Out of Charge

EU slaps China with EV tariffs and Elon gets a mega pay check.

Ludo Lugnani
Ludo Lugnani

How does it feel to get a $45 billion pay check? Ask Elon.

Coming up:

๐Ÿ”‹ EU hits China with EV tariffs
๐Ÿค– Top Tech Trends of 2024
๐Ÿ  A hidden M&A trend
๐ŸŽฎ Valve faces ยฃ656M class action

Out of charge

Come July, the EU is cranking up the tariff thermostat on Chinese electric vehicles (EVs) from a chilly 10% to a frosty 26%-48%.

  • Why? The EU thinks China's been too generous with their homegrown EV makers, doling out tax breaks and cushy loans like candy.

Now, fearing a tidal wave of budget-friendly EVs from China, the EU's slapping on some heavy-duty financial speed bumps.

Starting in July, any Chinese EV crossing into Europe might get hit with a tariff that could really jack up its price tag. The exact rate depends on how much those firms were willing to spill the beans during the EUโ€™s probe.

The news is set to be a big deal for law firms, particularly trade, regulatory and commercial departments. Find out how it impacts law firms.

As we're half-way through the year, it's time to touch base on the top tech trends of 2024. In this Deep Dive we run through 3 key trends and explain how each of them impacts Law Firms.

We're covering:

  • ๐Ÿ“œ Tech Regulations heats up
  • ๐Ÿฆบ Time to secure your products
  • ๐Ÿค How critical tech impacts M&A

Here's what you need to know this week

Tesla shareholders approve Elon Musk's huge pay package | Business News |  Sky News
  • ๐Ÿš— Tesla Backs Musk's Mega Reward: Despite a Delaware judge's disapproval of Elon Musk's $45 billion compensation plan, Tesla shareholders have re-endorsed it. Elon's happy.
  • ๐Ÿ‡ธ๐Ÿ‡ฆ Aramco's Big Sell-Off: Saudi Aramco cashed in $11 billion by offloading a 0.64% stake, drawing keen interest from global investors.
  • ๐Ÿ Apple Leaps Into AI: Apple's latest update brings artificial intelligence to the forefront, with the launch of Apple Intelligence in iOS 18, amid privacy cheers and market cheers.
  • ๐Ÿ“‰ Nvidia's Stock Split: Nvidia's new 10-for-1 stock split aims to charm smaller investors, reflecting a broader trend among tech giants.
  • ๐Ÿค– Musk and OpenAI Part Ways: Elon Musk ends his legal tussle with OpenAI, closing another chapter in their complex relationship.
  • ๐Ÿ’ป Raspberry Pi's Sweet Success: Raspberry Pi's shares surged 38% on their London Stock Exchange debut, marking a triumphant transition from educational charity to public entity. FYI Linklaters advised on this one.

A Hidden M&A Trend

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It's no secret the M&A market is struggling at the moment. But there are always glimpses of opportunities and we have spotted one.

Spoiler alert: it's UK homebuilders.

That's right, with the election coming up and the Labour party making claims it wants to invest in building new homes, homebuilders are sniffing out opportunity.

And where there's new business and M&A, there's opportunity for law firms.

DealSheet and Court Files

We're launching DealSheet and Court Files: two shiny new ZipLaw+ weekly newsletters that summarise the top deals and court cases law firms have been advising on.

Don't want to wait? All the intel comes straight from the treasure trove that is ZipTracker - so if you don't want to wait, go there to get the latest news asap.

Here's a few recent reports:

  • ๐ŸŽฎ Valve, the company behind gaming platform Steam, is getting slapped with a ยฃ656 million class action lawsuit for allegedly overcharging 14 million UK gamers by playing dirty in the pricing game. An international law firm advised on this one. Read the full report.
  • Rothesay has nailed a ยฃ125 million pension deal with the Medical Protection Society, supported by Gowling WLG and Eversheds Sutherland. This move locks in the future dough for 618 folks, mixing retirees and workers still waiting on their pension cheques. Read the full report.

โญ Want more deals and cases featuring your favourite law firms? Check out our ZipTracker database with over 300+ cases, deals and how to discuss them in applications and interviews.

๐Ÿ“Š Chart Watch

Flyin' High

Will you be flying this year? Turns out, tons of people will.

  • The International Air Transport Association (IATA) is anticipating record passenger numbers this year, and planes that will be about as full as they were before the pandemic using record amounts of fuel.
  • International travel is set to see the biggest surgeโ€”growing by 9.7% this year with huge increases in Asia, Europe and North America.

Don't forget...

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