Earlier this year, the U.S. Department of Labor (DOL) announced plans to revive the Contingent Worker Supplement (CWS) to the upcoming Current Population Survey, in an effort to capture a more accurate picture of the modern workforce. In a step closer to achieving this end, the DOL's Bureau of Labor Statistics (BLS) on September 30, 2016, published a notice and comment request regarding the proposed reintroduction—and expansion—of the CWS. The next Current Population Survey will take place in May...

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Public trust in banks has been severely diminished in recent years coming out of the Great Recession. This poses threats to the financial system and to economic growth. In the United States today, we see this raising not only the risk of increased regulation, but also the threat of mounting political support to break up the biggest banks. A constant series of prominent misdeeds by banks ranging from the Libor scandal to mortgage-backed securities troubles, nepotism and solvency inevitably diminish...

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Major FX markets remained largely range-bound in September, with EUR/USD trading inside August’s range while initial mild GBP strength faded and initial JPY weakness also proved temporary. The main focuses of the month were the Fed and Bank of Japan meetings on the 20th/21st. The BoJ proved less dovish than expected, failing to cut rates or expand QE, but instead announcing long term yield targeting.  This proved JPY supportive. The Fed decision was largely as expected, leaving rates unchanged but...

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Houlihan Lokey is pleased to announce that Whitlock Packaging Corp. (Whitlock) has been acquired by Refresco Group N.V (Refresco). The transaction closed on September 7, 2016. Founded in 1987 and based in Fort Gibson, Okla., Whitlock is one of the largest independent contract manufacturers of refreshment beverages in North America. The company specializes in aluminum, aseptic, plastic, and bag-in-box packaging. Whitlock serves as a strategic partner to many of North America's most iconic beverage brands. Additionally, the company's aseptic...

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On 30 September 2016, the Luxembourg VAT authorities (Administration de l’Enregistrement et des Domaines) published a new Circular (N° 781) concerning the VAT status of directors of companies and the VAT treatment of their activities. The Circular clarifies that independent directors have the status of taxable persons (VAT entrepreneurs) and that their activities are subject to VAT at the standard rate of 17%. In the case of foreign directors of Luxembourg-based companies, VAT on directors’ fees has to be self-assessed...

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Following the guidance in the FASB’s recently issued accounting standard update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, your organization can improve how it classifies its net assets in its financial statements. You’ll also find new guidance for presenting information about liquidity and availability of resources, expenses and investment performance, and cash flows. ASU 2016-14 applies to substantially all nonprofits, including public charities, cultural institutions, professional trade associations, colleges and universities, religious organizations and health care providers. Donors,...

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Volatility in the prices of oil and natural gas continues to pressure and challenge many independent oil and natural gas exploration and production (E&P) companies, with more-highly-leveraged ones facing an ever-narrowing set of options as lenders cut back on credit. However, best-in-class E&P companies appear to be taking advantage of lower oil prices by issuing more equity, strengthening their balance sheets, and improving their flexibility. A chilling effect in the high-yield market... Both high-yield debt and private-placement debt appear on track...

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The federal government has proposed a new rule requiring that applicants for the Visa Waiver Program (VWP)—which allows citizens of certain countries to enter the United States without visas—be asked to voluntarily disclose their social media accounts in order to allow U.S. Customs and Border Protection (CBP) to further investigate their backgrounds before allowing them to use the program. The VWP allows citizens or nationals of the following countries to enter the United States without visas for the purposes of...

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McRO, Inc. v. Bandai Namco Games Am. Inc., et al2016 U.S. App. LEXIS 16703 (Fed. Cir. Sep. 13, 2016) (opinion by Judge Reyna, joined by Judges Taranto and Stoll) On September 13, 2016, the Federal Circuit held that McRO’s patent claims are subject matter eligible for protection under 35 U.S.C. § 101. Notably, the Federal Circuit found that the challenged claims, which define a "method for automatically animating lip synchronization and facial expression of three-dimensional characters" to a spoken-word audio...

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Expanding globally? Get full Value! You and perhaps your family will explore many new adventures, and you are all, for good reason, excited. You know that life is not a smooth ride, but you are a high performer and a troubleshooter so you will, of course, also manage whatever comes your way the next couple of years you are in ‘foreign territory.' So, with all those skills and all that willpower why is it that up to 20% of US managers...

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