18 Jan
Chapter News, Uncategorized

OECD | Labour Market Situation Update: January 2024

OECD employment rate remains at record high in the third quarter of 2023 OECD employment and labour force participation rates stabilised at 70.1% and 73.8% in the third quarter of 2023, the highest levels recorded since the start of the series in 2005 and 2008, respectively. Both indicators were at or near their record highs in 9 of the 38 OECD countries, including France, Italy, and Japan (Figure 1, Tables 1 and 2). Record highs in both the OECD employment and...

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18 Jan
Chapter News

European Council | Anti-money laundering: Council and Parliament strike deal on stricter rules

The Council and Parliament found a provisional agreement on parts of the anti-money laundering package that aims to protect EU citizens and the EU's financial system against money laundering and terrorist financing. "This agreement is part and parcel of the EU’s new anti-money laundering system. It will improve the way national systems against money laundering and terrorist financing are organised and work together. This will ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their...

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18 Jan
Member News

Trepp | European Market Update: More CLO Issuance Expected; CMBS Revival in 2023; CRE Predictions

Eurozone inflation increased to 2.9% in December from 2.4% in November, as reported by the Independent. This was the first rise in seven months and was driven mainly by the end of German and French energy subsidies, which increased prices in the Eurozone’s 2 largest economies. Inflation is still well down from the peak of October 2022 when inflation rose to over 10%. The inflation increase muddied the waters somewhat for any potential interest rate cuts in early 2024, with analysts now...

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17 Jan
Member News, New York Related News

Reavis, Page & Jump | Governor Hochul Vetoes Proposed Ban on Noncompete Agreements in New York State

At the end of 2023, following a breakdown in attempts at compromise with the State Legislature, New York State Governor Kathy Hochul vetoed Senate Bill S3100A, which was passed by both houses of the State Legislature earlier this year, and would have implemented a ban on all noncompete agreements throughout New York State.  While Governor Hochul has expressed support for limiting noncompete agreements for middle-class and low-wage workers, she stated in her veto message that a total ban was...

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17 Jan
Member News

Ogletree | DOL Announces Final Rule on Determining Independent Contractor Status

On January 9, 2024, the U.S. Department of Labor (DOL) announced the issuance of its final rule addressing worker classification under the Fair Labor Standards Act (FLSA). The 2024 rule, which goes into effect on March 11, 2024, is largely consistent with the proposed version the DOL rolled out in 2022, rescinding and replacing the Trump administration’s more streamlined worker classification analysis while returning to the long-used “totality of the circumstances” standard, albeit with a pro-employee twist given the...

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16 Jan
Member News, Uncategorized

IPTI | Property Tax in the News – January 2024

IPTI’s usual monthly newsletter - the “President’s Message” - contains, inter alia, some summarized news articles from around the world. This IPTI publication - “Property Tax in the News” – contains some of the more interesting news articles concerning property taxes in North America and Europe which is where many of our members have a particular interest. Links to these and more, similarly summarised, articles - from North America, Europe and around the globe - can be found in...

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16 Jan
Member News, New York Related News

Littler | New York City Council Passes Bill that Would Create a Private Right of Action under the Earned Safe and Sick Time Act

On December 20, 2023, the New York City Council passed a bill (Proposed Int. No. 563-A) that would create a private right of action to seek damages and other relief for violations of New York City’s Earned Safe and Sick Time Act (ESSTA). New York City Mayor Eric Adams has 30 days to sign, veto, or take no action.  If he does not veto the bill within 30 days, it will become law. ESSTA permits employees to use ESSTA leave...

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16 Jan
Chapter News

World Bank | Global Economics Prospects Report January 2024 Edition Summary

Global growth is set to slow further this year, amid the lagged and ongoing effects of tight monetary policy, restrictive financial conditions, and feeble global trade and investment. Downside risks to the outlook include an escalation of the recent conflict in the Middle East and associated commodity market disruptions, financial stress amid elevated debt and high borrowing costs, persistent inflation, weaker-than-expected activity in China, trade fragmentation, and climate-related disasters. Against this backdrop, policy makers around the world face enormous...

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16 Jan
Member News

Trepp | Market Pulse: How will the Fed see the Forest when the Trees are Giving Mixed Signs

Last week was heavy on the economic data front, with inflation indicators and quarterly earnings reports galore. The three major equities indices saw weekly gains, with the S&P 500 nearing its record-high of just under 4,800 which the index reached about two years ago.  The S&P 500 ended last week up 1.84%. The 10-year Treasury yield finished last week down about 10 basis points to 3.94% and the 2-year was down almost 27 basis points to 4.14%, putting the 2s/10s...

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16 Jan
Chapter News

IMF | AI Will Transform the Global Economy. Let’s Make Sure It Benefits Humanity. 

AI will affect almost 40 percent of jobs around the world, replacing some and complementing others. We need a careful balance of policies to tap its potential Kristalina Georgieva We are on the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Yet it could also replace jobs and deepen inequality. The rapid advance of artificial intelligence has captivated the world, causing both excitement and alarm, and raising important questions about its potential...

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