Your commercial news round-up: Russia, the demise of the suit, Lapsus$, Bank closures

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Its nearly Friday! Who’s enjoying and basking in this lovely sunshine today? It’s been a while since we’ve been graced with such good weather, let’s milk it!

While you’re savouring your magnum ice-cream, why not take a quick browse of this week’s commercial news round-up?!

• BNP Paribas SA, the Paris-based bank, announced that it is stopping all new business in Russia. The bank informed its corporate clients that it would be pulling back from Russian business and appears to be taking a stance in cutting ties with its Russian clients. According to Bloomberg, “BNP’s total gross exposure to Russia amounted to about 1.3 billion euros at the end of December.” Since Russia invaded Ukraine, many countries, companies and organisations have demonstrated their support for Ukraine by stopping any trading and using Russian products. Two weeks ago, we reported the UK and US plan to ban all Russian oil, gas and energy imports by 2023. Similarly, retail stores like Apple and Nike have stopped trading in Russia to stand in solidarity with Ukraine.
   
• In retail news, this is the second time in four years that TM Lewin has collapsed. The move towards hybrid working post-pandemic has affected the sales and revenue of the shirt maker company, putting many jobs at risk. TM Lewin going bust demonstrates the deteriorating state of the retail sector, especially stores that sell smart wear like suits and blazers.  With most employees choosing to work from home, there's a potential decrease in demand. M&S menswear director, Wes Taylor said: “The pandemic hit fast forward on the trend for more casual dressing that was already in train, especially for the office, where for many chinos and a shirt is their new uniform.”
   
• In tech news, Microsoft confirmed it was breached by Lapsus$, the hacking group. In a blog post, the tech giant stated they’d become a victim of cyberattackers, and Lapsus$ had gained “limited access” to its systems and source code. However, Microsoft reassured its users that “no customer code or data was compromised.” Microsoft isn’t Lapsus$’s first victim, they’ve also targeted other prominent companies including Nvidia, Samsung and Okta. The mastermind behind the hack was a 16-year-old teenager from Oxford, England, who lives with his mother, according to Bloomberg. The teenager’s identity has not been disclosed.
   
• In banking news, Lloyds Banking Group has announced it will close 60 branches this year, including Bank of Scotland and Halifax locations. Last month, NatWest announced it would be closing a further 32 branches, including 11 Royal Bank of Scotland sites. Many banks have chosen to shut their doors this year, in light of the pandemic and banks are now rethinking how to adjust to a post-pandemic world and serve their customers virtually. Vim Maru, group retail director of Lloyds Banking Group said: "Just like many other high street businesses, fewer customers are choosing to visit our branches.”

Check the News every Thursday for this weekly commercial news round-up.

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