Law and business: commercial news round-up 23.04.15
updated on 23 April 2015
News-wise, there is a lot to absorb this week, including some big financial losses being reported (Wonga and Tesco), as well as bad news for both the “flash crash” trader and the Co-op’s Fairtrade suppliers. Read on to learn more:
- Jobless figures are at lowest level since July 2008. Robert Peston examines whether this seemingly good news will deliver votes for Tories in the election, as they might be hoping?
- Quindell shareholders are keen to sell its professional services arm to Slater & Gordon, and have voted accordingly.
- Fair play? The Co-operative Group has told its members that it cannot make an enhanced commitment to Fairtrade products because of the "austere market climate we continue to face and the strategic direction of the business into convenience shops".
- Payday lender Wonga made a pre-tax loss of £37 million in 2014, driven in part by tougher regulation, many of its debts being written off and reputational damage. Hey Wonga; need a loan to tide you over?
- The UK financial trader involved in the 2010 "flash crash" of the US stock market has appeared in court, facing extradition to the States on charges of fraud and market manipulation. Bail is set at just over £5 million.
- No real surprise to anyone who has been following the story for the past year, but Tesco has reported the worst results in its history, with a £6.4 billion loss.
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.
