The Trepp CMBS Special Servicing Rate rose 5 basis points in August to 6.67% — the seventh consecutive increase. Six months ago, the rate was 5.18%, and one year ago, the rate was 4.92%. As has been typical of this year, the office sector led property types with the highest monthly increase, up 39 basis points. While most other property types had negligible changes, the multifamily rate rose by 32 basis points and the retail rate fell by 80 basis points. The largest loan to...

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On 12 September 2023, the European Commission proposed a Council Directive on Business in Europe: Framework for Income Taxation (BEFIT). The BEFIT proposal was announced earlier and contains a common corporate income tax framework for groups active in the EU. BEFIT lays down rules for calculating an aggregated tax base for members of a BEFIT group and the allocation of the tax base between (eligible) BEFIT group members. The proposal is strongly connected to the Pillar 2 Directive as well...

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Employers in Germany are having an increasingly difficult time retaining skilled employees and filling open positions. This Insight provides some suggestions to help promote employee retention and attract new workers. In Germany there are currently more job vacancies than ever before. The shortage of skilled workers has arguably become the biggest brake on the economy. This is reason enough to take a look at possible solutions from an employment law perspective. In the first of a two-part series, we...

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On September 6, 2023, the European Commission (EC) returned from its summer break with full force and announced the designation of six tech companies as so-called “gatekeepers” under the EU’s Digital Markets Act (DMA) and published a Q&A document. The six companies are predominantly American, with one Asian company represented and no European: Alphabet, Amazon, Apple, Meta, Microsoft, and TikTok-owner ByteDance. Booking.com, a European travel booking platform, previously stated that the impact of COVID-19 meant it did not meet the...

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CLIMATE FOCUS SHIFTS TO IMPLEMENTATION AS POLITICAL LEADERSHIP CHANGES Akin to the ever-increasing global temperatures, as Brussels returns from its summer break, the EU’s environmental policy landscape continues to heat up. With June’s European Parliament elections just around the corner, Brussels’ political factions are about to kick-start their political campaigning – that is all except the right-wing factions as the widely communicated blow-up over the Nature Restaration Law has shown. As the public’s apparent backlash to climate activists – and policy –...

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The publication of the National Hydrogen Strategy (the Strategy) is a considerable step in the development of a green hydrogen industry in Ireland and Ireland’s decarbonisation journey. This long-awaited publication has been well received in the sector, with many stakeholders describing it as a key step in the right direction and broader than anticipated. Key points The key points in the Strategy include: Clear objectives The Strategy contains a list of 21 specific deliverables, to be actioned from now to 2030. These include...

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For the past few months, office sector commentary has remained largely bleak with CMBS delinquency rates reaching a five-year high, and many companies opting to downsize their office footprint. However, amidst the challenges, there is a glimmer of hope in the news surrounding office properties. Some large metros have seen absorption increase, notable CEOs have expressed the desire to increase in-office presence, and certain large offices have displayed positive performance through their financial data. Despite the challenges that lie ahead,...

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Even with an increasing number of employers calling their workers back into the office following the pandemic, many employees across the United States are still working from home or otherwise working remotely. While many employers tout the flexibility of work-from-home as a benefit for employees, managing a remote workforce can raise a number of multistate compliance challenges. In particular, remote and hybrid work has significant implications for employers’ state and local tax withholding and unemployment insurance contribution obligations. Planning...

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The Federal Trade Commission (FTC) continues to issue guidance on the use of generative artificial intelligence (AI) and the potential regulatory scrutiny facing companies and creators using these new tools in the market. While the FTC has previously addressed issues such as exaggerating the use of AI in a product or the potential deceptiveness related to deepfakes or synthetic media, the most recent guidance focused on the impact of the use of generative AI in the creation of content and related digital products arising...

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