07 Apr
Chapter News

An Early View of the Economic Impact of the Pandemic in 5 Charts

April 6, 2020 The COVID-19 pandemic has pushed the world into a recession. For 2020 it will be worse than the global financial crisis. The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments. China was the first country to experience the full force of the disease, with confirmed active cases at over 60,000 by mid-February. European countries such as Italy, Spain, and France are now in acute...

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07 Apr
Member News

GOP: The European Commission strengthens the temporary framework on State aid

April 6, 2020 1. The new measures adopted by the European Commission Last Friday, the European Commission (“Commission”) has adopted an amendment to existing State aid rules to widen the perimeter of the national measures which can be authorized based on the exceptional legal framework to cope with the current crisis. In particular, the Commission considered the following measures: CONTINUE READING... Contact: FABIO ILACQUA Partner – Head of New York Office GOP USA, LLC - One Rockefeller Plaza, Suite 1610, New York, NY 10020 Tel.: +1 212 957 9600 E-mail: filacqua@gop.it Compliments...

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07 Apr
Member News

H&K: COVID-19 Guide to Emergency Cost Reduction, Compensation and Benefits

April 3, 2020 As the COVID-19 crisis continues, many employers are facing the difficult challenge of determining how to achieve significant cost reductions due to a sudden reduction in revenue. Many companies are now going through the unfortunate and difficult process of determining how to achieve significant cost reductions as a result of the sudden reduction of revenue resulting from the current shelter-in-place environment caused by the COVID-19 pandemic. Set out below is a useful list of compensation and benefits-related actions...

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07 Apr
Member News, New York Related News

FaegreDrinker: New York’s New Data Breach Notification Law, What Businesses Should Know

April 3, 2020 As the COVID-19 pandemic continues to demand the attention of corporate leaders and the public at large, businesses have likely had little time to get up to speed on New York’s new data breach notification law, the Stop Hacks and Improve Electronic Data Security (SHIELD) Act. The SHIELD Act, which went into effect on March 21, 2020, significantly alters New York’s prior data breach notification law, both by expanding the reach of information covered and by imposing...

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06 Apr
Chapter News

EU and 15 World Trade Organization members establish contingency appeal arrangement for trade disputes

March 27, 2020 The EU and 15 other members of the WTO today decided on an arrangement that will allow them to bring appeals and solve trade disputes among them despite the current paralysis of the WTO Appellate Body. Given its strong and unwavering support for a rules-based trading system, the EU has been a leading force in the process to establish this contingency measure in the WTO. Commissioner for Trade Phil Hogan said: “Today's agreement delivers on the political commitment taken at...

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06 Apr
Chapter News

Coronavirus: Commission waives customs duties and VAT on the import of medical equipment from non-EU countries

April 3, 2020 The Commission has today decided to approve requests from Member States and the UK to temporarily waive customs duties and VAT on the import of medical devices, and protective equipment, from third countries in order to help in the fight against coronavirus. This will make it easier financially to get the medical equipment that doctors, nurses and patients desperately need. The Commission has swiftly approved requests received from all Member States. This measure includes masks and protective equipment, as...

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06 Apr
Member News

EIB Group moves to scale up economic response to COVID-19 crisis

April 3, 2020 • Extraordinary Board of Directors discussed the EIB Group’s proposed response to economic effects of COVID-19 crisis: a €25 billion pan-European guarantee fund to support up to €200 billion for the European economy • The Board also approved key elements of an emergency measure package announced in March The Board of Directors of the European Investment Bank (EIB) today discussed the creation of a €25 billion guarantee fund to enable the EIB Group to scale up its support for companies...

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06 Apr
New York Related News

New York Fed Opens the Registration Process for the Commercial Paper Funding Facility and Releases Additional Information for April 14 Launch

The Federal Reserve Bank of New York today opened the registration process for the Commercial Paper Funding Facility (CPFF) and released an expanded set of Frequently Asked Questions (FAQs) pertaining to the facility’s operations. The CPFF will begin funding purchases of commercial paper on April 14, 2020. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of businesses and municipalities. By...

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06 Apr
Chapter News

Coronavirus: Commission and European Investment Fund (part of EIB Group) unlock €8 billion in finance for 100,000 small and medium-sized businesses

April 6, 2020 The European Commission has unlocked €1 billion from the European Fund for Strategic Investments (EFSI) that will serve as a guarantee to the European Investment Fund (EIF), part of the European Investment Bank Group. This will allow the EIF to issue special guarantees to incentivise banks and other lenders to provide liquidity to at least 100,000 European SMEs and small mid-cap companies hit by the economic impact of the coronavirus pandemic, for an estimated available financing of...

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06 Apr
Member News

Tradewind: Collaboration, Compassion Key for Supply Chain Crisis Management

April 2, 2020 Fashion companies are faced with new challenges affecting their supply chains unlike any before. With the unprecedented impacts of COVID-19, retailers and suppliers have to choose whether to cooperate under these new circumstances to preserve partnerships, or instead think of their own survival in the short term, no matter the cost. Peter Maerevoet, global chief financial officer and senior executive officer at financial firm Tradewind, places his confidence in trust and collaboration between retailers and suppliers as...

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