23 Feb
Member News, New York Related News

Marks Paneth | New York State budget proposals: What’s in store for high-net-worth individuals?

On January 19, 2021, Governor Andrew Cuomo outlined the Fiscal Year (FY) 2022 Executive Budget in the wake of the ongoing COVID-19 pandemic. The timing and amount of federal aid will determine the level of tax increases that will be enacted by the state in FY 2022. If Congress fails to provide at least $15 billion in funding, the New York State Executive Budget proposes several significant tax law changes, as follows. Increase in Tax Rates on Highest Earners:  The...

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23 Feb
Member News

EIB | Boosting Investments in European digital ventures to unleash the full potential of 5G

Study makes recommendations for more ambitious 5G investment in Europe European ventures developing 5G-related applications and business models are facing significant public and private sector financing shortfalls Investment in 5G is higher in the United States and Asia than in Europe The accelerating rollout of 5G infrastructure has become a key battleground in a broader struggle for control over the industries of the future. At the same time, the race to build 5G networks and reap the significant benefits...

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23 Feb
Chapter News, Trade & TTIP Related

International trade statistics: trends in fourth quarter 2020

Final quarter of 2020 shows continued recovery in G20 international merchandise trade | Download the entire news release (including graphs and tables PDF) 23 Feb 2021 - G20 international merchandise trade continued to rebound in the fourth quarter of 2020 (exports up 7.2% and imports up 6.8%), following the sharp falls seen in the first half of 2020, as lockdown measures affected trade globally. Although growth in the fourth quarter of 2020 was strong, it shows a reduction compared to the unprecedented expansion observed in the third...

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23 Feb
Chapter News

EU to set up new European Partnerships and invest nearly €10 billion for the green and digital transition

The Commission proposed today to set up 10 new European Partnerships between the European Union, Member States and/or the industry. The goal is to speed up the transition towards a green, climate neutral and digital Europe, and to make European industry more resilient and competitive. The EU will provide nearly €10 billion of funding that the partners will match with at least an equivalent amount of investment. This combined contribution is expected to mobilise additional investments in support of the transitions, and...

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22 Feb
Member News

Loyens & Loeff | EU list of “non-cooperative jurisdictions” updated – new Luxembourg tax consequences

On 22 February 2021, the European Union list of “non-cooperative jurisdictions” (the EU List) has been updated by the Economic and Financial Affairs Council (ECOFIN). This update is important in Luxembourg following the recent adoption of a law (law of 10 February 2021), which disallows the deduction for income tax purposes of interest and royalties due to related companies established in a country included in the EU List. This denial of the deduction is a new measure and applies...

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22 Feb
Brexit News, Chapter News

Data protection: European Commission launches process on personal data flows to UK

On February 19, the Commission launched the process towards the adoption of two adequacy decisions for transfers of personal data to the United Kingdom, one under the General Data Protection Regulation and the other for the Law Enforcement Directive. The publication of the draft decisions is the beginning of a process towards their adoption. This involves obtaining an opinion from the European Data Protection Board (EDPB) and the green light from a committee composed of representatives of the EU Member States. Once...

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22 Feb
Member News

Jaguar Freight | ‘The Weekly Roar’: What’s the Latest in Ocean and Air?

Things in the international shipping industry are as hectic as ever, but there are some positive signs with air cargo volume decreasing worldwide, forwarders negotiating rates for UNICEF’s vaccine distribution, video evidence of California’s box-ship traffic jam emerging, and container lines ordering new vessels to keep up with demand. Over in the ocean shipping sector, the U.S. Coast Guard’s latest video footage showing the pileup of container ships anchored across California’s San Pedro Bay revealed just how intense the congestion...

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22 Feb
Chapter News

IMF | Solidarity and Cooperation: Europe’s Response to the Crisis

Keynote Speech by IMF Managing Director Kristalina Georgieva at the EU Parliamentary Conference *As prepared for delivery* Thank you for the opportunity to address you today.  As EU Commissioner I benefitted from interactions with this Conference and am honored to join you again at this critical time. Jean Monnet once said: “People only act in a state of necessity and usually only recognize necessity in a situation of crisis.” We are in a crisis and it is time for action.  In 2020, 90 percent...

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22 Feb
Chapter News

EU industry: EU Commission takes action to improve synergies between civil, defence and space industries

Today, the Commission presents an Action Plan on Synergies between civil, defence and space industries to further enhance Europe's technological edge and support its industrial base. The Action Plan is devised against the background that, for the first time, EU funding presents opportunities to reinforce European innovation by exploring and exploiting the disruptive potential of technologies at the interface between defence, space and civil uses, such as cloud, processors, cyber, quantum and artificial intelligence. Margrethe Vestager, Executive Vice-President for ‘a Europe fit for...

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22 Feb
Chapter News

ECB | Investing in our climate, social and economic resilience: What are the main policy priorities?

Speech by Christine Lagarde, President of the ECB, at the opening plenary session of the European Parliamentary Week 2021 in virtual format I would like to thank you warmly for inviting me to speak to you today. It is a privilege to have an opportunity to talk to the citizens’ representatives at the heart of European democracy. Events like this one allow us to consider national debates in discussions about our common challenges as Europeans. For all of us, the past year...

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