5 things that happened in the business world last week you should know about

Each week, we bring you a roundup of some of the biggest stories making headlines in the business world.

Here are five things, which are naturally centred around Brexit, that happened that you should know about:

1. Britain’s vote to exit from the European Union results in record $3 Trillion loss

Brexit has resulted in extreme market volatility and fear of a global recession while the future of European integration is questioned. Total losses of $3 trillion means Brexit has resulted in greater market value destruction than in any prior two-day period.

• Read more on CNN

2. Goldman Sachs predicts Britain will enter a recession

According to one of Goldman’s top economists, Jan Hatzius, the British economy is expected to enter a minor recession by 2017 following the triumphant “Leave” vote. Goldman believes key risks to the global economy include terms of trade, corporate investment and tightening financial conditions.

• Read more on Reuters

3. Gold standing out as irrefutable winner following Brexit vote

Gold has increased more than 25% just this past year simultaneously making gains of 5% on Friday after the Brexit decision. Gold is known to gain during times of market discrepancy such as in 2011 during heavy conflict in the US Congress over America’s credit rating.

• Read more on CNN

4. TransCanada is pursuing $15 billion in compensation from Keystone XL rejection

The Canadian-based company is now proceeding with legal action seeking more than $15 billion as a result of loss of business over the US government’s rejection of the Keystone XL Pipeline. TransCanada has filed for arbitration arguing that the U.S. did not fulfill their commitment to protect Canadian investors.

• Read more on Yahoo

5. UK’s credit rating downgraded following Brexit

Rating agencies Standard & Poor’s and Fitch Ratings have downgraded Britain’s credit rating following last week’s vote to exit the European Union. The agencies believe that the referendum result will create more uncertainty and instability within the UK economy.

• Read more on Reuters