Stibbe - On 1 February 2018, the European Court of Justice dismissed the appeals by several freight forwarders for their participation in various infringements in the sector for international air freight forwarding services. Freight forwarding services involve a number of services relating to international logistics, such as packaging, transportation, warehousing, handling and customs and fiscal formalities. In 2012, the European Commission fined several freight forwarders for collusion relating to four pricing mechanisms. These pricing mechanisms primarily related to various surcharges charged...

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The Deal - In late January, three giant corporations — Amazon, Berkshire Hathaway and JPMorgan Chase — announced they would form a new and independent healthcare alliance to service their hundreds of thousands of employees. It was widely seen as reflective of mounting frustration over the ever-rising costs and inefficiencies of healthcare in the US. A move of this kind could also create opportunities for healthcare services-related deals, said John Jones, a Philadelphia-based partner and chair of the health care transactions,...

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Loyens & Loeff - On 1 March 2018, the Belgian Constitutional Court annulled the Belgian fairness tax. The Court however limited the retroactive effect of the annulment, unless in the specific situation of the redistribution of a dividend. Background The fairness tax is a separate tax of 5,15% on distributed profits which have not been effectively taxed as a result of the notional interest deduction and/or tax losses carried forward. On 31 January 2014 a request for annulment was introduced before...

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Bannockburn Global Forex - March 2018 FX outlook   February saw the USD stabilize after 3 months of weakness. Having fallen around 7% from the beginning of November to the end of January, the dollar index made small net gains in February after making a new low mid-month. However, the big market moves during the month were not really in FX but in bonds and equities. US 10 year bond yields continued to rise early in the month and nearly reached...

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Houlihan Lokey -   Houlihan Lokey is pleased to announce that Diversi Foods has been acquired by Martin Braun-Gruppe from a group of shareholders including Diversi Foods' founding families and Waterland Private Equity. The transaction was signed on 6 December 2017 and closed on 26 February 2018.   Diversi Foods is an established supplier of premium frozen bakery goods for catering and restaurant trade and in-store bakeries. Production is focused on bread, rolls, and snacks. Diversi Foods’ strategy strives for consistently high quality,...

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Consulate General of the Republic of Lithuania - The financial technology sector in Lithuania is growing fast, innovations are not only used, but also created, new companies and jobs are established in the country – this is how the report on the Fintech sector development in Lithuania was presented to the Government. “The year was really incredible – starting with a bold statement that we will become the leaders of financial technologies in the region and ending with international recognition...

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NautaDutilh - Luxembourg's well-known financial secrecy laws are changing. Bill n° 7024 amending inter alia Article 41 of the Financial Sector Act of 5 April 1993 (the "FSA") in this respect, initially gave rise to much discussion but was ultimately adopted. Barriers to several financial outsourcing transactions will officially disappear and the (IT) outsourcing landscape could undergo substantial changes. This newsflash takes a closer look at some of the most important changes which not only deal with the rules on...

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Houthoff - As of 25 May 2018, the new EU General Data Protection Regulation (Regulation 2016/679, or “GDPR”) will provide a new legal framework for privacy and data protection in the European Union. The GDPR will replace the 1995 Data Protection Directive, which is transposed into each EU member state’s national laws. While the GDPR resembles the principles of the Data Protection Directive, it has some important new key elements. Houthoff's Privacy & Data Protection Team has published a brochure which describes...

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Lincoln International - Index Enhanced to Include Industry Sub-indices Lincoln International, a leading global, mid-market investment bank, released the second issue of its Lincoln Middle Market Index (Lincoln MMI) recently, which covers data from Q4 2017. In addition, this is the first time Lincoln has released sub-indices for each industry that comprise the Lincoln MMI. Lincoln International’s second issue of the Lincoln MMI reveals that, in Q4 2017, middle market enterprise values increased 1.5% compared to 5.3% for enterprise values of S&P...

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