Welcome back to our Weekly Roundup where we share headlines and brief summaries of notable news stories from around the world, along with a link for those seeking further information.
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Airbnb files for IPO
After some hesitation caused by the coronavirus pandemic, Airbnb confidentially filed the paperwork for an IPO last week.
The company, which announced in a statement that it had filed the documents, declined to say when it expected to go through with the offering, how many shares it planned to sell, or what price it expected to offer them at.
At the start of the year, Airbnb was widely expected to go public in 2020. But that was before its business was slammed by the coronavirus crisis.
The pandemic recently forced the company to lay off a quarter of its workforce and decreased its valuation to $18 billion (around half of what it was worth in 2017).
The company also recently made headline by announcing that it was issuing a global ban on parties and events listed on its platform.
The home-sharing company said the ban, which applies to future bookings, will limit occupancy to 16 people and will remain in effect indefinitely.
Citing changing public health mandates on gatherings, Airbnb said some customers have chosen to “take bar and club behaviour to homes, sometimes rented through our platform”.
You can read the report on Airbnb’s IPO from Business Insider by clicking here.
Apple crosses $2 trillion barrier
Apple Inc, maker of the iPhone, became the first company to be worth more than USD $2 trillion last Wednesday.
The rise in Apple’s valuation is quite staggering, especially considering it is only two years since it became the first company to cross the $1 trillion threshold.
As reported in the Wall Street Journal, “the stock has averaged a weekly gain of 3.5% since the beginning of June, according to FactSet.”
“Its business has proven surprisingly resilient to the pandemic. The company still generates more than 80% of its revenue by selling high-price devices made almost entirely in China, where the outbreak first occurred.”
“Combined revenue from all those devices grew 10% year over year in Apple’s most recent fiscal quarter ended June 27. The stock has jumped more than 20% since those results were reported on July 30.”
You can read the full report from the Wall Street Journal by clicking here (paywall).
Fallout grows over Oireachtas Golf Society function
The fallout over an event held in Clifden grew over the weekend, with European Commission President Ursula von der Leyen asking for further clarification from Ireland’s Commissioner Phil Hogan earlier this morning.
European Commission spokeswoman Dana Spinant said that further information was being sought because “details count”.
The statement was made after Phil Hogan had submitted a dossier describing his movements in the country.
The Oireachtas Golf Society event, which was in blatant contravention of public health guidelines, has caused widespread public anger.
The fallout has already resulted in the resignation of Dara Calleary, who stepped down as Minister for Agriculture on Friday, and who has also resigned as deputy leader of Fianna Fáil.
Also in the firing line for attending the event is recently-appointed Supreme Court judge, Séamus Woulfe.
Mr Woulfe, who served as Attorney General in the previous government, issued an apology on Friday that failed to quell the public mood.
Other attendees of the event included several high-profile political affiliates of Fianna Fail and Fine Gael, as well as broadcaster Sean O’Rourke.
The report from the Irish Times on Ursula von der Leyen’s request for further information can be found here.
Law Society of Ireland’s Legal Ambitions Summer School off to a flying start
Over 1,500 secondary school students learned legal fundamentals this summer through the Law Society of Ireland’s inaugural Legal Ambitions Summer School.
The Law Society of Ireland invited transition year and fifth year students across Ireland to take part in its brand-new Summer School, which launched on Tuesday 7 July 2020.
The Summer School provides students with an insight into how the law can be relevant to their daily lives and promotes awareness of constitutional principles, and values which underpin the rule of law in Ireland.
“Legal Ambitions was specially designed for Transition and fifth year students. It was launched by the Law Society of Ireland’s Law School in July,” explained Law Society of Ireland Director of Education T P Kennedy.
“At such a challenging time for students and parents, the Summer School provided four weeks of free, highly-engaging, online legal education.”
“We are proud to have been able to channel our world-leading educational IT facilities and breadth of legal expertise into an accessible, inspiring, and age-appropriate resource for so many students across Ireland.”
You can read the press release from the Law Society by clicking here.
Maples Group recognised in 2020 Finance Dublin Awards
Maples and Calder LLP, the Maples Group’s law firm, has been recognised in the Finance Dublin Deals of the Year Awards 2020.
Awarded annually, the Finance Dublin Deals of the Year Awards recognise the best in class Irish corporate finance transactions and the leading legal and professional services advisers.
The firm received awards in both the Loans & Financing and Innovative Financing categories in relation to its role on in an Irish social housing project as well as a multi-jurisdictional aviation matter.
Managing Partner of the Group’s law firm in Dublin, Nicholas Butcher commented: “We are delighted to be honoured with these prestigious accolades which are a testament to our team of global lawyers who are committed to continuously supporting our clients with new, innovative and seamless solutions across multiple jurisdictions.”
You can read the full report from Irish Legal News by clicking here.
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