WeWork, John Lewis, Trump: your commercial news round-up

Parliament may be prorogued, but the business world keeps turning and this week there are several news stories that aspiring lawyers should be keeping up with. Spending a couple of minutes researching each of these stories will result in a broader knowledge of the industry and should lead to some questions about where the law – and your future employers – might fit in.

• You might have heard that WeWork – the flexible co-working giant – was going to debut in the stock market this year, but these plans have been put on hold as the Japanese investment firm that owns around 30% of WeWork has cautioned the company to hold off on its flotation. WeWork had been previously valued at nearly $50 billion, but questions about the firm’s structure, governance and profitability could put the firm at the much smaller estimate of $20 billion. It remains to be seen if the company will make it onto the stock market.
• John Lewis this morning reported a half-year loss for the first time ever, amid warnings from the department store chain that a no-deal Brexit would have a “significant impact”. The group blamed a drop in sales for the bad results, claiming that “subdued consumer confidence” meant that customers were spending less money. Sales at Waitrose also slipped slightly, but there was a growth in online sales.
• It’s been another eventful week for Trump’s administration as the president announced yesterday that he will ban flavoured e-cigarettes after a series of deaths related to vaping. Six deaths and 450 cases of lung illness have been linked to e-cigarettes. Meanwhile, this morning it has been revealed that Trump will delay imposing tariff sanctions on trading with China as a “gesture of good will”. The two countries are preparing to hold new talks in order to resolve their trade dispute with preliminary meetings taking place in Washington later this month.
• The UK’s biggest banks have taken a hit worth £1.6 billion as younger customers are drawn towards increasingly popular competitors such as Monzo, Revolut and Starling. A report from the market research organisation Kantar found that the brands of eight of the biggest banks, including HSBC, Barclays and RBS, declined on average by 7% as they face challenges from “new and disruptive brands that are connecting with millennials”.

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.