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News
Law and business news round-up: VW, Time Out, Austin Reed, Uber
updated on 02 June 2016
Summer is here! Not that you’d know it to look outside. Console yourself in the face of gloomy weather with this selection of interesting business-related news from the past week:
- The Competition and Markets authority has condemned cloud storage providers for treating consumers unfairly with unreasonable terms and conditions.
- VW is just one of a number of car manufacturers suffering in 2016, as it announced a 20% drop in profits in the first three months of the year, continuing to be affected by the emissions scandal.
- Time Out owner is planning to list the company on the AIM exchange with a view to raising £90 million to fund expansion and pay off debts.
- Austin Reed, a 116-year-old UK business, has announced that all of its 120 stores are to close by the end of June, with 1,000 jobs left at risk.
- The Saudi Arabian royal government’s investment arm is to put $3.5 billion into Uber. The company is valued at $62.5 billion, but remains keen to keep driving expansion.
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.
