In this week’s Roar: net zero emissions by 2050, the container market, diesel prices trending up, West Coast ports doing better, and a supply chain warning system. The shipping industry has a goal to reach net zero emissions by 2050, but there are questions as to whether this is achievable. A lot of things need to change or be improved, including new technologies in ship design, like smaller engines and improved hull shape — or perhaps lower-cost solutions like wind power, waste heat...

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Today, sustainable procurement is more important than ever due to increasing climate, environmental and social concerns. What was once a voluntary tool which was considered to have marginal additionality, has now become the key driver for tackling climate change and achieving just transition goals. In 2023, the Multilateral Development Banks (MDBs) Heads of Procurement, including the EIB, created a Working Group on Sustainable Public Procurement. This group aims to prompt and accelerate environmental, social, economic, and borrower institutional sustainability outcomes in the projects...

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Digital access management company, iLOQ, has signed a global Master Supply Agreement with Honeywell, a global supplier of industry specific solutions. Honeywell Building Technologies operates in more than 75 countries and is supported by a global channel partner network. Its solutions and services are used in more than 10 million buildings worldwide. Commercial building owners and operators are dealing with Honeywell Building Technologies to create safe, efficient and productive facilities. “The purchase of access management solutions from iLOQ demonstrates that Honeywell...

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In an era of escalating environmental challenges, the European Union (EU) introduces a groundbreaking policy: the Carbon Border Adjustment Mechanism (CBAM). This article offers an in-depth exploration of CBAM, a strategic initiative designed to harmonize the EU's ambitious climate objectives with international trade practices. By addressing the complexities of carbon leakage and establishing a level playing field for domestic and foreign producers, CBAM marks a significant step in the EU's journey towards a sustainable future. This comprehensive overview examines...

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Thompson Hine recently published its inaugural internal environmental, social and governance (ESG) report, “Always Thinking Ahead,” which highlights the firm’s investments, achievements and ongoing initiatives to operate responsibly and sustainably.The report outlines the firm’s comprehensive ESG program development process, which started with conducting a prioritization assessment to assist in defining key metrics that are essential to Thompson Hine’s stakeholders and help hone its ESG strategy, improve internal reporting and public disclosure processes, and identify business opportunities to support growth and innovation....

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Until recently, class actions existed only in a handful of EU Member States. However, they will become an EU-wide phenomenon soon as a result of the Representative Actions EU Directive (“RAD”), which should take effect on June 25, 2023. Under the RAD, all EU Member States must put in place at least one effective procedural mechanism for “qualified entities” to bring class actions to obtain injunctions, damages and other redress on behalf of a group of consumers against traders for...

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Office performance has been shaky throughout 2023 with commercial mortgage-backed securities (CMBS) delinquency rates nearly quadrupling since the end of last year, up to 5.58% from 1.58%. This trend has also been observed within two of the largest subtypes within the sector, suburban and urban offices. Ranging from traditional private offices to collaborative coworking spaces in the most densely populated areas, the prime positioning of urban offices offers convenience at a premium cost. Suburban offices typically offer a more spacious and diverse...

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Following their recent announcement regarding new partnership and global high wealth enforcement initiatives,1 the Internal Revenue Service (IRS) on Oct. 20 announced another enforcement initiative focusing on foreign corporations and the largest corporate taxpayers. Last week, IRS Commissioner Danny Werfel announced the IRS would be sending out approximately 150 compliance alerts to U.S. subsidiaries of foreign corporations. Commissioner Werfel noted the alerts are intended “to remind them of their U.S. tax obligations and to incentivize taxpayer self-correction.” It appears that much...

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Corporate governance is a critical aspect of running a successful business, particularly in New York, where regulations and legal requirements are stringent. Effective corporate governance practices ensure transparency, accountability, and the protection of stakeholders' interests. Directors and officers play a pivotal role in upholding these best practices, with their fiduciary duties and responsibilities. From maintaining proper record-keeping to managing conflicts of interest, there are several key areas that New York businesses must focus on to maintain strong corporate governance....

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Following on the heels of the launch of the EU-U.S. Data Privacy Framework (DPF)1 this summer, the U.S. Department of Commerce has extended the DPF to cover transfers of personal data from the United Kingdom (UK) (and Gibraltar) to the United States, in addition to transfers from the European Union to the United States.  As of October 12, 2023, employers currently certified to the DPF can expand their certification to cover the transfer to the United States of the personal...

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