Treasury and the IRS on November 9 released proposed regulations relating to the determination of taxable income or loss and foreign currency gain or loss with respect to a qualified business unit (QBU). The proposed regulations include an election to treat all items of a QBU as marked items (subject to a loss suspension rule), an election to recognize all foreign currency gain or loss with respect to a QBU on an annual basis, and a new transition rule. The proposed...

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EU reaches deal on facilitating money transfers within 10 seconds Earlier this week, the Council of the European Union and the European Parliament reached a provisional agreement on the instant payments proposal. It is a plan which aims to improve the availability of instant payment options in euro for consumers and businesses across the European Union and wider European Economic Area. Once in force, the proposal aims to bolster the strategic autonomy of the European economic and financial sectors by reducing reliance on third-country financial infrastructure. The initiative will facilitate seamless...

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The environmental requirements of the world's ports have tightened rapidly, cargo volumes have grown, and automation has increased. The United States invests 17 billion dollars in the restoration of ports and waterways. Business Finland is now promoting the export of Finnish companies to seven ports in the market. Current challenges facing ports in the US include labor shortages, outdated technology and inefficiencies. – Ports have been assigned target schedules for the green transition and they are quickly investing in low-emission electric hybrid...

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On October 31, the Department of Labor (DOL) released a proposed rule (the Proposed Rule) aiming to redefine and expand who qualifies as an “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974, as amended (ERISA). This change could cause more financial services providers to become subject to ERISA’s obligations, which would include adherence to ERISA’s expert standard of care and duty of loyalty, and the avoidance of certain conflicts of interests. Notably, this is the DOL’s third...

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The outcome of a recent case before the Workplace Relations Commission provides us with a first look at the WRC’s approach to whether a company sick pay scheme is, on the whole, more favourable to an employee than their entitlement to statutory sick pay. Although this is the first time this legal point has been raised, it is illustrative for employers and legal practitioners as to how the WRC may approach this question under the Sick Leave Act 2022. Background The...

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In October 2023, the U.S. and EU failed to reach an agreement to replace the Section 232 steel and aluminum tariffs with a carbon-based tariff-system, which should have led to reinstatement of tariffs on the EU and retaliatory action on billions in U.S. exports. Background As part of an agreement to suspend the Section 232 steel and aluminum tariffs on the European Union in 2021, the U.S. and EU pledged to implement a carbon-based tariff system for those products by January...

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On October 30, 2023, President Biden issued a landmark executive order (EO) on artificial intelligence (AI) aimed at transforming the landscape of technology, labor, and immigration in the United States. This sweeping directive establishes new standards for AI safety and security, with a goal of protecting the privacy of U.S. residents, and promotes innovation and advancement of AI and emerging technologies. In particular, the executive order directs U.S. immigration agencies to expand the availability highly skilled immigrants and nonimmigrants...

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