The EU continues to make significant progress in the establishment of the European Digital Identity (eID). The eID will provide the legal framework to establish national digital wallets that will be interoperable across the EU. Important documentation like travel documents and personal certificates will be made available in an electronic wallet, to allow more convenient navigation for business and citizens across EU borders. On 16 March, the European Parliament adopted its position on the file, allowing inter-institutional negotiations to commence....

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On March 16, 2023, the European Commission published its proposal for a Regulation establishing a framework for ensuring a secure and sustainable supply of critical raw materials ("Critical Raw Materials Act" or "CRMA"). The proposal sets out a number of actions aiming to ensure the EU's access to a secure, diversified and sustainable supply of critical raw materials, which are essential for the EU’s strategic sectors, including its green and digital industries, aerospace, and defense sectors. Of note, the CRMA...

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In 2020, it adds, "companies owned by foreigners represented only about 2% of companies in Portugal, but employed 18% of the national workforce" and were responsible for 46% of exports. Foreign direct investment (FDI) “strengthens the Portuguese economy and supports its development”, says the OECD in the report on the impact of the regulatory framework in Portugal, pointing out that foreign companies account for 25% of R&D. “Foreign investment plays an important role in economic activity and job creation in Portugal,”...

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Commercial leases generally contain restrictions on assigning and sub-letting without landlord consent. For some office tenants, the flexibility to address so-called grey space or surplus office accommodation that is held under a commercial lease but not being used, is becoming more important. In our previous article, Sharing is Caring in Office Leases, we discussed common restrictions/conditions on assigning, sub-letting or sharing occupation in commercial leases, together with compromises that could be negotiated at the outset of a lease to satisfy...

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Key insights Cybercriminals are looking to exploit the uncertainty surrounding the bank industry failures and strains. Be alert for increased cybersecurity risks. The cyber risks of tomorrow will not be limited to high-profile bank closures. Cyber threats will continue to test the mettle of organizations across all industries. Organizations need constant vigilance from management, layered security controls, informed customers, and savvy employees to help protect assets and preserve the organization's reputation. In light of the failures and strains in the...

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European Investment Bank to join the UN 2023 Water Conference, 22 to 24 March in New York The European Investment Bank (EIB) - one of the world’s biggest public lenders for water -will be attending the UN Water Conference to join the call for more investment in water to tackle the global development and climate challenges. The EIB, owned by the 27 European Union countries, will be represented by experts from its water and global directorates and by its...

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Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes long-term investments in U.S. small businesses. SBICs invest billions of dollars in American small businesses — the drivers of economic growth and jobs in the United States. A fund primarily becomes licensed as an SBIC to obtain access to low-cost, long-term financing (leverage) from SBA to enable...

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The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together below a selection of articles from IPTI Xtracts; more articles can be found on its website (www.ipti.org). United States North Carolina: Post-COVID, revaluation shows malls are worth less in Mecklenburg The assessed value of some of Mecklenburg County’s most high-profile shopping centers and malls declined or was...

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Overview: UBS takeover of Credit Suisse, the sale of Signature bank assets, and the daily dollar swaps could have helped stabilize the budding banking crisis. However, the wipeout of the additional tier 1 capital cushion (16 bln Swiss francs) at Credit Suisse has raised concern about the vulnerability of other such assets, which post-GFC is a $275 bln market in Europe. Asia Pacific equities was a sea of red, led by a 2.65% drop in the Hang Seng and...

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