29 Jun
Chapter News, COVID-19 News

Federal Reserve Board releases results of stress tests for 2020 and additional sensitivity analyses conducted in light of the coronavirus event

The Federal Reserve Board on Thursday released the results of its stress tests for 2020 and additional sensitivity analyses that the Board conducted in light of the coronavirus event. "The banking system has been a source of strength during this crisis," Vice Chair Randal K. Quarles said, "and the results of our sensitivity analyses show that our banks can remain strong in the face of even the harshest shocks." In addition to its normal stress test, the Board conducted a sensitivity...

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29 Jun
COVID-19 News, Member News

Coronavirus Global Response: EIB and Commission pledge additional €4.9 billion

The ‘Global Goal: Unite for our Future’ pledging summit organised today by the European Commission and Global Citizen mobilised €6.15 billion in additional funding to help develop and ensure equitable access to coronavirus vaccines, tests and treatments. The money raised will also support economic recovery in the world’s most fragile regions and communities. This amount includes a €4.9 billion pledge by the European Investment Bank, in partnership with the European Commission, and €485 million committed by EU Member States. This brings total pledges under the Coronavirus Global Response pledging marathon,...

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29 Jun
Member News

Impact of Executive Order Suspending Entry of Certain Employment-Based Nonimmigrants

Following President Trump’s Presidential Proclamation on April 22, 2020 to temporarily suspend immigrant visa processing and entry of certain immigrants into the United States, the White House has issued a new Executive Order entitled “Proclamation Suspending Entry of Aliens Who Present a Risk to the U.S. Labor Market Following the Coronavirus Outbreak”. This new order is directed at foreign nationals and their dependents who seek to obtain visas in the following classifications: H-1B and H-2B, L-1, and J-1 for participation in...

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29 Jun
Member News

Orrick: Foreign subsidies: The European Commission goes extraterritorial

The EU State Aid regime has long protected the EU internal market from anti-competitive subsidies granted by EU Member States. On 17 June 2020, the European Commission published a White Paper that proposes a new set of tools designed to address distortive effects in the internal market caused by subsidies granted by states outside the EU. The White Paper outlines three complementary tools, or “modules”, intended to tackle the distortive competitive effects arising from foreign subsidies. These modules would be implemented by “supervisory authorities”,...

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29 Jun
Member News

AlixParnters: Navigating the Economic Bottom and Re-starting Growth for Business-to-Business Companies

The economic impacts of the COVID-19 pandemic, including shelter-in-place directives and widespread business closures, have many business-to-business (B2B) companies anticipating the restart of the economy. These companies are planning to prepare to move decisively from surviving the crisis to restarting growth. To succeed in the restart, smart business leaders should be ready to rapidly reset post-pandemic offerings to reflect new customer behaviors and desires, recognizing the likely requirement that, for example, office workers will have to integrate their remote and...

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26 Jun
Member News

Helena Sprenger retires from Houthoff New York

After having founded and led the New York office of Houthoff for eight years, Helena has decided to retire from the law firm on July 1st. She has built the New York presence of the independent top Dutch law firm to the successful practice it is today. Alexander Kaarls will be the partner responsible for the New York office and its practice going forward. He will divide his time between the New York and Amsterdam offices of Houthoff. In addition,...

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26 Jun
Member News

GDLSK: FTC Seeking Comments on the Proposed Repeal of the Care Labeling rule

The Federal Trade Commission (“FTC”) issued a draft notice seeking public comment on a proposed repeal of the Care Labeling rule for Textile Wearing Apparel and Certain Piece Goods (the “Care Labeling Rule”). The notice is expected to be published in the Federal Register in the near future. The Care Labeling Rule requires manufacturers and importers of textile wearing apparel and certain piece goods to attach labels to their products disclosing the care needed for the ordinary use of the...

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26 Jun
Member News

Vulcan Insight: Franco-Dutch dinner date to advance MFF and recovery fund talks

Ahead of their first in-person summit since February, to be held in July in Brussels, French President Emmanuel Macron and Dutch Prime Minister Mark Rutte discussed the EU’s next multi-annual financial framework and the Commission’s proposal for a €750 billion Recovery Fund on Tuesday (23 June). As European Council President Charles Michel announced that EU Heads of State and Government would convene physically for the first time since the COVID-19 crisis, on 17-18 July, the French and Dutch leaders convened...

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26 Jun
Chapter News

New Eurosystem repo facility to provide euro liquidity to non-euro area central banks

Eurosystem repo facility for central banks (EUREP) introduced as precautionary backstop to address pandemic-related euro liquidity needs outside euro area EUREP to allow broad set of central banks to borrow euro against euro-denominated debt issued by euro area central governments and supranational institutions New facility to be available until June 2021 In response to the coronavirus (COVID-19) crisis, the Governing Council of the European Central Bank (ECB) decided to set up a new backstop facility, called the Eurosystem repo...

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26 Jun
Member News

Investment Plan for Europe: European Investment Bank provides BioNTech with up to €100 million for COVID-19 vaccine development and manufacturing

EIB debt instrument will support BioNTech’s global development of BNT162 for prevention of COVID-19 infection as well as scale-up of manufacturing capacity in Europe as part of the company’s global development and supply strategy The project benefits from Horizon 2020 InnovFin and the European Fund for Strategic Investments, joint instruments of the European Commission and the EIB The European Investment Bank (EIB) and BioNTech, a German immunotherapy company, concluded a €100 million debt financing agreement to support the development of...

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