Key takeaways Surging energy prices have complicated the Federal Reserve’s dual mandate on inflation and unemployment. Fed projections appear optimistic despite the risk of stagflation and the decreasing likelihood of rate cuts. Policy uncertainty dominates as war-driven energy risks push potential rate cuts out to a later date.   The recent energy shock has put the Federal Reserve in a quandary. It has a dual mandate of maintaining price stability and fostering maximum sustainable employment. High energy prices only make this job...

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The Commission’s proposed Industrial Accelerator Act (IAA), published on 4 March 2026, aims at strengthening the competitiveness and resilience of the EU manufacturing base by targeting strategic sectors, would introduce EU‑origin requirements in public procurement as well as foreign investment controls (see dedicated client alert). The introduction of requirements linking foreign investments to the EU is intended to support EU manufacturing by increasing demand, strengthening capacity, and encouraging the development of lead markets for key industrial products and technologies. The IAA forms...

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A practical guide for European business owners and advisers pursuing U.S. acquisition-led growth Audience: European business owners and advisers evaluating U.S. acquisitions. Focus: how private debt can improve execution certainty, flexibility, and post-closing capacity. Why Private Debt Matters in U.S. Acquisitions For many middle-market European companies, acquisition-led expansion into the United States is strategically attractive. The U.S. offers scale, sector depth, a large target universe, and the ability to build a meaningful market position faster than through organic growth alone. Too often...

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On March 26, 2026, the U.S. Department of Labor (DOL) issued a notice of proposed rulemaking (NPRM) that proposes significant changes related to how prevailing wages are calculated for employers seeking to hire foreign workers under H-1B, H-1B1, and E-3 visa statuses, as well as permanent labor certification under PERM for EB-2 and EB-3 employment-based immigrant visa programs. Quick Hits The DOL issued an NPRM that would require significantly higher wages for foreign workers using H-1B, H-1B, and E-3 visas,...

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This article outlines the Net Zero Industry Act’s scope, key regulatory and procurement measures, and what businesses should keep in mind as they prepare. In this article, we outline the scope of the Net Zero Industry Act, highlight its key regulatory and procurement measures, and explain what businesses should consider as they plan for its impact. The European Union (EU) continues to accelerate its transition to a climate neutral economy, with the Net Zero Industry Act (NZIA) considered a central legislative component of this initiative. Emerging...

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Welcome to the latest edition of the Stephenson Harwood Data and Cyber Update, covering the key developments in data protection and cyber security law in March 2026. In data regulation news, the UK government publishes its long-awaited Copyright and Artificial Intelligence report and impact assessment, and the European Data Protection Board and European Data Protection Supervisor issue a joint Opinion on the European Biotech Act proposal. In cybersecurity news, the European Commission publishes draft guidance on the Cyber Resilience Act, Companies...

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