There’s been plenty to discuss in the business world this week. Yet again, Trump and Brexit top the agenda. A potential trade war still looms on the horizon and the IMF revealed that a “no deal” Brexit would hurt the EU as well as the UK. In other news, Google has received a record £3.9bn fine for illegal practices regarding Android devices and 540 Gaucho Group employees have lost their jobs as the restaurant goes into administration. It’s also been a gloomy week for Sports Direct which has suffered a massive fall in profits.
Trump has criticised the Federal Reserve saying he isn’t happy with plans to raise US interest rates. This is an unusual move by a US president as the Reserve is meant to operate without political interference. The Guardian will issue updates on the story as it unfolds here.
The International Monetary Fund has said that a “no deal” Brexit would cost the EU 1.5% of economic growth. The report also said that Ireland could face heavy economic consequences due to how integrated the UK and Irish economies are.
Google has been fined £3.9bn “for illegal practices regarding Android mobile devices to strengthen dominance of Google’s search engine”. Google’s parent company, Alphabet, faces further fines if business practices aren’t changed within 90 days.
Gaucho Group, the company that runs the Gaucho and Cau restaurants, has entered administration, immediately cutting 540 jobs and closing 22 Cau restaurants.
Sports Direct has suffered a 72% fall in profits, due largely to its investment in Debenhams. Shares in the department store chain have fallen 66% since the start of 2018.