Welcome to your round-up of the top business news from the week. The US and the EU have agreed to work together to avoid an all-out trade war. Household debt in the UK is the worst it’s ever been and Facebook has suffered a huge hit on its market value. Amazon has posted record profits and BP is to buy BHP’s US shale assets. Read on to catch up on the top stories.

The US and the EU have agreed to work to lower tariffs and avoid a trade war. US President Donald Trump and European Commission chief Jean-Claude Juncker issued a joint statement in which they agreed to “work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods”.  

The Office for National Statistics has said that household debt in the UK the worst it’s been since records began. On average, households spent £900 more than they received in income in 2017.

BP is to acquire BHP’s US shale assets in a $10.5bn deal. The company hopes that this will allow it to gain high-quality oil assets and balance its business in the US, which is largely focused on gas.

Amazon posted a record $2.5bn profit in the last quarter. This success has largely been attributed to strong performance in the advertising and cloud divisions of the business.

Over $119bn has been wiped off Facebook’s market value after it was revealed that user growth has slowed since the Cambridge Analytica scandal. Mark Zuckerberg, who owns around 17% of the company took a $17bn hit and moved down the ranks of the world’s richest people from 3rd to 6th. 

SRA flexes authority to ensure solicitor honesty

The SRA are attempting to ensure honesty and integrity of law firms and their representatives, with the aim to provide a more transparent system for consumers.   The SRA made their intentions very clear by invoking the use of section 43 orders. The section...

The 2019 Chambers Most List goes live

The Legal Cheek has released its 2019 version of The Chambers Most List.   The definitive student guide includes everything you need to know about the leading chambers operating in the UK, including pupillage numbers, money, junior and QC stats, gender...

Share This