On 16 February 2024 the European Commission (“Commission”) announced that it had launched its first in-depth investigation (“Phase 2 investigation”) of a foreign subsidy potentially distorting the internal market under the Foreign Subsidies Regulation (“FSR”). The investigation relates to a public procurement procedure by the Bulgarian Ministry of Transport and Communications for 20 electronic “push-pull” trains and their maintenance with a contract valued at EUR 610 million. CRRC Qingdao Sifang Locomotive (“CRRC”), a subsidiary of the Chinese state-owned company CRRC Corporation...

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While a down year compared to all-time highs experienced in 2021 and 2022, 2023 represented another strong year in the U.S. venture community based on deal flow and total investments, even if not shared equally among all venture-backed companies and all stages of companies. High valuations in low interest rate environments during the pandemic contrasted with rising rates and inflation in 2023 resulted in many venture-backed companies seeking additional capital on lesser terms than their prior high-water valuations. Accordingly,...

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On March 1, 2024, the Office of the United States Trade Representative (USTR) published President Biden’s 2024 Trade Policy Agenda and 2023 Annual Report. This year’s agenda aims to further the cause of worker-centered trade policy, enhance the resilience of supply chains, and promote fair and sustainable trade practices. Below is a summary of the agenda and the report. According to the publication, the USTR is executing the economic vision of the Biden-Harris administration through the negotiation of trade agreements with...

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The next 12 to 18 months seem likely to involve what may be the biggest changes to the UK staffing and platform worker landscape since Michael Heseltine ended the old UK recruitment licensing regime 30 years ago. Users and suppliers of contract workers and gig workers are already beginning to work out how the Labour Party plans might affect them, and Wednesday's Budget announcement and some related developments add other things to the mix. Budget announcements affecting staffing and gig economy arrangements, and...

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The developments regarding the Digital Markets Act ("DMA") are mounting and the day by which Alphabet, Amazon, Apple, Bytedance, Meta and Microsoft must comply with the DMA's dos and don'ts is approaching (7 March 2024). This News Update provides an overview of the recent main developments, from the current state of play back to the day the first Big Tech companies were designated as 'gatekeepers' (5 September 2023). COMPLIANCE WITH OBLIGATIONS AND PROHIBITIONS UNDER THE DMA Following their designation, gatekeepers (Alphabet,...

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As required under the Federal Civil Penalties Inflation Adjustment Act of 2015, the Department of Justice (DOJ) announced, through the Federal Register, increases for penalties under the Immigration Reform & Control Act (IRCA), effective February 13, 2024. Interestingly, the Federal Register announcement for DOJ increases also included penalties for sections of IRCA administered by the Department of Homeland Security (DHS), Immigration & Customs Enforcement (ICE). The higher penalties are for those cases where the penalties are assessed on February 13, 2024, and...

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In a recent Vulcan roundtable event, moderated by Vulcan’s Special Advisor Rory Montgomery, industry leaders and experts convened to discuss the transformative implications of the EU Chips Act and chart a course for the future of microelectronics resilience in Europe. Lucinda Creighton, CEO of Vulcan Consulting, commenced the session by emphasizing the EU Chips Act’s significance and the imperative for Europe to fortify its microelectronics supply chain resilience, especially given current dependencies on East Asia. Keynote speakers from DG CONNECT at...

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Last month, we released our fifth annual AlixPartners Disruption Index (ADI), the firm’s signature piece of thought leadership. The ADI surveys more than 3,000 CEOs and senior executives around the world to uncover their most pressing business concerns, while providing insights on how to best navigate these disruptions in the year to come. Leaders across the 10 industries surveyed expressed uncertainty about the future and concern about evolving issues out of their control. Geopolitical tensions, major international elections, and new technologies—particularly...

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The European Commission’s Directorate-General for Competition (DG COMP) has published a policy brief that provides comments on the Foreign Subsidies Regulation (FSR) requirements and first cases the Directorate has addressed in the 100 days since the reporting regime began. The brief provides statistics on the 53 notifications received in that period, as well as clarifications on some recurring issues that have arisen in the context of notifications, such as how to properly categorize relevant advantages provided by non-EU countries, i.e., Foreign Financial Contributions (FFCs),...

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