Return of the Donald?

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

Coming up:

• ⚖️ Regulatory: Temu probe, car finance trouble, big brands vs Russia
• 💸 Business: BYD overtakes Tesla, Saudi focus shift, Boeing raises money
• 🤖 Technology: OpenAI challenges for search, AI glasses, India iPhone boom
• 🔋 Energy: Volvo buys Northvolt, China's tightens grip on EV minerals
• 🏠 Real Estate: Companies boost buy-to-let market, mortgage rate jitters

Nibbles

🇺🇸 Coming up: Donald Trump and Kamala Harris are set for a showdown in the 2024 US presidential election on November 5. Swing states like Pennsylvania, Arizona, and Georgia will be key. The winner gets the keys to the White House on 20 January 2025 (with a side of stress and sleepless nights).

💸 Profit boost: Alphabet’s Google Cloud revenue rose 35%, with profit soaring from $266 million to $1.9 billion, easing AI investment worries. Microsoft also saw big profits from its cloud business, with AI boosting its data centre growth. Reddit celebrated its first quarterly profit since going public in March, with a 40% stock price jump.

☁️ Cloud Wars: Microsoft accused Google of using fake grassroots lobbying (“astroturfing”) to influence regulators and tarnish its reputation. Google defended itself, saying it simply belongs to trade groups. Both giants are fiercely competing for cloud market share.

✈️ Boeing’s Big Cash Boost: Boeing raised $21 billion through equity and securities sales to stabilize its credit rating and fund operations. The aerospace giant may also sell its space division, while union negotiations continue to end a six-week factory strike.

📈 Rates, and more Rates: The Bank of Japan kept its interest rate at 0.25%, with uncertainty about future hikes. The US economy grew 2.7% in Q3; the euro area grew 0.9%, though Germany’s GDP shrank slightly while Spain’s grew strongly.

Regulatory

• Temu Under the EU Microscope: The EU has its eye on Temu, the fast-growing Chinese shopping app, over allegations it's peddling illegal and counterfeit goods. Officials are checking Temu's compliance with the Digital Services Act, saying Temu’s lax approach to blocking banned sellers and its addictive interface are in the hot seat. If Temu’s breaking the rules, hefty fines could be on the way. It’s all part of the EU’s mission for safe, fair e-commerce for everyone.
• Car finance trouble: The UK Court of Appeal just dropped a bombshell on lenders: undisclosed car finance commissions are out, and refunds could cost billions. This decision could unleash a flood of complaints and shake up other finance sectors. Industry leaders are scrambling for extra time to handle this potential tidal wave, and with costs possibly hitting £16bn, it’s being compared to the infamous PPI saga.
• Western Companies vs. Russian Courtroom: Google and other global players are in legal quicksand as Russian courts hit them with fines for blocking pro-Putin channels. With sanctions escalating, Russia’s courts are flexing their muscles, pulling Western firms into legal battles over assets. Volkswagen, Euroclear, and others are finding the landscape tough as Russia leans into “legal nationalism,” setting the stage for a flexhigh-stakes courtroom drama that could reshape international business.

How does this impact Law Firms?