. President Trump unleashed a twitter storm on “Bitcoin and other cryptocurrencies” which he said are “highly volatile” and can “facilitate unlawful behaviour.” In particular, he criticized Libra, saying that it will have little standing and that Facebook would become subject to US and international banking regulations. It was the […]
17th July 2019
Virgin Galactic Space

Virgin Galactic going public

The Story Virgin Galactic announced last week that it will go public through the New York Stock Exchange. Virgin Galactic is a space tourism company within the famous Virgin Group and was founded in 2004 by Sir Richard Branson. Its aim is to provide commercial space flights to the public, possibly as early as the second half of this year. This initial public offering (IPO) is part of a merger […]

8 July 2019 - 14 July 2019

10th July 2019
Christine Lagarde

Christine Largarde’s nomination as the next ECB president

The Story Last Tuesday, Christine Lagarde was nominated to be the new European Central Bank (“ECB”) president. The ECB in the Eurozone is analogous to the role of the Federal Reserve in the US. It sets monetary policy and supervises the banking and financial activities for the 19 countries that adopt the common European currency (Euro) – aka, the Eurozone. Therefore, it plays a crucial role in maintaining the stability […]
10th July 2019
Deutsche BAnk

Deutsche Bank’s radical restructuring

The Story Last Sunday, Deutsche Bank announced a radical turnaround plan that would see it cut 18,000 jobs by 2022, exit its global equities business and move billions of toxic assets to a separate unit — a so-called ‘bad bank’. Impact on Businesses and Law Firms Is it too little too late? The German lender failed to clean up its balance sheet properly after the financial crisis. It has since […]
10th July 2019
Huawei 5G

Huawei’s 5G Network Concerns

The Story Last Saturday, it was revealed that four of UK’s major telecom operators – EE, O2, Three and Vodafone are using Huawei to build their 5G networks, despite the recent US sanctions that threatened Huawei’s global supply chain. The decision to use Huawei equipment in the “non-core” elements of their networks (e.g. antennas allowing wireless communication) is a concern for the operators. Although Theresa May approved Huawei’s bid to […]
10th July 2019
Private equity real estate

Private Equity Funds Targeting Real Estate

The Story The global property market seems to be going downhill. In the UK, investments in London offices, affected by the Brexit uncertainty, fell by 37% in the first half of 2019 compared to the previous year. The increasing trend to shop online coupled with the devaluation of the sterling increased retailer costs. This made it difficult for landlords to rent out their high street properties. The atmosphere in the […]