With air travel down to a minimum, and predictions on when it may go back to precrisis levels in uncertain territory, the aerospace industry will need to ramp down production for the foreseeable future. This is a startling scenario for a supply chain that has only seen business boom over the last couple of decades. Aided by flourishing demand from new markets such as China and a bounty of low-cost airlines launching in the US and Europe, the commercial...

Read more

On July 22, the U.S. Securities and Exchange Commission (SEC) voted to adopt amendments (Amendments) to certain of its rules governing proxy solicitations under the Securities Exchange Act of 1934 (Exchange Act). The Amendments are designed to ensure that clients of proxy voting advice businesses have reasonable and timely access to more transparent, accurate and complete information on which to make voting decisions, without imposing undue costs or delays that could negatively impact the timely provision of proxy voting...

Read more

The U.S. Dollar is trading in mixed direction as major currencies remain elevated while commodity-based currencies tumbled. This morning, we saw the release of Jobless Claims rise higher than expected by 1.4MM while Continuing Claims declined a bit. Overall, markets seem to be encouraged by recent earnings, but the buck has no clear guidance as the U.S. economy faces challenges from the pandemic. We are waiting to see any signal from U.S. lawmakers that they will be extending benefits or...

Read more

European Court of Justice, Case C-94/19 (San Domenico Vetraria S.p.A.) of March, 11 2020: the secondment of an employee of a parent company to a subsidiary, for which the latter reimburses only the relevant costs, will be subject to VAT in cases where the contractual relationship between parent and subsidiary qualifies as a provision of services against consideration. The Case at hand, submitted by the Italian Supreme Court to the European Court of Justice (“ECJ”), concerns the VAT regime applicable...

Read more

We recognize that this is a moment of deep hurt and anguish for millions of Black people across the country. Systemic racism, discrimination and injustice is a human rights crisis. We vow to be a voice and force for change. EY is taking actions as a US firm to eradicate racism and discrimination against the Black community by leveraging our influence to drive strategic change in our firm, in the communities where we work, and through public policy. Understanding that...

Read more

When coronavirus struck, the European Commission joined with EU countries and European institutions to prepare a swift and massive package of relief for businesses devastated by the pandemic. One European programme was already at work, immediately delivering hundreds of millions of euros in financing for projects that aim to fight COVID-19. With the backing of the European Fund for Strategic Investments (EFSI), the European Investment Bank financed a €50 million deal in May to back COVID-19 trials of a treatment...

Read more

Accounting for COVID-19 related rent concessions and other modifications to lease contracts, from the lessee’s perspective Implementing IFRS 16 Leases was a substantial task for many preparers, and COVID-19 has brought a new and unexpected source of difficulty and complexity. The challenges posed by COVID-19 have resulted in a significant increase in the number of leases being re-negotiated or modified, usually where tenants can no longer operate, or have experienced a sudden drop in revenue.  As a result, the IASB has...

Read more