On September 6, Acting Comptroller of the Currency Michael Hsu warned that fintech and big techs partnerships and their forays into payment and lending could lead to increased risk for the banking industry. “My sense is that we are still in the early stages of a significant shift in how banking services are going to be provided in the future.” A copy of his remarks, made at the Clearing House Association and Bank Policy Institute’s Annual Conference, can be...

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In this week’s Roar: too much of a good thing when it comes to boxship deliveries, falling consumer demand, S. Africa takes its turn dealing with labor issues, debating the merits of vessel sharing, and global status report on ports. A record number of boxship deliveries are expected for 2023 and 2024. And while that might seem like good news, Alphaliner has a warning. That huge orderbook could mean that tonnage supply will outstrip vessel demand, pushing the market towards...

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Harmen Holtrop and Roderik Beckers form new Executive Board of Loyens & Loeff. Harmen Holtrop and Roderik Beckers took office as the Executive Board of Loyens & Loeff on 6 October 2022. They were appointed at the General Meeting of Shareholders in Amsterdam, the Netherlands, and succeed Bram Linnartz and Thierry Charon, who successfully led the firm during their four-year term. Harmen Holtrop (Managing Partner) and Roderik Beckers bring the experience, expertise and drive to take the firm to new...

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The European Commission’s latest attempt to regulate Artificial Intelligence (AI) and set a global standard when it comes to controlling the rapidly developing technology includes the AI Liability Directive (which is not to be confused with the EU’s AI Act). With these new rules, the Commission wants to better protect private individuals and companies from “damage” caused by AI by bringing the system of product liability up to date, with tech products in particular being included, such as autonomous drones and...

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Introduction The U.S. Department of Justice (DOJ) has committed to aggressively investigate and prosecute COVID-19-related fraud schemes, particularly those involving government funding programs created or broadened during the pandemic. Several of these programs, including the Payroll Protection Program (PPP), the Provider Relief Fund, the Federal Child Nutrition Program (FCNP), and others, paid out hundreds of millions of dollars during the height of the COVID-19 pandemic. As part of the federal government’s COVID-19 response, some of these programs loosened their eligibility...

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Last Thursday (29 September 2022), the Court of Justice of the European Union (ECJ) ruled (case number C-235/21) that a written agreement concluded between parties can be regarded as an invoice for VAT purposes. For those purposes, the agreement has to contain all the information necessary for control purposes by the tax authorities. In the case at hand, parties entered into a sale-and-leaseback agreement related to immovable property. However, after entering into that agreement, the parties did not issue an...

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EU Commission presents draft of new EU Product Liability Directive after 37 years On 28 September 2022, the Commission presented its long-awaited draft of a new Product Liability Directive. The current Directive, which harmonises strict product liability in Europe, dates back to 1985. The new draft certainly packs a punch. If it comes into force in its current form after further discussion in the Council and Parliament, industry players will have to prepare for a much tougher approach to product...

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The historic dollar rally accelerated in September. By some measures, it is as rich as it has been in the half-century since the end of Bretton Woods. Persistent price pressures, a robust labor market in many dimensions, and the Federal Reserve's latest forecasts warn that financial conditions will tighten into next year. However, we suspect that the market may have seen peak Fed hawkishness when it briefly priced in a terminal Fed funds rate of around 5.50% towards the...

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<< Back to All Member News A series of new EU sanctions against Russia may soon be on the way. Yesterday afternoon, Commission President Ursula von der Leyen and Higher Representative of the EU for Foreign Affairs and Security Policy, Josep Borrell presented the outline of a new sanctions package – the eighth since Russian President Vladimir Putin launched his invasion of neighbouring Ukraine in February. It was just last week, after President Putin had, among other things, threatened the West...

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Headlines for Q4 2022: "Port News, Market Uncertainty, Softening Rates, and Slowing Growth" Global Port Performance The Headline: Congestion and labor uncertainty are still plaguing ports globally, although some recent flare-ups have been settled (e.g., the near-strike at US railroads.) This chart shows the steady decline of blank sailings to the US West Coast, but relative high volumes to the East over the past few months. There is a second strike scheduled by Felixstowe dock workers from 9/27 – 10/5 and...

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