Chapter News

Eurosystem staff macroeconomic projections for the euro area, December 2020

How will our economy evolve over the next few years? The ECB and Eurosystem staff produce quarterly macroeconomic projections. These aim to assess how the economy in the euro area will develop. Today we again published a baseline scenario as well as two alternative scenarios, taking into consideration the high uncertainty surrounding the impact of the coronavirus on the eurozone economic outlook Overview Following a drop of 15.0% in the first half of 2020, euro area real GDP rebounded by 12.5% in...

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Chapter News, COVID-19 News

Coronavirus response: Tackling non-performing loans (NPLs) to enable banks to support EU households and businesses

The European Commission has today presented a strategy to prevent a future build-up of non-performing loans (NPLs) across the European Union, as a result of the coronavirus crisis. The strategy aims to ensure that EU households and businesses continue to have access to the funding they need throughout the crisis. Banks have a crucial role to play in mitigating the effects of the coronavirus crisis, by maintaining the financing of the economy. This is key in order to support the EU's economic...

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Chapter News

New EU Cybersecurity Strategy and new rules to make physical and digital critical entities more resilient

Today, the Commission and the High Representative of the Union for Foreign Affairs and Security Policy are presenting a new EU Cybersecurity Strategy. As a key component of Shaping Europe's Digital Future, the Recovery Plan for Europe  and the EU Security Union Strategy, the Strategy will bolster Europe's collective resilience against cyber threats and help to ensure that all citizens and businesses can fully benefit from trustworthy and reliable services and digital tools. Whether it is the connected devices, the electricity grid, or the...

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Member News

Tradewind Finance Announces USD 1 Million Credit Facility for Seafood Importer and Wholesaler in the USA

New York, United States (December 16, 2020) | Tradewind Finance has provided a USD 1 million domestic factoring facility to a seafood importer and wholesaler based in the United States that sells a variety of fish, including snapper, tuna, swordfish, mahi-mahi, and grouper, to retailers and distributors in the USA. The company is a new subsidiary of a large seafood farmer and processor based in Costa Rica and is using the funding to expedite cash flow back to the parent...

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COVID-19 News, Member News

CLA | Forgiveness 101 for PPP Loans

Key insights Post-election, the SBA has provided more PPP loan forgiveness approvals. The IRS also recently issued guidance that impacts PPP loans. Under ASC 470, liability debt would be derecognized when the debtor has been “legally released” or when the loan is repaid. With the election behind us, we have seen more Paycheck Protection Program (PPP) loan forgiveness approvals by the Small Business Administration (SBA), and now there is guidance recently released by the IRS. Take a deeper dive into...

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Chapter News

OECD | International community reaches important milestone in fight against tax evasion

New international standards on the automatic exchange of information for tax purposes have so far been satisfactorily implemented by countries worldwide, marking an important milestone in the global fight against tax evasion, according to a new report published today by the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum). The first Peer Review of the Automatic Exchange of Financial Account Information shows that 88% of jurisdictions engaged in automatic exchange since 2017-18 were deemed to...

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Member News

Germany: EIB provides €290 million to Wacker Chemie

The loan will finance Wacker Chemie`s research and development efforts, with a focus on the company’s innovation and sustainability strategy The project will be part of the company`s shift to become a climate neutral chemicals organisation Financing by EU bank is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe The European Investment Bank (EIB) will provide €290 million to the German company Wacker Chemie AG. Wacker is...

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Member News

Trepp | European Market Update: Brexit News; More ESG Implementation; UK Pubs Concerned for Future

Headlines across Europe and the UK are centered around coronavirus news and Brexit negotiations, both of which have an impact on the commercial real estate (CRE) industry. Although the UK left the EU in January of this year, negotiations continued throughout the pandemic, and only have until December 31st to be finalized. If there is a no-deal Brexit, the BBC highlights there will be border checks and taxes introduced for goods traveling between the UK and the EU which will have a...

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Member News

WSGR | Does the SolarWinds Supply Chain Attack Affect Your Company?

Legal Considerations for Responding to the Massive Cybersecurity Incident In a security advisory this past weekend, SolarWinds disclosed that its systems experienced a highly sophisticated supply chain attack on versions of its Orion network monitoring products released between March and June 2020. The New York Times has reported that it is highly likely that the Russian intelligence unit known as Cozy Bear, or A.P.T. 29, carried out the attack, which involved inserting malicious code into automatic product updates to allow the attackers to gain a foothold...

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Member News

FTI | Nation-State Cyber Attacks: Immediate Intelligence & Actionable Guidance

Nation-state actors often leverage the effects of cyber operations to achieve their strategic objectives on the world’s stage. The latest example of this type of advanced persistent threat (APT) cyber attack involves U.S. federal agencies and highprofile companies that were breached via a compromised and weaponized version of a software update from a connected third party. Publicly reported information indicates that a vendor was infiltrated by a sophisticated nation-state cyber attack, which allowed for malware to be embedded and hidden...

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