Law and business news round-up: Hinkley nuclear project, TTIP, Bayer, oil drilling

“Brexit means Brexit”, but what does that mean? We may not be any closer to finding out the details of what Brexit could entail (besides it definitely being Brexit, as Theresa May keeps saying), but a summer of government fence sitting and inactivity has finally come to an end this week with a big announcement. We bring you news of that below, along with a round-up of other important developments in the world of law and business this week:

• The government has given controversial plans to develop the Hinkley Point C nuclear power station the green light, six weeks after unexpectedly placing the project under review following concerns that the role of China’s state-owned China General Nuclear Power Group could put UK national security at risk. The announcement comes with assurances that new security safeguards will be implemented, but there is still widespread concern that Hinkley is not a cost effective or forward-thinking way to address the country’s energy needs. 
• Talks have resumed between US and EU trade officials on the proposed Transatlantic Trade & Investment Partnership (TTIP) treaty, which aims to cut trade regulations and would enable commercial companies to sue sovereign governments if democratically chosen policies should impact on their profits. However, TTIP has been stalled for months after the resignation of David Cameron, who seems to have been the EU leader most in favour of the treaty, and commentators are saying that the resumed negotiations are merely a face-saving exercise that are unlikely to get TTIP running again. Elsewhere in Europe, there is serious and quite understandable opposition to the prospect of deregulating EU trade arrangements to match the standard of the United States, which has far weaker protections on things like food safety and animal testing for cosmetics products.
• Chemicals giant Bayer has confirmed its $66 billion takeover of Monsanto, in a record-breaking deal that will create the world’s biggest seeds and pesticides company.
• Global energy watchdog The International Energy Agency has warned that investment and discoveries of new oil supplies are at their lowest ebb in 60 years, meaning that the world economy is too reliant on the supply of oil from OPEC countries and Russia. 

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