For the first time since the European Commission’s €1.85 billion budget and Recovery Fund proposal, EU Heads of State and Government met on Friday (19 June) to seek an agreement on its substance. Considering the deep divisions between countries and different political alliances, Friday’s EU leaders’ summit was never expected to result in a breakthrough. Rather, most Heads of State and Government considered their online get together as an initial exchange of views and positions, as German Chancellor Angela...

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On June 15, the Federal Reserve Board released proposed term sheets to expand the Main Street Lending Program to nonprofit entities in sound financial condition before the onset of the COVID-19 pandemic. The announcement seeks public comment on the new proposal which grants small and medium-sized nonprofits access to additional liquidity. The Main Street Lending Program was established by the Federal Reserve Board with the Secretary of the Treasury under the CARES Act. The Federal Reserve Bank of Boston will...

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ING announced today that Steven van Rijswijk, currently member of the Executive Board and chief risk officer of ING, will succeed Ralph Hamers as CEO and chairman of the Executive Board. The Supervisory Board has appointed Steven van Rijswijk effective 1 July 2020. As announced earlier, Ralph Hamers will leave ING to join UBS, where he will become CEO later in the year. Hans Wijers, chairman of the Supervisory Board of ING said: “We are very pleased to appoint Steven,...

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On 10 June 2020, the German government published its long-awaited national hydrogen agenda. Earlier, the Dutch government also published its own hydrogen agenda and the policy overlap is clear: as far as the Dutch and the Germans are concerned, hydrogen will play an important role in the future energy supply of Europe. The Dutch government published its hydrogen agenda on 30 March 2020. In the agenda, particular attention is paid to the creation of potential transportation hubs function which the Netherlands could...

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June 17, 2020 | New York, NY Tradewind Finance is pleased to announce that Emilio Estevez has joined the company as Vice President of Sales based out of their New York office. Emilio will leverage his experiences building client relationships and structuring deals in the trade finance space to help drive Tradewind’s factoring and supply chain financing business and expand their international client base, including in Latin America where he concentrated his business development efforts previously. Emilio will be reporting...

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June 17, 2020 | A message from Sascha Leske, Head of NY Office of Noerr In light of the continuing reopening in Germany and across Europe, my Noerr colleagues and I would like to highlight a few important measures that the respective governments are implementing. Key elements that may be of particular interest include the specific measures aimed at enhancing investments in core industry sectors; and the financial support that subsidiaries of U.S. companies in Germany and across Europe may...

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June 12, 2020 | IRS Notice 2020-39 provides relief from certain deadlines under Section 1400Z-2 of the Internal Revenue Code of 1986 and the U.S. Department of the Treasury regulations thereunder (the Opportunity Zone Rules). Delay caused by the impact of the COVID-19 pandemic have made achieving these deadlines within the time expected difficult or impossible. Accordingly, the IRS has acted to assist taxpayers adversely impacted by the COVID-19 crisis by tolling or extending certain important Opportunity Zone deadlines. ...

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June 16, 2020 | The new “abnormal;” that’s what we can expect. Something distinctly different in our office experience. So, if you’re wondering how this will all play out when you return to the office, here’s what you may find: First, you’ll need to find a comfortable pathway to the office, which means you’ll need to grapple with the subway/bus/train/bike commute to work. When you arrive at your building, you’ll likely find your office lobby converted to what looks like a...

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