March 26, 2020 In a welcomed attempt to align their approaches, the antitrust enforcers of the European Competition Network (ECN)1 have published a brief joint statement on the application of competition law during the Covid-19 crisis. If one may regret that its content remains too high-level, it is an important step, which comes just shortly after the European Commission adopted a specific temporary State Aid framework in order to offer Member States the flexibility required in this exceptional context to support businesses impacted by...

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April 1, 2020 Surviving in the short term and thriving long-term For many businesses, surviving the COVID-19 economic downturn depends on managing liquidity and, more specifically, managing enterprise cash. The erratic timing and extent of various disruptions caused by the COVID pandemic may reduce cash on hand, threaten future cash flows and curtail the ability of a business to meet immediate obligations. Uncertainty over the ability to pay employees and creditors, to withstand supply chain shocks and to maintain other important operational functions...

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April 8, 2020 “Beyond differences and geographical boundaries there lies a common interest,” one of the EU’s founding fathers, Jean Monnet, once said. In the fight against COVID-19, questions are being raised where that common interest lies. Ten weeks into the coronavirus outbreak in Europe, EU Finance Ministers met last night via videoconference to devise a coordinated plan to restart Europe’s economy. Yet, two weeks after being tasked with bringing forward concrete solutions by the EU Heads of State and Government,...

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April 3, 2020 As the United States and the rest of the world battle the COVID-19 pandemic, companies across multiple industries have struggled to quickly adapt: They are facing un-meetable contractual deadlines or other requirements and having to shutter some or all of their business activities, conduct furloughs or reductions in force, cancel events and issue refunds. These companies face potential lawsuits from customers, clients and investors, and have and will continue to undergo extensive financial losses as a result of quarantines...

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April 6, 2020 1. The new measures adopted by the European Commission Last Friday, the European Commission (“Commission”) has adopted an amendment to existing State aid rules to widen the perimeter of the national measures which can be authorized based on the exceptional legal framework to cope with the current crisis. In particular, the Commission considered the following measures: CONTINUE READING... Contact: FABIO ILACQUA Partner – Head of New York Office GOP USA, LLC - One Rockefeller Plaza, Suite 1610, New York, NY 10020 Tel.: +1 212 957 9600 E-mail: filacqua@gop.it Compliments...

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April 3, 2020 As the COVID-19 crisis continues, many employers are facing the difficult challenge of determining how to achieve significant cost reductions due to a sudden reduction in revenue. Many companies are now going through the unfortunate and difficult process of determining how to achieve significant cost reductions as a result of the sudden reduction of revenue resulting from the current shelter-in-place environment caused by the COVID-19 pandemic. Set out below is a useful list of compensation and benefits-related actions...

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April 3, 2020 • Extraordinary Board of Directors discussed the EIB Group’s proposed response to economic effects of COVID-19 crisis: a €25 billion pan-European guarantee fund to support up to €200 billion for the European economy • The Board also approved key elements of an emergency measure package announced in March The Board of Directors of the European Investment Bank (EIB) today discussed the creation of a €25 billion guarantee fund to enable the EIB Group to scale up its support for companies...

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April 2, 2020 Fashion companies are faced with new challenges affecting their supply chains unlike any before. With the unprecedented impacts of COVID-19, retailers and suppliers have to choose whether to cooperate under these new circumstances to preserve partnerships, or instead think of their own survival in the short term, no matter the cost. Peter Maerevoet, global chief financial officer and senior executive officer at financial firm Tradewind, places his confidence in trust and collaboration between retailers and suppliers as...

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April 2, 2020 In my last blog post, I floated the idea that social distancing is not the right term for what is happening during the COVID-19 pandemic. It would be more accurate to say that we are physically distancing and socially connecting. As a Doctor of Psychology, as well as a communications executive with over 30 years in business, I advise companies through periods of massive change. Earlier this week, I appeared on a panel in front of a group...

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