21 Jan
Chapter News

Monetary policy: Latest ECB press conference

Christine Lagarde, President of the ECB and Luis de Guindos, Vice-President of the ECB | Frankfurt am Main, 21 January 2021 | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis. The start of vaccination campaigns across the euro area is an important milestone in the resolution of...

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21 Jan
COVID-19 News, Member News

RPJ Law | That Would Be Enough: COVID-19 Relief Package for Arts and Entertainment Venues, Small Businesses, and Professionals

Initially published in The Law Ally of Broadway | Late last month congressional leaders finally agreed to offer cultural institutions, including music venues and movie and stage theaters, a coronavirus relief package of $15 billion for “Save Our Stages”, as part of the larger $900 billion relief package, which includes additional categorical relief, such as the Paycheck Protection Program, and unemployment benefits and direct assistance to individuals.  The Save Our Stages relief is intended to try to save and assist these...

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21 Jan
Member News

EIB Group activity in 2020: Spain the country with the greatest volume of financing approved for projects related to the COVID-19 crisis

Spain was the first country to benefit from the European Guarantee Fund (EGF). Impact: nearly €8.5 billion for 98 operations in Spain, financing that amounts to nearly 0.8% of national GDP. Climate action: accounted for 38% of total activity, an increase of 9 percentage points compared to 2019. Investment Plan for Europe: Spain is the country with the third-highest volume of financing approved since 2015. The European Investment Bank Group (EIB and EIF) today presented the results of its activity...

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20 Jan
Member News

Ogletree | Rulemaking Redux: DOL Issues Updated Final Rule Adjusting Wage-Level Calculations for H-1B, H-1B1, and E-3 Visa and PERM Cases

On January 12, 2021, the U.S. Department of Labor (DOL) announced an updated final rule designed to increase prevailing wages required for certain visa processes. The updated rule, entitled “Strengthening Wage Protections for the Temporary and Permanent Employment of Certain Aliens in the United States,” is the DOL’s second attempt in recent months to revise how the existing four-tiered wage structure of the Occupational Employment Statistics (OES) wage survey is calculated for purposes of determining prevailing wages. If the rule...

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20 Jan
Chapter News

ECB | January 2021 euro area bank lending survey

Credit standards tightened for loans to enterprises and households Firms’ demand for loans continued to decline, while demand for housing loans increased Government guarantees on loans to firms supported bank lending conditions Credit standards – i.e. banks’ internal guidelines or loan approval criteria – tightened across all loan categories, namely loans to enterprises, loans to households for house purchase and consumer credit and other lending to households in the fourth quarter of 2020, according to the January 2021 bank lending survey (BLS). The net...

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20 Jan
Chapter News, COVID-19 News

IMF | What the Continued Global Uncertainty Means for You

Global uncertainty reached unprecedented levels at the beginning of the COVID-19 outbreak and remains elevated. The World Uncertainty Index—a quarterly measure of global economic and policy uncertainty covering 143 countries—shows that although uncertainty has come down by about 60 percent from the peak observed at the onset of the COVID-19 pandemic in the first quarter of 2020, it remains about 50 percent above its historical average during the 1996–2010 period. 'Uncertainty in systemic economies matters for uncertainty around the world.' What drives global uncertainty? Economic...

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20 Jan
Member News

Trepp | European market update: supermarkets become dream properties; CLO managers shift to Ireland

Since the start of the pandemic, the challenges faced by traditional brick and mortar retail with store closures and bankruptcies being announced at record rates, has been a major topic for the CRE industry.  One retail segment – the supermarket – faced record high sales, making it an investors dream.  Read on for the numbers and what it can mean for investors, as well as what can change in the future. Also making headlines last week was a new funding...

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20 Jan
COVID-19 News, Member News

TABS | Update Paycheck Protection Program

The Small Business Administration (SBA) published their guidelines for the Second Round of PPP loans (“PPP2”) which was signed into law late December (The Consolidated Appropriations Act, 2021). This is the second largest federal stimulus package following the previous CARES Act that was signed earlier in 2020. This second round offered another round of Paycheck Protection Loans (“PPP2”), which could potentially benefit some of TABS’ clients. Like the first round of PPP, the loans are meant to help small businesses who...

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20 Jan
Member News

WSGR | European Commission Proposes New Rules for Digital Platforms

On December 15, 2020, the European Commission (EC) unveiled a set of proposals to regulate digital platforms. The draft laws include antitrust-related requirements, addressed by the Digital Markets Act (DMA) and more general regulatory requirements, addressed in the Digital Services Act (DSA). The DMA/DSA package will apply to all digital services, including social media, online marketplaces, and other online platforms, meaning tech companies active in Europe will have a new set of rules to follow. According to the EC, the...

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20 Jan
Member News, Trade & TTIP Related

Orrick | The Practical Implications of the EU-China Investment Deal

On December 30, 2020, the EU and China announced the conclusion of the negotiations of the investment treaty, the EU-China Comprehensive Agreement in Investments (CAI). The CAI represents a strategic opportunity for EU companies, financial institutions and funds to invest in China. This treaty contains two significant overarching commitments by China: market access and fair competition. The CAI did not appear overnight and certainly not without hard work on both sides; it took seven years and 35 rounds of...

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