Commercial news round-up: IMF, supermarkets, fossil-fuel ban, Shell, Lloyds
updated on 27 July 2017
With less than a week to go until the biggest training contract application deadline of the year – 31 July – you may be head down, furiously working away on your applications. Take a brief pause to read this week’s selection of business and economic news – there’s every chance that you’ll be asked about some current news stories in an interview, so it’s worth keeping on top of what’s going on:
- The International Monetary Fund has downgraded 2017 growth forecasts for both the United Kingdom and the United States, based on “weaker-than-expected activity in the first three months of the year”.
- However, it’s not all gloomy – the hot weather in the 12 weeks to 16 July saw supermarkets reporting sales that were by nearly 4%, with shoppers stocking up on alcohol, ice cream and sun cream. Share prices at Tesco, Sainsbury’s and Ocado enjoyed an upward surge as a result.
- Some within the automotive sector are saying that the proposed ban on sales of new petrol and diesel cars by 2040 will harm the industry, while others say that there is sufficient time to switch to new electric technologies.
- Still on fossil fuels, with oil prices making a recovery, Shell has benefited to the tune of a 245% surge in profits – the equivalent of £2.7 billion in the last quarter.
- Lloyds has set aside an additional £1 billion to compensate its customers who were mis-sold PPI as well as mortgage holders who were mistakenly charged for going into arrears.
Be sure to check the News section every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK on Twitter and like us on Facebook for instant business news updates.
