Law and business: commercial news round-up 06.08.15
updated on 06 August 2015
We know it’s hard to concentrate on life beyond the soporific qualities of the summer holiday, euphoria at England trouncing Australia at cricket and general idleness now that your training contract applications are in, but do turn your mind to the following at some point – you may be invited for an interview and have to demonstrate that you know something about global goings-on:
- Lloyds PPI compensation payment bill is expected to add up to a mammoth £13 billion, although it hasn’t all been bad news for the bank, as it reports a 38% rise in half-year pre-tax profits.
- On that theme, HSBC is feeling perky too, as it reports a 10% rise half-year pre-tax profits (while still under the shadow of cutting 50,000 jobs worldwide).
- The Athens Stock Exchange reopened after nearly six weeks of being closed, resulting in tis worst-ever day of trading and a 23% share price drop.
- City trader Tom Hayes was sentenced to 14 years in jail for his role in the LIBOR rate-rigging scandal.
- Adnams Brewery is producing a greater variety of beers in response to massive surge in craft beers.
- The government has sold its £2.1 billion of shares in RBS for a loss; shadow treasury minister accuses the government of "casually" losing £1 billion.
- The Bank of England has voted to keep interest rates at their current level, with a majority vote of eight to one.
Be sure to check the News section every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK and @CityLawLIVE on Twitter for instant business news updates.
