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COMMΞЯCIΛL ΛWΛЯΞNΞSS | 20.05.24

A rundown of things that you should know about from last week 20.05.24 4TH JULY GENERAL ELECTION Prime minister Rishi Sunak announced on Wednesday 22nd May 2024  that a general election will be held on 4 July, following a day of intense speculation in Westminster. The prime minister had the flexibility to call the general election at a time of his choosing, up until 17 December 2024 – which is five years after parliament first met after the last general election. The announcement came during a statement outside Downing Street after 1700 BST, where Sunak addressed recent challenges faced by the country. He opened his speech by reflecting on the Covid-19 pandemic and the war in Ukraine, saying the events represented some of the most challenging times since World War II. Sunak’s announcement came after consumer price inflation fell less than anticipated in April, in fresh data released earlier on Wednesday. According to the Office for National Statistics, inflation dropped to 2.3% from 3.2% in March, reaching its lowest level since July 2021 but still above the expected 2.1%. The reduction in inflation was largely attributed to lower gas and electricity prices following the energy price cap adjustment by Ofgem. Despite that, services inflation remained high at 5.9%, slightly down from March but exceeding forecasts. Core inflation, excluding energy and food, also remained elevated at 3.9%, above the predicted 3.6%. REGULATORS FINE CITIGROUP AFTER £1.1BN OF EQUITIES SOLD IN ‘FAT-FINGER’ ERROR Citigroup has been fined £61.6m by financial regulators after its internal systems failed to prevent a fat-fingered banker causing a flash crash by erroneously placing more than £1bn of orders. The trader had intended to sell equities to the value of $58m (£46m) on 2 May 2022. However, the banker made an inputting error while entering the transaction into Citigroup’s order management system, so a giant equities basket of $444bn was created – and $1.4bn was then sold into the market. According to the PRA statement The banker had planned to enter 58m into the “notional” field of the Citigroup order system, which would have created a basket of equities worth that value in dollars. Instead, they entered 58m into the “quantity” field of...

COMMΞЯCIΛL ΛWΛЯΞNΞSS | 13.05.24

A rundown of things that you should know about from last week 13 | 05 | 24 ROYAL MAIL OWNER BACKS £3.5BN TAKEOVER OFFER BY CZECH BILLIONAIRE The owner of Royal Mail is poised to accept an improved takeover bid worth about £3.5bn from shareholder and Czech billionaire Daniel Kretinsky. International Distribution Services (IDS) said it had received a revised proposal of 370p a share from Mr Kretinsky's EP Group. It marks an improvement on the initial 320p-a-share cash bid made in April for the shares in IDS that it does not already own. IDS said Mr Kretinsky, whose investment vehicle currently owns a 27.6% stake in the firm, had agreed to offer a set of "contractual undertakings" to protect key public interest factors due to Royal Mail's major role in UK national infrastructure. Which includes commitments to Royal Mail's plans to keep six-day-a-week first class letter deliveries under the universal service, protect workers' rights as well as the Royal Mail brand, and keep its headquarters in the UK. The deal still faces a number of hurdles, but IDS said that both sides would carry on speaking about the proposal in more detail.   GAMESTOP SHARES SURGE AMID VOLATILE MARKET FRENZY Last week, GameStop's stock price skyrocketed, jumping 70% in a single day and exceeding $30 per share. This surge was sparked by a post from "Roaring Kitty," a key figure in a previous GameStop stock frenzy in 2021. Back then, Wall Street firms were betting against GameStop, expecting it to fail. However, independent investors on Reddit, led by Roaring Kitty, bought large amounts of the stock, pushing its price up to $70. Roaring Kitty had been silent since 2021, but last week, he posted a drawing of a man leaning forward in a chair, which many took as a signal to buy GameStop stock again. This led to a quick surge in the stock price, marking its highest point since 2022. However, the excitement was short-lived, and by the end of the week, the stock had dropped 70% from its peak, showing how volatile these "memestocks" can be​. A memestock is a stock that experiences dramatic price movements driven primarily by...

COMMΞЯCIΛL ΛWΛЯΞNΞSS | 06.05.24

A rundown of things that you should know about from last week 06 | 05 | 24   UK NO LONGER IN RECESSION The UK got a pleasant surprise with stronger-than-expected growth at the beginning of the year, pulling itself out of recession. Between January and March, the economy expanded by 0.6%, the quickest growth in two years according to official figures. After two consecutive quarters of contraction at the end of last year, the UK slipped into recession. Prime Minister Rishi Sunak hailed the recent growth as a positive turn, while Labour cautioned against premature celebration, saying it's not the time for a "victory lap". With interest rates currently at their highest in 16 years, (5.25%) borrowing money for things like mortgages and loans has become more expensive. However, savers are enjoying better returns on their savings. SHEIN STEAMS AHEAD WITH £53BN LONDON LISTING PLAN Shein will press ahead with a London float, Reuters reported on Friday, dodging regulatory hurdles that stemmed from a possible New York listing. The fast fashion retailer plans to tell China's securities watchdog of its intention to change its initial public offering venue to the London Stock Exchange, Reuters reported, citing a person with knowledge of the matter. It can file with the LSE as soon as this month. Reuters reported Shein confidentially filed for an IPO with the US securities regulator in November and approached China's watchdog to get the green light from Beijing. But Shein's possible New York listing faced opposition from US lawmakers. BRITISH STEEL NEARING MULTIBILLION-POUND TAXPAYER RESCUE British Steel, owned by Jingye, is nearing a rescue deal with the UK government that could unlock hundreds of millions of pounds in taxpayer aid. Jingye has appointed PwC to assist in finalizing a business plan and negotiations over state aid, signalling its commitment to British Steel’s long-term future. The rescue plan includes investing billions of pounds into transitioning to greener forms of production over the coming years. While the exact amount of taxpayer aid has yet to be finalized, Jingye is reportedly seeking up to £600 million in UK subsidies. British Steel, which employs 4,500 people in the UK, was acquired by Jingye out of insolvency in...

COMMΞЯCIΛL ΛWΛЯΞNΞSS | 22.04.24

A rundown of things that you should know about from last week 22 | 04 | 24 U.S. BANS TIKTOK UNLESS IT IS SOLD The United States took one more step towards becoming the possible first country to ban the social media app TikTok over privacy concerns. On Tuesday, April 23, Congress approved legislation which would force the Chinese owner of the app ByteDance to sell the platform within nine months or face a ban. Many countries are concerned about TikTok's security and the platform's ties to China. TikTok has over 100 million US users Lawmakers and regulators have increasingly expressed concern that TikTok may be sharing data with the Chinese government China has laws allowing the Chinese government to secretly demand data from Chinese companies and citizens. TikTok has denied the charges levelled against it, The Chinese government owns 1 percent stake in ByteDance and controls one of three board members in the Beijing-based company. ANGLO AMERICAN REJECTS £31BN TAKEOVER OFFER FROM MINING RIVAL BHP The board of Anglo American, the London-listed mining company, has rejected a “highly unattractive” £31bn takeover approach from its Australian rival BHP. BHP’s all-share proposed offer for Anglo American had the potential to be one of the biggest deals in the global mining sector for a decade but has attracted criticism from Anglo’s shareholders as being too low and “highly opportunistic”. Anglo American said in a statement that its board had unanimously rejected BHP’s approach because it “significantly undervalues” the company and its future prospects. It also added that the structure of BHP’s proposal, which required Anglo American to complete two separate demergers, was “highly unattractive”. MICROSOFT AND AMAZON FACE SCRUTINY FROM UK COMPETITION WATCHDOG OVER RECENT AI DEALS The UK's competition watchdog is ramping up its examination of big tech involvement in AI startups, seeking input on three deals involving Microsoft and Amazon. The Competition and Markets Authority (CMA) revealed it's investigating Microsoft's investment in the French company Mistral and the hiring of Mustafa Suleyman, co-founder of DeepMind, to lead Microsoft's new AI division. Additionally, the CMA is scrutinizing Amazon's substantial $4 billion investment in the US AI firm Anthropic. The CMA's move includes "invitations to comment" on these...

MUST-DO CHΞCKS BΞFOЯΞ YOU SΞND YOUЯ CV

Okay, let's break this down. Your CV isn't just a piece of paper—it's like your own personal spotlight. It shows who you are, and more importantly, why you're the perfect fit for this opportunity. But here's the thing: Sending your CV out into the world isn't a one-way ticket to landing that opportunity. There's a bit more to it than that. Here are four things you should always double-check before you hit that "send" button: Polished and Presentable: Think of your CV like a work of art. It should be clean, easy to read, and completely error-free. Typos and messy formatting? Nah, we don't want those. If you're not sure, no harm in asking a friend or lecturer to give it a once-over. It's the little things that can make or break your chances. The little details matter, and employers won't hesitate to toss aside a CV if it's not on point. Show Your True Colours: Imagine your CV as an extension of your personal brand. You're unique, right? So, skip the boring stuff and let your personality shine. Ditch those cliché hobbies (we all love going to the gym, right?), and focus on what really sets you apart. Layout with a Purpose: Your CV isn't just a random assortment of facts—it's a story about you. And every good story has a flow. Make sure your CV is organised and tailored to the role.   It needs to flow seamlessly and highlight your strengths. A quick tip: Tailor it to match the job description. Your CV should scream, "I'm a perfect fit!" Connect the Dots: Sending a CV doesn't guarantee you an interview. Ask yourself, "Does my CV align with this role?" If the answer is a confident "Yes!" then hooray! But don't stop there—figure out how to showcase those skills, achievements and experience in a way that'll make recruiters go, "We need this person in for an interview. “ So, there you have it—four things you've got to nail down before you launch your CV into the world. Remember, your CV isn't just a piece of paper; it's your chance to stand out and make a lasting impression that'll get you that interview.   ΛЯΞ...