US-China trade war, Ryanair, American stock market: your commercial news round-up
updated on 23 August 2018
Ryanair’s bouncing cheques aside, this week’s commercial news round-up is largely American focused: from Trump’s continued trade war with China to the stock market milestone. And in case you were missing your Brexit update, the Law Society has warned of a £3 billion loss from the legal sector if the UK leaves the EU without a deal. Step this way for your weekly dose of business news:
- President Trump has stepped up the US-China trade war started in July by imposing new tariffs on a second wave of goods worth $16 billion. China retaliated immediately by imposing taxes on the same value of US products, including coal, medical instruments, cars and buses. Goods affected by the US taxes include motorcycles and aerials, although it’s worth noting that the US imports far more goods from China than it exports to it.
- More woe for Ryanair passengers after a number of compensation cheques from the airline bounced. Over 5,000 passengers were affected when up to 30 flights were cancelled last month due to a pilots’ strike. It was announced today that an agreement between Ryanair and the pilots’ union Forsa has been reached.
- The S&P 500 share index, an American stock market index tracking 500 large public companies, has reported a record-breaking milestone: 3,453 days since its last low-point which was set on 9 March 2009 during the financial crisis. The longest run without a fall of 20% or more in index history has been largely attributed to Silicon Valley companies such as Apple and Microsoft.
- And finally, in really important sweet news: the merger between Tangerine Confectionary, the maker of Dip Dabs and Refreshers, and Rowse Honey owner Valeo (which has recently bought Big Bear Confectionery and Candy Plus brands), is being investigated by the competition and markets authority to decide whether the takeover could result in any substantial lessening of competition.
Be sure to check the News every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK on Twitter and like us on Facebook for instant business news updates.
