Two consecutive quarters of negative growth is the technical definition of a recession. There has been a great deal of debate on whether the economies of the euro area and the UK are in a recession. If growth remains flat or is revised down for the final quarter of 2022, the underlying truth is that growth for the euro area and the UK has been subdued. Although the near-term outlook looks brighter than many expected six months prior, some...

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Austrian politician Klemens von Metternich once mused, “When America sneezes, the rest of the world catches a cold.” The 1929 Wall Street Crash led to the infamous ‘Hungry 30’s’, and the 2008 financial crisis was born in the US. Fast-forward to today, and many Europeans are wondering if America’s latest big sneeze – the Inflation Reduction Act – will mean they’re going to catch a cold soon. What is the Inflation Reduction Act? The Act is the final part of a $2 trillion...

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On Friday, March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection & Innovation, The Federal Deposit Insurance Corporation (FDIC) was then appointed Receiver and the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). On Sunday, March 12, 2023, the Treasury, Federal Reserve, and FDIC released a joint statement confirming depositors will have access to all of their money at SVB starting Monday, March 13, 2023. The Treasury, Federal Reserve, and...

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A recent decision issued in France indicates that whether a gig worker is an independent contractor or employee is a fact-specific inquiry. In this case decided last month, delivery platform Stuart, a subsidiary of the group La Poste, was prosecuted under French employment law for having employed deliverers as independent contractors, when, according to the prosecution, they were in fact employees (who should have worked under an employment contract). The main argument from the prosecution to support its claim for “concealed...

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It’s now been over a year since Russia invaded Ukraine. Today, NATO members are supporting Ukraine at arm’s length by supplying armaments, but the day-to-day conflict is stuck in a stalemate and expected to last far longer than expected. As a result, an increased production ramp is needed to provide continued supply of weapons, munitions, and tools that will enable Ukraine to withstand continued attacks. These reinforcements are required at a time when munitions are expended at an order of...

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On Thursday (9 March) Kadri Simson, the European Commissioner for Energy, spoke to the European Parliament’s Committee on Industry, Research and Energy (ITRE) at the Committee’s event on “One year of Russia’s invasion and war of aggression against Ukraine”. The subject of her speech was the energy outlook for the EU this winter & beyond. The war sent oil prices to a record, leading to unsustainable energy prices for industry and citizens across Europe, leading to the Commission’s first REPowerEU...

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On 18 February 2023, the Dutch House for Whistleblowers Act was amended into the Dutch Whistleblower Protection Act. Under the new Act, more types of employers than before must establish an internal reporting procedure for reporting a suspected wrongdoing. The Act also provides better protection for whistleblowers. In this newsletter, we explain which changes the Act contains, to whom these apply and as of when. Adjusted scope of the obligation of an internal reporting procedure The obligation under the Act to...

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The best way to meet climate goals – and boost profits – is to put women in charge How can we meet the world’s climate goals? We can start by putting more women in charge. That will give us a much better chance of not only controlling global warming but also achieving greater prosperity along the way. Emerging research underscores the business and development case for applying a gender lens to climate-related investments. It also highlights the critical role women play...

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Much is made of the growing prevalence of sustainability-linked loans (SLL) in the large-cap market. But in the active mid-market, SLL terms have developed differently with certain aspects being more or less pronounced, as part of the burgeoning growth of finance that is related to environmental, sustainability and governance (ESG). Setting sustainability performance targets SLL seek to improve the sustainability of businesses, but with no requirement that the proceeds of the debt be used to fund improved sustainable ESG performance or...

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During a recent interview with Bloomberg Law, Julie Stufft, Deputy Assistant Secretary for Visa Services in the Bureau of Consular Affairs, announced that the U.S. Department of State will launch a pilot program later in 2023 offering visa stamping renewal options domestically for H and L visa beneficiaries and other temporary visa holders.1 The State Department has not yet announced the mechanism or process to renew visa stamps under this pilot program. Visa stamping is a crucial process that authorizes...

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