This is the second in our monthly series of quizzes which aim to test your knowledge of the type of topics that come up in casual legal and business conversations.

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Which popular social media platform did Donald Trump recently announce could be banned in the U.S.?

Social media platform TikTok has made news headlines around the world recently, because Donald Trump has said that its U.S. operations must be sold to a “very American” company by 15 September, or it will be banned in the United States.

We published an article exploring what led to the move and discussing what might happen next: https://foxrockacademy.com/2020/08/08/clock-strikes-twelve-for-tiktok/

Eurozone GDP was hit by the largest contraction on record, according to figures released at the end of July. What was the scale of that contraction?

Figures released by Eurostat (the statistics office of the EU) showed that in the second quarter of 2020, GDP was down by 12.1% in countries that use the single currency and by 11.9% in the EU.

These were by far the sharpest declines observed since Eurostat began recording the figures in 1995.

In the first quarter of 2020, GDP had decreased by 3.6% in the euro area and by 3.2% in the EU.

What was the size of the EU stimulus package agreed in July?

European Union leaders clinched a remarkable deal on a massive stimulus plan for their coronavirus-throttled economies in the early hours Tuesday 21 July 2020, after a fractious summit.

It took almost five days for the 27 heads of government to sign off on the emergency funds to aid the continent out of its deepest recession since World War II.

To raise the money, the European Commission received the go-ahead to borrow in the financial markets for the first time.

At the same time, the approval was gained for the EU’s next seven-year budget, worth just over a trillion euro.

Texas headquartered oil exploration company Noble Energy was acquired by which U.S. oil giant in July?

In the first big deal since oil prices crashed four months ago, Chevron agreed in July to buy Texas headquartered oil exploration company Noble Energy for roughly $5 billion.

Many experts are suggesting that this may prove to be the beginning of a sweeping consolidation in the U.S. oil industry.

Noble Energy’s 2018 returns showed revenue of near $5 billion, however the coronavirus pandemic has caused a sharp decline in oil demand, putting intense pressure on oil companies with large debts like Noble Energy.

Who is the Austrian former law student whose name was in the headlines again in July after the CJEU ruling on the Privacy Shield case?

The Privacy Shield agreement governing the transfer of personal data between the EU and the United States has been struck down by the Court of Justice of the European Union (CJEU) in a judgement issued on the morning of Thursday 16 July 2020.

Outlining the enormity of the decision, the Irish Times reported on Thursday “the justices gave a blockbuster opinion that will impact nearly every business, small to large.”

At its core the case was about whether the private information of EU citizens is properly protected when companies transfer it to U.S. soil.

The decision by the CJEU, rules that it is not.

Our article which examines the case in further detail is here: https://foxrockacademy.com/2020/07/23/foxrock-academy-insights-schrems-ii-the-importance-of-data-protection-and-the-power-of-a-law-student/

Responding to a survey from the U.K.’s Institute of Directors, what percentage of U.K. businesses said they are ready for Brexit?

According to a recent report from the U.K.’s Institute of Directors, only 24% of companies are prepared for Britain’s full departure from the European Union when the transition period ends on 31 December 2020.

Nearly half of the company directors polled said they weren’t able to prepare right now, with one in seven distracted by coronavirus and almost a third saying they needed the details of any changes to be clear before adjusting.

978 company directors responded to the survey, which was conducted between 12-29 June 2020.

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About The Foxrock Academy

The Foxrock Academy helps students and graduates to secure internships and traineeships at prestigious corporate law firms.

It is our mission to open up the legal profession to a broader pool of talent.

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