EY announces that the team from Society Consulting, a US-based market-leading analytics and big data consulting firm in Seattle, Washington, has joined Ernst & Young LLP in the US. Society Consulting is known for aggregating, organizing and visualizing companies’ data to improve the customer experience for its clients across a variety of media channels, and creating scalable, actionable analytics solutions that span all customer touch points. Its services include web development, dynamic content strategy, content management, personalization, segmentation and campaign...

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In June 2015 the European Securities and Markets Authority (“ESMA”) published guidelines on Alternative Performance Measures (“APMs”) (05/10/2015│ESMA/2015/1415en, the “Guidelines”). The Guidelines replace the previous CESR guidelines of October 2005 and apply to relevant disclosures made on or after 3 July 2016. APMs can be useful to issuers and investors because they can provide additional insight into an issuer’s financial performance, financial position and/or cash flow. However, problems may arise when APMs are presented inconsistently, defined inadequately or obscure financial...

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Nearly $1.3 billion in CMBS loans were transferred to special servicing in July. Whether a CMBS loans go unpaid after their maturity date, falls into financial distress, or is subject to a bankruptcy filing from the borrower, chances are they’ll end up in the hands of a special servicer. Trepp has published an infographic that highlights the top 10 loans to be transferred to special servicing. The infographic also features statistical breakdowns for a number of criteria, including property type...

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Research in the Arctic region is essential for the study of climate change and many other challenges facing the world today. Many universities and research institutions are interested in exploring the Arctic, but only a few of them have the resources to access the Arctic Ocean. Now Arctia, a Finnish icebreaker operator, wants to invite institutes, universities and other bodies from all over the world to join an icebreaker-assisted expedition to the Arctic. The Arctic 100 Expedition is a part...

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The European Investors' Association says the merger will significantly reduce competition. Retail investors have come out against the proposed merger of Deutsche Boerse AG and the London Stock Exchange Group plc, citing decreased competition. The European Investors' Association, a retail investor lobby group, have written a letter to European Competition Commissioner Margrethe Vestager calling for her to not approve the merger. European Investors' chairman Paul Koster wrote that the association is "highly concerned" about the implications of the merger, especially given...

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The U.S. Department of Labor’s (DOL) electronic permanent labor certification system (PERM) as we know it has been in existence for the past 10 years. This year, the Office of Foreign Labor Certification (OFLC) is expected to publish new regulations aiming to modernize the current PERM program to better meet the needs and practices of employers. The OFLC has expressed a desire to see the final regulation published before the end of President Barack Obama’s term, meaning action on...

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Essilor International joins the Business Call to Action with a commitment to expand access to vision care in developing countries New York, 1 August 2016 – Essilor International, the world’s leading ophthalmic optics company with a mission to improve lives by improving sight, has joined the Business Call to Action (BCtA) with a pledge to create 40,000 primary eye care workers in underserved regions by 2020. The company expects its broadening inclusive business models to improve health outcomes, productivity and...

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According to Friday's Commercial Mortgage Alert issue, real estate developer Sheldon Solow struck a deal with J.P. Morgan to refinance a $1.2 billion fixed-rate CMBS loan against the 1.7 million square-foot Solow Building. Solow is expected to use the new financing to pay down an existing CMBS mortgage on the iconic Manhattan skyscraper, the $625 million 9 West 57th Street note. The 5-year loan matures in February 2017. The new loan will have a 10-year term structure and a coupon rate...

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Every shipowner and marine insurer knows that shipowners are entitled to limit their liability for marine claims. In Bahamas Oil Refining Company International v Owners of The Cape Bari, a decision which has attracted considerable interest in the shipping industry, the Privy Council has held that parties to a contract are able to waive their right to limit their liability. Facts On 25 May 2012, the vessel Cape Bari collided with sea berth no. 10 at Freeport, Grand Bahama. The berth...

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On, August 1, 2016, the maximum daily penalty for premerger notification violations under the Hart-Scott-Rodino Act (HSR Act) increases from $16,000 to $40,000. This 250 percent increase, which the Federal Trade Commission (FTC) announced at the end of June, is mandated by a statute requiring federal agencies to adjust civil penalties for inflation. Key Notes: Maximum fine for HSR violations increased from $16,000 to $40,000 per day. Increased penalties and enforcement could result in millions of dollars in fines. Harsher penalties generally reserved...

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