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Commercial Awareness Update 01/12/16

Commercial Awareness Update 01/12/16

Here are today’s headlines:

Trump is leaving his business empire to focus on being President

The President-elect has announced, via Twitter, that he is planning to completely leave his business empire to avoid the appearance of any conflict of interest and focus on the duties of the presidency. Mr Trump stated that he is not “mandated to do this under constitutional law”. The president is exempt from several laws concerning conflicts of interest. However, he is subject to the emoluments clause. This prohibits public officials from taking payments of any kind from any king, prince or foreign state. Presidents found guilty of breaching this clause could be removed from office if they were impeached by Congress. Mr Trump has not yet revealed who would operate his businesses after he leaves his empire, but he did state that he will explain his plans further at a press conference on December 15th. Selling his business is one possibility. Another possibility is that he may hand his business to his children, even though they are a part of his transition team executive committee. Alternatively, the business assets could be placed into blind trusts, which would mean that other experts would manage the assets. Prior to this announcement, Mr Trump had dismissed concerns over potential conflicts of interest between his business empire and the presidency. Read more on the BBC, The Guardian or The Telegraph.

Opec to cut oil production

Opec has reached an agreement amongst all 14 of its members to reduce oil production by 1.2 million barrels. The changes will take effect from January 2017. This is a reduction of approximately 4.5%, though the exact production quotas have not yet been published. However, the deal is contingent on securing the agreement of non-Opec producers to lower production by 600 million barrels a day. So far, it has been announced that Russia, which is not a member of Opec, has agreed to reduce its oil output by 300,000 barrels a day. Mohammed bin Saleh-al-Sada, president of the Opec conference, stated that the oil markets needed to be rebalanced, and this would require “courageous decisions from Opec and with the support of some key countries of non-Opec”. The deal follows two consecutive years of falling oil prices, which placed pressure on Opec to reach this historic agreement. Since the details of the deal have been released, share prices of various oil companies have risen. In London, Shell and BP’s shares were up by approximately 4%. Crude oil prices also increased more than 8%. Read more in The Independent or The Guardian.

Policing to improve in vulnerability cases

Amber Rudd, the Home Secretary, has announced plans to improve the levels of care and support that vulnerable people receive from the Police. Vulnerable people includes victims of sexual abuse, domestic violence and modern slavery. One of these plans would introduce a new qualification for police officers to work in child sex abuse cases. These cases have been identified as one of the “most pressing issues” currently facing police forces. Under this plan, police officers would only be able to investigate these high-risk cases if they are qualified to do so. This qualification has been referred to as a licence to practice and aims to ensure consistent standards in the handling of cases since it would ensure victims cases were investigated by accredited officers. Furthermore, Ms Rudd stated that it would prevent police officers from taking on roles that they were not professionally trained to complete. Ms Rudd also announced plans for a direct entry scheme, which would allow people from other sectors to be hired. Ms Rudd further announced plans to invest £1.9 million in the College of Policing to train frontline officers to deal with vulnerable situations and provide better support for the victims. Sourced from LexisNexis. Read more here.

Further reading:

  1. ‘It is time to make ‘three person babies’’ (BBC News)
  2. Mark Carney warns EU faces financial drought if it cuts off UK overnight – but cautions Trump, China and debt could knock us off course (The Telegraph)
  3. India grapples with the effects of withdrawing 86% of cash in circulation (The Economist)
  4. UK Trade Deal is Not Top Priority for Canada (The Student Lawyer)
  5. Major Australian Banks Fined for Attempted Cartel Conduct (The Student Lawyer)
  6. Syria war: Aleppo risks becoming giant graveyard – UN (BBC News)
  7. Over half of mental health trusts cut crisis beds despite Government £1 billion funding pledge (ITV News)
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