The Cayman Islands Government signed a Model 1 intergovernmental agreement with US Government on 29 November 2013. The intergovernmental agreement provides the framework for automatic exchange of tax information under the US Foreign Account Tax Compliance Act ("FATCA"). The Model 1 intergovernmental agreement and associated Cayman Islands Legislation will provide for Cayman domiciled foreign financial institutions to disclose information to the Cayman Tax Information Authority. The Cayman Tax Information Authority will implement the data-reporting framework for the automatic exchange of...

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After two months of relatively low liquidation volume, November brought a return to average levels. Liquidation volume came in at $1.2 billion in November, up from $960 million in October and $870 million in September. Volume registered on par with the 12-month moving average of $1.18 billion. Further, the majority of loans liquidated fell into the greater than 2% loss severity category. November loss severity landed at 48.10%, up considerably from October's 38.58% and above the 12-month moving average of...

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GRANITO appreciates that regardless of how unhealthy a country's economy is, changing the place of home-country manufacturing may either not be feasible or in fact the best way to increase profits. Where locale is set, and costs are as low as possible, sales must increase, normally in a foreign territory. This often presents the need to identify new funding opportunities to support the process of internazionalization. GRANITO understands there tends to be truth in the old saying "It takes money...

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The CD 2006-CD3 deal has had its share of problems over the last seven years. To date, losses have exceeded 7% of the pool balance and the G class (the 25% that remains) is the first loss bond. Over 8% of the pool has been modified and about 9% is delinquent as of November. Given all that, it is with great reluctance that we add another loan to the list of assets worth watching. This one is the $80 million White Plains Plaza note. The...

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The state funding bank aims to increasingly assist start-ups in Austria. Recently AWS established its own start-up center designed to bundle activities such as funding and training. On balance, Austria will invest an additional EUR 100 million each year in promoting start-ups. Federal Minister of Economy, Family and Youth Reinhold Mitterlehner primarily aims to facilitate the foundation of new companies on the basis of this measure. “Our main objective is to improve access to risk capital. A total of EUR...

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The Cayman Islands Monetary Authority signed and memorandum of understanding with Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) on 22 November 2013 providing for mutual assistance regarding the supervision of managers of alternative investment funds who operate on a cross-border basis in both jurisdictions. The memorandum of understanding will serve as a co-operation agreement for the purpose of systemic risk oversight and will facilitate the exchange of information between CIMA and BaFin, cross-border on-site visits between the jurisdictions and also provide a framework...

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For summer 2014, airberlin Germany’s second largest airline is increasing the frequency of its flights to the United States, continuing its policy of expanding its USA service. From May, airberlin, a EACCNY member, will be offering three additional flights from Berlin to New York (JFK) compared with summer 2013, making a total of ten flights a week from the German capital to the US metropolis. There will also be ten flights a week to the Big Apple from Dusseldorf, as...

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Littler , the world’s largest employment and labor law practice representing management, exceeded the 1,000 attorney milestone this month with continued lateral recruitment and the expansion of the firm’s presence in Latin America. Established in 1942, Littler, a EACCNY member, has grown to more than 60 offices in major metropolitan areas nationwide and globally.  “This achievement underscores the firm’s commitment to attract the highest level of legal talent, which has been instrumental in advancing our leading global platform of specialized...

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The $29.9 million FCB Center loan was placed on servicer watchlist according to November servicer data. This story probably warrants closer monitoring than most. The loan makes up 1.9% of JPMCC 2005-LDP1 and the property is a 225,00 square-foot office in Chicago, Illinois. The lead tenant in the building is FCB (Foote, Cone & Belding) with over 90% of the space. It appears FCB vacated the space a few years ago, but the lease was not slated to end until March 2014. The November...

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On November 13, 2013, U.S. Customs and Border Protection (“CBP”) issued a General Notice to inform the public how it will administer Additional U.S. Note 5 to chapter 64 of the Harmonized Tariff Schedule of the United States (“HTSUS”). U.S. Note 5 specifies that to be classified as footwear having a textile outer sole in Chapter 64, HTSUS, the textile outer sole must possess “the characteristics usually required for normal use of an outer sole, including durability and strength.” See...

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