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commercial awareness Flashcards

1
Q

boohoo

A
  • Boohoo is acquiring Debenhams
    ○ Not acquiring physical shops, but buying brand and website (brand and IP)
    ○ Debenhams physical stores will not reopen
    ○ 55mill price tag - sensible price
    ○ Extension of current market - debenhams includes sports, homeware, makeup etc
    ○ Boohoo can replatform debenhams using pre-existence platforms
    ○ Karen miller and coast acquisition by Boohoo allowed them to expand market audience away from 20s
    ○ They technically don’t have experience with counter stores - question is whether the make up brands are going to want to be involved with online Debenhams as opposed to counters (but stores are moving to beauty online)
    ○ Repurposing of real estate = now needed
    § Piecemeal basis - will be dependent on landlord rates etc
    § Could be attractive to businesses like House of Fraser
    § Landlords will be big pension institutions/property owners
    § They are city centre locations, some prime like Oxford Street and some more high street locations
    ○ Employment implications
    ○ COVID has accelerated decline of physical shops
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2
Q

asos and arcadia

A
  • ASOS = negotiating purchase of Topshop, Topman, Hit and Miss Selfridge
    ○ Exclusive talks with Arcadia group
    ○ Bigger price tag, 250 mill
    ○ Store and online sales of 1 bill - buyer will want to convert these sales
    ○ Asos has pre-existing relationship with stocking topshop stuff
    ○ Leveraging opportunity, global intention
    ○ ASOS are using cash to grow businesses
    ○ ASOS is not the only potential buyer, Boohoo has been suggested but they probs are busy with Debs
    ○ Capacity can be repurposed - retail = transient population, flexible working
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3
Q

china and us investment

A
  • China has overtaken US as top destination for new foreign direct investment
    ○ Investment in china has risen and in US fallen since 2017
    ○ Trump tried to encourage American companies to prioritise investment in US
    ○ But chinese economy = growing
    § This makes China the only major economy in the world to avoid a contraction last year.
    ○ The UK saw a fall of more than 100% in new foreign direct investment last year from $45bn in 2019 down to -$1.3bn.
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4
Q

mastercard and transaction fees

A
  • Mastercard = increasing transaction fees by more than fivefold when an online British shopper uses a debit or credit card to buy from a company based in the European Union.
    ○ Credit card fees will increase from 0.3% to 1.5% for every online payment from UK to EU
    ○ Eu companies could make consumers pay for this fee
    - The EU introduced a cap on Mastercard and Visa ‘interchange’ fees – paid by a shop to a card issuing bank – in 2015 after concerns they were leading to higher prices for consumers.
    - But Mastercard reportedly told businesses this will no longer apply between UK payments and the European Economic Area (EEA) after Brexit as they are now deemed ‘inter-regional’.
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5
Q

bitcoin

A
  • Bitcoin = rising
    - Future of money = potentially trading in cryptocurrency
    - Digitalisation of money - not tangible currency
    - Regulatory issues - not officially recognised and so has no central authority in gov
    § They can be subject to hacking
    - But big companies like paypal are probably going to start using it
    - Since the supply of Bitcoin in circulation is limited to 21 million, Bitcoin cannot be devalued in the same way that quantitative easing via central banks does. Therefore, in this regard, Bitcoin’s finite supply renders it more in common with gold than with the US dollar.
    - Increasing investment in bitcoin has led to increase in value
    - due to the illiquid and volatile nature of the cryptocurrency, hedge funds have also used it to hedge against inflation and perceived civil unrest
    - Bitcoin transactions = recorded in blockchain (public ledger of bitcoin transactions)
    § Can track history of bitcoin
    - Law firms need to be aware of legal frameworks and regulations
    § Practical legal implications - potentially disrupting traditional service firms and business models
    § It is also decentralised and so not controlled by central authorities - independent from political crises but also can be manipulated
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6
Q

uk gov borrowing

A
  • UK gov borrowing hit 34.1bn in December - highest December figure ever
    - 3rd highest borrowing figure since records began in 1992
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7
Q

virgin media and o2

A
  • Virgin Media and o2
    - The Competition and Markets Authority is to investigate whether Virgin Media’s proposed £31bn tie-up with telecoms operator O2 could lead to higher prices for mobile and broadband customers or poorer 5G connectivity for rival operators.
    - CMA investigated potential merge of virgin and o2 - main issues = reduced service by combining and increased prices due to monopoly
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8
Q

hsbc

A

HSBC closes 82 branches due to increasing use of digital banking and rona

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9
Q

google and fitbit

A
  • Google took over Fitbit in 1.5 bill deal
    - Regulators are unsure about privacy and data
    But EU cleared purchase in december
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10
Q

wiz air

A
  • Wizz air tapped up the bond markets for e500 million (£450m), taking advantage of low borrowing costs to bolster its balance sheet.
    - Wizz Air joins the list of companies issuing debt this year while interest rates remain low. The three-year bonds sold at 1.35% and were heavily over subscribed – a sign of how desperate investors are for any debt that pays interest of more than zero.
    - But some big companies have been able to borrow without interest rates
    - But BofE wants to keep interest rates low to encourage borrowing
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11
Q

brexit and supply chain/tv

A
  • Brexit will increase food supply chain costs - will be paid by retailers or customers
    - This is due to increased paper work
    - Increased manufacturer costs
    • Ford increased price of UK models due to brexit tariffs
      UK tv users cannot watch live sport like premier league football when visiting the rest of EU - applicable to Sky, Amazon Prime and BT Sport
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12
Q

revolut and bankin

A
  • Revolut applied for UK banking license - could provide customers with full service current accounts and products like overdraft, loan and deposit accounts
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13
Q

parler

A
  • Beef over the app Parler - free speech app
    - Banned by Google
    - Popular among trump supporters
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14
Q

cineworld

A
  • Cineworld and bonus scheme
    - bosses at Cineworld have persuaded enough shareholders to vote in favour of a huge new bonus scheme that could see its chief executive net £65 million as part of a bonus pot worth up to £208 million.
    - To get a £33 million payout Cineworld’s share price must hit 190p within three years – back to levels it was at prior to the pandemic.
    - In November bosses secured a £336 million (450 million US dollars) debt lifeline to help guide the troubled cinema chain through the coronavirus pandemic.
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15
Q

big four law merger

A
  • Deloitte acquired Kemp little - big four legal realted merger
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16
Q

in house lawyers

A
  • Rise of in house lawyers recruiting young qualified lawyers
    - Extensive research carried out by global firm DLA Piper found that in Asia, in-house teams were reportedly hiring more junior lawyers from external firms to fill head of legal and general counsel vacancies. That is because they no longer have the budget to hire senior professionals.
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17
Q

mortgages

A

Conveyancers can expect a continuing surge of homebuying activity in England in the weeks leading up to 31 March, when a temporary cut to stamp duty comes to an end. Mortgage approvals are running at their highest for 13 years.

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18
Q

rona and ethical consumption

A
  • Has rona made people more ethical consumers?

- More focused on healthy consumption and ethical purchases

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19
Q

bank and environment

A
  • The Bank of England has been criticised by MPs for providing finance to carbon-intensive companies without attaching environmental strings.
    - People want BofE to withdraw from fossil fuel companies in their corporate bond purchasing programme
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20
Q

barclaycard and minimum repayment

A
  • Barclaycard minimum repayments rise
    - For cardholders who started using their cards in the last decade, the minimum repayment each month has been calculated as the highest of 2.25% of the full balance, 1% of the balance plus interest, or £5. This differed slightly for longer-standing customers.
    - The new charges mean minimum repayments will be the highest of between 2% and 5% of the full balance, between 1% and 3% of the balance plus interest, or £5.
    - Trying to avoid persistent debt supposedly
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21
Q

procter and gamble

A
  • Procter & gamble are doing better than expected
    ○ Essentials = important during rona
    ○ They are a defensive company - not much variation in demand so does well during times of crisis
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22
Q

bounceback of economy

A
  • Bounceback of the economy will encourage borrowing
    ○ This pushes up prices of goods and services
    ○ But if central banks boost interest rates to keep prices down, higher costs would be incurred by companies and spending would be discouraged and so prices would also rise then
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23
Q

tech trends

A
  • Crackdown: 45 state prosecutors sued FB
    - Biden has been critical of Big tech
    - Pressure on Google - US gov filed antitrust charges
    • Electric innovation: Airbus unveiled 3 concept hydrogen-powered designs
    • Retail evolution: expansion of Go Store shops from amazon (shops that don’t have checkout)
    • Working from home tech - dropbox and twitter said all staff could work fro home
      • Security = main concern
      • Increasing software e.g. digital whiteboards
    • Autonomous cars - waymo got backing of alphabet (company that owns google)
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24
Q

huawei

A

○ Innovation vs. cyber security
○ International relations and trade
○ UK decides to remove partnership with Huawei in July - fear of US sanctions
○ 31st October: dedicated chip plant to not use US tech and thus avoid sanctions
§ But might be more expensive and less efficient
○ BT signs deal with Ericsson for 5G radio antenna to upgrade EE network
§ Response to gov ban of Huawei in July
○ 2021 updates
§ In last days of Trump admin, further restrictions on Huawei were put in place - revoked licenses to sell components to Huawei
○ Other companies are trying to fill void of Huawei in UK e.g. Airspan based in US
○ Huawei dominates chinese market

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25
Q

walmart and asda

A

○ Walmart sold majority share in Asda to EG group funders (Issa brothers)
○ Regulators rejected attempt to sell Asda to Sainburys - CMA said it held competition concerns

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26
Q

google antitrust and competition

A

○ Dep of Justice = investigation google’s dominance
○ Monopoly charges
○ Google pays companies to prioritise their search network
○ Opportunity to level playing field with Microsoft, Bing

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27
Q

interest rates

A

○ Bank of England helping economy and encouraging spending
○ Banks suffering from lack of interest
○ Also clients may not want to invest if there is no interest
○ Bank of England pumped in 150bn to economy
○ Goldman Sachs - steepening US ‘yield curve’ is a goal for 2021
§ Steeping of ‘yield curve’ is to increase the difference between short-term interest used to borrow and long-term interest with lending = increasing profit
§ Might be a good time to buy

28
Q

hsbc and charging

A
  • Banks are also threatening to start charging for people to have bank accounts - HSBC
    ○ Practiced in france already
    ○ But they need to make money
29
Q

bank and debt

A
  • Banks lend companies/individuals lots of money. They are not able to pay it back and so go bankrupt
    ○ Forecast debt for banks = very high
    ○ UK borrowing in October was highest October figure since monthly records began in 1993
    ○ Increase in borrowing has increased national debt
    ○ UK debt reached 100.8% of gross domestic product (GDP), highest since 1960s
    ○ Bank of England has bought 150bn of public debt
30
Q

apple

A
  • Apple admits financial hit to App Store commissions due to new legal challenges
    ○ Percentage Apple takes for downloads may be reduced, will have financial impact
    ○ Difficult to measure this as transactions are in data, which Apple themselves control
    ○ Means that Apple can charge different customers different amounts for same product - illegal for physical stores
    • Apple lawsuit from Fortnite
      ○ EU commission antitrust investigation into App Store rules
    • Spotify and other apps formed Coalition for App Fairness - said that Apple had advantage
      ○ Apple insists the app store promotes competition
    • Tech companies have benefited from decline in gov bond yields
31
Q

brexit terms

A

○ Customs union - removes taxes on exports/imports
○ Single markets - trade as if you are in the country
§ Based on free movement of: goods, services, capital and people
§ This is done now
○ Can be in single market without being in the EU but need to agree to 4 types of movement
UK gov can set own regulations but this increases difficulty of trading with the EU

32
Q

brexit deal

A

○ Tariff-free trading terms on most goods
§ Only after agreeing to level-playing field with EU
§ GB will not be able to give subsidies to advantage UK businesses
§ Cannot abandon environmental and labour rules otherwise EU would restrict market access
○ But EU did abandon demands that EU court of justice adjudicate on disputes and that GB match EU regulations
○ Mechanism will be developed to resolve disputes
○ EU = 43% of exports of GB exports in 2019
○ Agreement is focused on free trade in goods rather than services
○ Free trade of services would have required much closer alignment of agreement
○ It is ultimately a limited deal - 4% smaller GDP in 2025 anticipated
○ Trade = much more restricted now
○ Businesses will need to fill in customs forms
○ Extra bureaucracy as lorries will fill in trucks etc. - slower supply chain
○ Harder form of brexit than anticipated

33
Q

Aspects of the brexit deal still in progress

A

○ Fishing rights
§ EU companies - 650mill euros of fish caught in UK
§ Give up rights to 1/4 of catch
○ Data
§ Can keep sharing data for now
§ But will be longer term deal on whether GB fits EU privacy stands
○ Needs to prove financial regulations are on same level as EU

34
Q

companies relocating brexit

A

○ Sony moved HQ from London to Amsterdam

○ Tesla moved EU base to Berlin from UK

35
Q

gdpr to uk gdpr

A

○ Intellectual property - UK can be part of EU Patent Office but not Unified Patent Court
○ Pan-EU patents are granted through the EU Patent Office. UK patents come through UK IP office
○ Cannot transfer internationally to third countries unless under specific conditions
○ 24 Dec 2020 - Trade and Cooperation Agreement was agreed. Interim period of 4 months where UK will not be considered a third country. Transfers remain subject to GDPR
○ UK GDPR = nearly identical to EU GDPR
○ Will eventually need to apply for an adequacy decision - needs to be approved by EC. Would mean that personal data can flow from EEA to UK without further safeguards

36
Q

brexit impact on clients

A 
○ Need legal advice 
		○ Increased costs
		○ Administrative issues 
		○ Customs duties, tariffs, taxes 
			§ No longer guaranteed free trade 
		○ Increased costs 
		○ But might be beneficial for businesses abroad - can trade with UK for less. Hence why FTSE didn't do horrendously
37
Q

brexit and tax

A

○ UK will no longer be part of single market and customs union
○ Companies will have to restructure and change supply chain
○ Change of locations will have tax implications
○ Indirect taxes are harmonised at EU level e.g. VAT
○ Direct taxes = governed by member states under EU directives – could lead to more taxes for post-brexit UK
○ Indirect taxes
§ Reassess supply chain, be conscious of costs of international carriage of goods, comply with Customs complains obligations
§ Even if UK entered Customs Union with EU, there would be more friction than there is now
§ Higher rate of VAT recovery for UK based companies supplying EU customers
○ Direct taxes (UK taxes)
§ Corporate/income – will likely rely on Double Tax Treaties between Uk and each individual member state

38
Q

dla on brexit choice of law

A
  • DLA article on chocie of law
    ○ EU member state courts will still use English law and provisions of Rome I will still influence English domestic law
    ○ UK would prefer to join Lugano Convention - need consent from all parties
    ○ Fallback = Hague Convention on Choice of Court Agreements
39
Q

supposed benefits of brexit

A

○ UK will be centre of industrial sectors like AI
○ London will be renewed as hub
○ Free of EU state aid rules
○ Can decide where and how we level up across our country
○ Boris is placing more emphasis on sovereignty than Theresa May - will have greater economic impact though and more border friction

40
Q

rona implications summarised

A
  • Technological developments
    • Furlough and redundancy issues
    • Balance of democracy (i.e. freedom) vs. curbing virus
    • NHS Track and Trace - GDPR
    • Wealth inequalities
    • Project birch - bailout plan
    • Key industries: hospitality, retail, aviation, insurance
    • Impact on stock markets
      ○ Markets have been doing better
      ○ Reasons = optimism
      ○ But also stock prices look forward
      ○ Also cheap borrowing
      ○ Bank of england plans to buy 895bn of gov and corporate bonds
      ○ Nasdaq stock exchange (American stock exchange in NY, second after NY Stock Exchange)
      § Grown since start of year
      § Dominated by Alphabet, apple, microsoft, amazon, facebook - same value as the other 95 companies combined
41
Q

Legal Sector Challenges and Opportunities

A
  • New types of legal service
    • Law firm mergers
    • Diversification of services
    • Legal aid cuts
    • Growth in outsourcing
    • Technology - grow practice online
      ○ Modern technology
      ○ Could increase business efficiency and create new jobs
      ○ But there is a pressure to adopt AI to work faster – saves time and does repetitive tasks
      ○ Makes lawyer’s work more interesting – don’t need to do mundane tasks and can focus on analysis
      ○ But need humans for analytical part of finding solutions for clients – AI is case by case tool
      ○ Video conferencing, unified collaboration re. data/documents etc. (important for M&As)
      Technology can help people work together to advise clients
42
Q

climate change

A
  • Failure to tackle global warming requires firms to change the nature of their work
    • Climate change litigation will affect law
    • Shift towards sustainable energy sources, my affect oil/gas industries
    • New structures in place to combat climate change and help refugees who may be affected by its effects
    • Globalisation means that firms must become increasingly aware of how they are affecting the environment
    • They have environmental strategy - carbon footprint etc.
43
Q

capital markets

A
  • Means by which companies seek investment
    • Sale of interests in a product inc. corporation, partnership
    • Derivatives provide businesses with opportunities to protect (hedge) themselves against future market developments.
      Lawyers draft documents, legal and regulatory advice
44
Q

m&a

A
  • M&A = strong in 2019
    • Shrink in M&A activity from covid - focusing on funds of own business
    • M&As postponed will hopefully help growth
    • Fear of tariffs
    • CMA has tightened merger control
      ○ The EU has similarly adopted a harder enforcement line, with the proposed merger between Siemens AG and Alstom SA blocked by the Commission over concerns the deal would smother train-equipment market competition.
    • Movement away from carbon-strong mergers
      Royal Dutch Shell’s unsuccessful bid for Dutch renewable company Eneco in 2019 was a landmark moment; the likelihood of higher prices and/or a tax on carbon will aim to incentivise energy giants to alter their models.
45
Q

anatomy of a deal

A

o Commercial law = about business and contracts
o Private equity firms think they can improve companies and sell on for more
o Lawyers need to understand financial side - where does the money come from?
o Example = leveraged acquisition
○ Company does not have money needed to buy completely
○ So buys it through investing 1/3 in shares or other equity
○ Borrow rest from banks
○ This is debt finance
o Revenue from investment will be used to pay interest on loans
o Then can be sold for higher price, they can pay off bank and make more money on their initial investment of a 1/3
o Private equity will need to make company to run business as it grows
○ Need lawyers to know how to structure company
o Tax implications - different companies taxed differently
o Difference across jurisdictions in terms of private equity possibility - need international banking lawyers
o Need to know what initial company has in assets, litigation, liabilities - this process is called due diligence and needs to be done by lawyers
○ Seeing what acquisition target is made of
○ Make sure whether they own brand etc.
o In buying company, you also buy their staff
○ Need employment packages
○ Labour laws = important
o Anti-trust
○ Other businesses involved in sector - does their need to be evaluation of competition
○ CMA might say they need to sacrifice assets to level playing field - is it worth it?
o Execution phase
○ Both parties = focused on sale & purchase agreement (SPA)
○ Key contract
○ Lawyers draft and negotiate it
○ Price adjustment = likely
○ Need documents to be signed - share certificates, loan agreement, employment contract etc.
o Finalising includes negotiation, amendments and signing of deal
o Lawyers involved at every point
○ Business need to then implement strategy

46
Q

how the world could change - geopolitics and tripolar world

A

o Geo-political concerns: Community of democracies in EU, N America and Asia
○ D10 summit (original g7 + australia, south korea, india)
§ Aimed at pushing back against rise of China and potential for one party state
o Tripolar world
○ US, EU and Asia creating own supply chains
○ Transatlantic trade agreement
○ US and EU are pushing back on power of Big Tech - potential for new alliance re. taxing digital trade and regulating tech
○ Both realise that China has independent approach to tech and supply chains - Chinese want to be free of non-Chinese supply chains in 2035
Moving into new phase of post-globalisation

47
Q

how world could change - brexit

A

○ Worry that GB will become inward looking and irrelevant
○ UK is chairing 2 important meetings
§ UN Climate Change meeting
§ D10 summit
§ Opportunity to prove UK remains internationally engaged

48
Q

fb and antitrust (29th june)

A
  • FB joins $1 trill club after anti-trust victory
    ○ Victory led shares to soar 4.2%
    ○ Value went above 1tn
    ○ Last of ‘big five’ to achieve this
    ○ Legal claims were about FB stifling competition - complaint was viewed as too vague
49
Q

binance

A
  • FCA bans Binance in UK, says it cannot conduct ‘regulated activity’
    Doesn’t impact UK residents but is a statement
50
Q

cookies

A
  • Google ban of cookies delayed until 2023
    ○ They are already blocked by apple, microsoft
    ○ Plans to replace cookies with Google’s own design which is supposedly better for privacy but still allows for marketing - being investigated by CMA
51
Q

poundland

A

Poundland says 1/10 of products are not a pound

52
Q

ee

A
  • EE reintroducing Europe roaming charges
53
Q

morrisons

A
  • Morrisons has rejected 5.5bn takeover from private equity firm Clayton, Dubilier & Rice (CD&R)
    ○ Reason = they think it has been undervalued
54
Q

vacc

A
  • Vaccination = compulsory for Bloomsbury staff
    ○ Follows on from gov decision that care workers must be vaccinated
    § Important for freedom to refuse medicine
    Argument of discrimination
55
Q

cma apple google

A
  • CMA is investigating Apple and Google’s position in mobile phone market
    ○ ‘duopoly’
    ○ Main things to investigate = app stores, chrome/safari, android/ios
    ○ Risk = reduced innovation, drives up prices
    Apple and google control app downloads etc
56
Q

ryanair

A
  • Ryanair was refusing to give customers refunds
    ○ Travel restrictions meant they couldn’t fly but because the flight still took off, they were not eligible for refunds
    CMA is investigating this specific type of situation - flights not cancelled but legally couldn’t fly
57
Q

bofe and climate change

A
  • Banks and insurers will be tested on how well they are prepared to cope with climate change emergencies
    Bank of England will examine the risks climate change has for banks and insurers
58
Q

tax and g7

A
  • Tax deal struck at G7 meeting - multinationals will be required to pay more tax
    ○ Global minimum corporate tax rate of 15%
    § Solves challenge of governments not knowing how to tax global companies that operate across several jurisdictions - corporations were setting up in countries with low tax and paying local tax
    § UK is raising corporation tax to 25% by 2023
    ○ G& will also make companies pay more tax in the countries of sale, rather than where they declare profits
    ○ Good for tax justice, bad for tax havens
    ○ Should not be talking about withdrawal of support
    ○ US = first to return to pre-pandemic size
    ○ Higher inflation = indication of return to normal
59
Q

house prices

A
  • House prices are soaring
    ○ Lack of homes on market when demand from buyers is high
    ○ Buyers are borrowing more - interest rates are low
    There are signs of rising cost of living - BofE might respond by raising interest rates which could make things difficult for borrowers
60
Q

paypal

A
  • Paypal was acquired by ebay in 2002
    ○ Users can still pay with paypal, but money goes directly to bank accounts
    ○ No longer have paypal fees, but ebay fees = higher
    ○ Payments take 2 working days, happened on same day with paypal
    Fear = surrounding fact that ebay now have access to buyers’ bank accounts and so could remove money at any point
61
Q

gb exports tariff

A
  • British exports worth billions of pounds have faced tariffs on trade with the EU since Brexit, according to an analysis of official EU statistics.
    Tariff-free deal was agreed between EU and UK and yet 3.5bn pounds of GB exports have been taxed (10% of GB goods exported to the EU)
62
Q

oil and gas

A
  • Oil and gas sector on ‘cusp of transformation’ into renewables
    ○ 75% of contractors anticipate shift to renewables over next 3-5 years
    Oil and gas activity will decrease
63
Q

uber

A
  • Uber recognises union for first time
    March 2021 - supreme court ruled that drivers should be classified as workers not freelancers, thus allowing them to be entitled to certain worker privileges e.g. holiday pay, pension, national living wage
64
Q

oatly

A
  • Oatly stocks doing really well, boom of non-dairy products
    ○ Follows other brands that have gone public such as Beyond Meat
    ○ Going public = private company’s IPO (initial public offering)
    § Becomes publicly traded and owned
    § Can help rise capital but diversifies ownership
    ○ Benefits of going public
    § Capital raising opportunities
    § Liquidity for investors
    ○ Limitations
    § Upfront costs are large
    Greater public disclosure
65
Q

data june 2021

A

personal data can still flow freely between UK and EU

- EU has recognised UK’s independent data standards

dla (7 decks)

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