23 May
Chapter News, Uncategorized

ECB | Tracking euro area wages in exceptional times

Blog post by Sarah Holton and Gerrit Koester | The ECB wage tracker – an important tool used to assess wage developments across the euro area – is signalling that overall wage pressures have moderated since 2023. At the same time wage growth is expected to remain elevated in 2024, and to show a bumpy profile. These developments reflect the staggered nature of the wage adjustment process as workers continue to recoup real wage losses from past price shocks,...

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23 May
Member News

Bannockburn Global Forex | After Hawkish FOMC Minutes, the Dollar Comes Back Softer

Overview:  The dollar was aided yesterday by the hawkish FOMC minutes and the backing up of US rates. The greenback has stabilized today and is softer against all the G10 currencies. The stronger eurozone PMI masks divergence between Germany and France but keeps the recovery narrative intact. The dollar's broad gains pressured the yuan, and the PBOC's dollar reference rate was set at its highest since January. Favorable guidance by Nvidia is helping lift US index futures today, especially the NASDAQ....

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23 May
Chapter News, Uncategorized

Biden-Harris Administration Announces Preliminary Terms with Absolics to Support Development of Glass Substrate Technology for Semiconductor Advanced Packaging

Proposed CHIPS Investment Would Support Construction of New Manufacturing Facility and Over 1,200 Jobs in Covington, Georgia Today, the Biden-Harris Administration announced that the U.S. Department of Commerce and Absolics, an affiliate of the Korea-based SKC, have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $75 million in direct funding under the CHIPS and Science Act to help advance U.S. technology leadership. The proposed CHIPS investment would support the construction of a 120,000 square-foot facility in...

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22 May
Chapter News

European Commission | Statement of President von der Leyen, Executive Vice-President Šefčovič and Commissioner Simson on the 2nd anniversary of the REPowerEU Plan to phase out Russian fossil fuel imports

When Russia invaded Ukraine, and turned its energy resources into an economic weapon against Europe, our reaction was rapid and robust. We adopted the REPowerEU Plan to end Europe's dependency on Russian fossil fuels. Two years later, the results of our collective efforts are clear to all. We have made a massive cut in Russian energy imports, squeezing the Kremlin's war economy and standing in solidarity with our Ukrainian friends. We have worked with reliable international partners to replace Russian...

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22 May
Member News

Ogletree Deakins | U.S. Consular Operations in France Impacted by the 2024 Summer Olympics, 80th Anniversary of D-Day

Due to increased travel to France for the eightieth anniversary of D-Day and the 2024 Summer Olympic Games, the U.S. Department of State expects significant delays in visa processing in France in 2024. Individuals seeking to obtain a U.S. visa in Europe this year may want to begin the visa application process as soon as possible. Quick Hits • With the upcoming Summer Olympics and D-Day celebrations, individuals planning to obtain a visa in Paris should anticipate scheduling delays and plan...

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22 May
Chapter News

ECB | Consumer credit: Who’s applying for loans now?

Blog post by Omiros Kouvavas, Athanasios Tsiortas | Recent results from the ECB’s Consumer Expectations Survey (CES) show a substantial increase in the share of consumers who applied for credit. This may seem surprising as currently borrowers have to pay higher interest rates and banks are providing less credit than in previous years. What are the main drivers behind this dynamic? CES microdata suggests there have been significant shifts in the composition of consumer groups applying for credit. Higher-income consumers now...

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22 May
Member News

Wilson Sonsini | EU AI Act Is Now Adopted

On May 21, 2024, the Council of the European Union (the Council) formally signed off on the latest draft of the European Union’s (EU) Artificial Intelligence Act (AI Act) (see the press release here). This marks the final seal of approval from the EU legislators. The text will officially become law once it is signed by Presidents of the European Parliament and of the Council and published in the Official Journal of the EU. This could take place within the...

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22 May
Member News

PwC | Pillar Two is here: Have you completed these key actions?

The OECD’s Pillar Two is here - many jurisdictions have locally enacted legislation that became effective on January 1, 2024. Pillar Two generally applies to multinational companies (MNCs) with revenue of at least EUR €750M, and while the global legislative process and further OECD guidance will continue to evolve, it requires MNCs to evaluate their potential global minimum tax expense under Pillar Two through a data intensive calculation process. This presents a significant operational challenge that may result in...

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21 May
Chapter News

U.S. Secretary of Commerce Gina Raimondo Releases Strategic Vision on AI Safety, Announces Plan for Global Cooperation Among AI Safety Institutes

Today, as the AI Seoul Summit begins, U.S. Secretary of Commerce Gina Raimondo released a strategic vision for the U.S. Artificial Intelligence Safety Institute (AISI), describing the Department’s approach to AI safety under President Biden’s leadership. At President Biden’s direction, the National Institute of Standards and Technology (NIST) within the Department of Commerce launched the AISI, building on NIST’s long-standing work on AI. In addition to releasing a strategic vision, Raimondo also shared the Department’s plans to work with...

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21 May
Member News

Trepp | European Market Update: ECB Rate Cut Expected; Four CLO Deals Priced; Self-Storage Portfolio Acquired

Market participants continue to focus on the latest developments with inflation as one of the key determinants for central banks’ monetary policy decisions. Last week, the European Commission shared the latest series of inflation forecasts for the Eurozone: they came in lower than previously expected with inflation being projected at 2.5% for 2024 and 2.1% for 2025, as reported by the Financial Times. This improvement is attributed to lower costs of imported goods This has further supported investors’ belief about a...

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