Bye London

Hi ZipLawyer! Here's all the news you need to know from this past week and how they impact law firms.

Coming up:

• ⚖️ Regulatory: Klarna's IPO, Meta gets fined (again), Bitcoin record high
• 💸 Business: Just Eat dumps Grubhub, trade war risks, newspapers sue X
• 🤖 Technology: Amazon's new chips, TSMC cuts China supply, more regulation for AI
• 🔋 Energy: Japan's battery boom, Trump's effect on UK energy, Volkswagen Partners with Rivian
• 🏠 Real Estate: More pain for renters, commercial property perks up

Memo

• 🌟 Market Highs: Markets surged post-Trump’s election win, with the S&P 500 hitting record highs and the Dow surpassing 44,000. Tesla's valuation crossed $1 trillion again, and Bitcoin soared 30% in a week, reaching $93,000.
• 📈 Inflation Watch: U.S. inflation rose to 2.6% in October, the first increase since March. The Fed is expected to cut rates again, following a recent 0.25% reduction. The Bank of England also lowered rates to 4.75%. Argentina’s annual inflation dropped below 200% for the first time in a year (Yes, you read that right).
• ⚖️ Shell Emissions Ruling: A Dutch appeals court overturned a 2021 order for Shell to cut emissions by 45% by 2030. The court upheld corporate freedom under EU law, provided Paris Agreement targets are met.
• 🍔 Just Eat Cuts Losses: Just Eat sold Grubhub for $650m, far below its 2021 purchase price of $7.3bn, reflecting the fading pandemic-era demand for food delivery services.
• 📺 Netflix’s Ad Play: Netflix’s ad-supported tier now attracts 50% of new subscribers and 70m active users. Ad slots for its NFL games are already sold, reshaping the streaming landscape.

Regulatory & Competition

• Klarna Snubs London for Wall Street: Swedish BNPL darling Klarna is heading to the US for its IPO, leaving the London Stock Exchange feeling like it got ghosted. Once worth $46bn, Klarna has rebuilt after its 2022 crash, but its choice highlights a trend: tech firms are saying “I do” to Wall Street, citing better prospects and less red tape. The LSE? It’s left swiping through regulatory reforms, hoping for a comeback.
• Meta’s Marketplace Misstep Costs €798m: Meta’s Facebook Marketplace tie-in has landed it a massive EU fine, proving even tech giants can’t skip the legal small print. While Margrethe Vestager isn’t pulling punches, Meta insists the case ignores a thriving EU market. It’s the latest in Meta’s ongoing drama with Brussels—because apparently, being a tech titan means always having lawyers on speed dial.
• Bitcoin Hits Record Amid Trump’s Crypto Boost: Bitcoin surged past $93,000, driven by optimism following Trump’s election win and his crypto-friendly appointments, including Elon Musk and Vivek Ramaswamy. Dogecoin skyrocketed 150% as Musk announced its symbolic role in a new advisory group. Trump’s crypto allies anticipate deregulation, contrasting with Biden’s stricter policies. This comes amid lingering concerns after FTX and Binance scandals. The crypto sector celebrates its political win, betting on a friendlier regulatory environment.

What does this mean for Law Firms?