Profit before tax increases significantly to €3,035 million in 2Q2023; CET1 ratio rises to 14.9% • Good interest income after a long period of negative rates • Operating expenses excluding regulatory costs slightly lower quarter-on-quarte • Low risk costs, reflecting strong asset quality • Growth of 227,000 primary customers and an increase in net core deposits of €17 billion • Four-quarter rolling RoE increased to 11.7%; ING will pay an interim cash dividend of €0.35 per ordinary share CEO statement “The second quarter of 2023 was...

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Although last week brought the usual hodgepodge of one step forward, one step back in logistics news, there is one very big positive. UPS and the International Brotherhood of Teamsters have come to a tentative agreement on a five-year contract. It provides workplace security for existing workers along with better pay, and an allowance for more full-time jobs, leaving both sides feeling they’ve reached a win-win agreement. Shippers everywhere were bracing for the worst, for fear of a strike which...

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Please join us to celebrate the 21st Anniversary of EACCNY member ACG Resources. ACG is a boutique, family-owned full service Talent Acquisition firm providing Executive Search, Recruitment, Interim Management and Temporary Staffing services to a broad range of industries. The firm has the capability to provide services across and down the organizational chart on a global basis. A major portion of its business has been in providing services to international companies seeking local recruitment services. As a family-owned business with over...

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On the heels of a surprise announcement, U.S. Citizenship and Immigration Services (USCIS) has conducted a second round of H-1B cap lottery selections. This move was much-anticipated by employers and foreign national workers alike. Quick Hits The new selections were taken from the existing pool of H-1B registrations entered in March 2023. Employers may want to check their USCIS accounts for new selection notices. The filing window for the second round of selections will be open from August 2, 2023,...

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Initially published in Securities Finance Times, Issue 332, 25 July 2023 | Brian Ruane, senior executive vice president, global head of clearance and collateral management at BNY Mellon, recently met with Justin Lawson to discuss the firm’s growing collateral business, connecting to new pools of collateral and how to integrate the voice of the client. What are some of the major trends you are seeing in collateral management? Collateral management is an integral part of our clients’ funding, trading and business models...

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On July 26, 2023, the U.S. Department of Commerce, Bureau of Industry and Security (BIS), the U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) and the U.S. Department of Justice (DOJ) released joint compliance guidance discussing the Voluntary Self-Disclosure (VSD) policies of the respective agencies. The purpose of the guidance is to highlight recent updates to the VSD policies; emphasize the importance of compliance with sanctions, export controls and other laws related to national security; and...

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There is no “secret formula” to becoming a success, but it would be a whole lot easier if there were! What it comes down to in most cases is talent, determination, perseverance, dumb luck, or (most often) some combination thereof. While there may not be a surefire step-by-step road to success, there are certainly some habits that won’t get you there. If you’re looking for ways to become more successful in your career, instead of focusing on what else...

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Racing to finalise climate and environment files before next year’s elections By Pascal Koenig – Senior Account Manager Two years after the European Commission published its sprawling Fit for 55 package, the first have of this year saw many of the Commission’s legislative proposals being concluded by the European Parliament and the Swedish Council Presidency. Work on climate and environment issues has been both intensive and progressive, as the EU’s co-legislators finalised their negotiations on key files such as the end...

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In an ever-evolving digital landscape, the United States Citizenship and Immigration Services (USCIS) has given employers a new option for verifying employment eligibility. On July 21, 2023, the USCIS announced a final rule, effective August 1, 2023, that allows employers to have an alternative procedure (also referred to as “permanent virtual verification”), whereby qualifying employers may inspect employees’ Form I-9 documentation virtually as opposed to performing a physical verification, which was required for all new hires until the COVID-19...

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Adoption looks likely over the next 12 months after the EU ministers agreed their position on the proposals The basis of the potentially far-reaching Platform Workers Directive (PWD) was agreed at European Union ministerial level in June 2023. The legislation is likely to be adopted soon. It will apply to gig workers but will also affect UK and US-based companies using or supplying contract workers on a volume basis.  It increasingly looks like the PWD will be adopted later this year...

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