03 Jul
Member News

New legislation to reverse Italy’s brain drain

On May 1, 2019, decree-law no. 34 of April 30, 2019 with several measures intended to encourage economic growth entered into force in Italy (“Law”). Among several tax provisions, the Law has introduced a tax reduction for employees and self-employees returning to Italy after not being resident in Italy for the previous two years who undertake to remain in the country for the next two years. The aim of this provision is to make it easier for employers to...

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03 Jul
Chapter News

MEPs elect David Sassoli as Parliament President

Italian S&D member David Sassoli was elected as European Parliament president on 3 July following two rounds of voting. Sassoli, 63, received 345 votes out of 667 votes cast in the second ballot. He is a former TV journalist and has been an MEP since 2009. In his statement before the start of the election procedure, Sassolis spoke of Parliament's responsability towards all the new voters that took part in the last European elections in May: “They have given us a...

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03 Jul
Chapter News

Parliament starts new term with seven political groups

As the new European Parliament meets for the first time 2 July, MEPs have formed seven political groups. Read on to find out more. Ever since the results of the European elections have been in, newly-elected MEPs have been organising themselves into political groups, which bring together representatives from different EU countries based on their political affinities. According to Parliament rules, a political group must be composed of at least 25 MEPs from at least one-quarter of member states (at the moment...

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03 Jul
Member News, Starting a Business

Legal Considerations for Establishing Operations in the United States

By James D. Rosener, Partner | Pepper Hamilton The business climate in the United States, though subject to business cycles, is the largest, most dynamic and durable in the world. The freedom to compete gives would-be entrants the greatest opportunity to succeed and entrenched players the greatest risk of failure. Central to the business climate is the virtual absence of political risk and the stability and predictability of the legal system. Although stories of runaway punitive damage verdicts give many business...

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02 Jul
Chapter News

European Council appoints new EU leaders

The European Council elected today Charles Michel as President of the European Council. The President of the European Council is elected for the period from 1 December 2019 until 31 May 2022. The mandate of two and a half years of the President of the European Council is renewable once. The European Council also welcomed the decision of the Heads of State or Government of the Member States whose currency is the euro to appoint Charles Michel as President of the Euro Summit,...

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02 Jul
Member News

Bannockburn Global Forex Update: July 2019 FX Outlook

July 2019 FX OutlookJune was a cruel month for the US dollar. It fell against all the world’s currencies as investors became convinced that the Federal Reserve would soon embark on an aggressive easing course that will see 75 basis points of rate cuts this year.  Most of the major central banks have an easing bias, but it is the greenback that has seen its interest rate support weaken.  However, at this juncture, it is difficult to envision investors pricing in...

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02 Jul
Member News

HSBC International Business Guides: United States

With the largest economy in the world, the United States of America offers some of the best possible business opportunities. Founded on the principles of equality, the US is rich in cultural diversity. This - alongside a hardworking, dedicated and well educated workforce - position it well as a location in which businesses of any size can thrive. A vast country, spanning six timezones, the US is a world leader in invention, innovation and inspiration. The free enterprise system means...

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02 Jul
Chapter News

Constitution of the 9th legislature of the European Parliament

The 9th legislature of the European Parliament was officially constituted today, July 2nd, in Strasbourg at 10.00 by outgoing President Antonio Tajani. The President of the European Parliament will be elected tomorrow morning at 9am. Nominations must be submitted by political groups or by 1/20th of members by 22:00 this evening. Eight tellers, drawn by lot, have been appointed to oversee the vote. Following direct elections across 28 member states on 23 - 26 May, in which 51% of voters cast...

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01 Jul
Member News

Chronicle of an announced financial crisis (15): which fly has stung the European Central Bank?

By Georges Ugeux, Chairman & CEO | Galileo Global Advisors  The puny frog Swelled so well that she cracked. The world is full of people who are not wiser: Every bourgeois wants to build like the great lords, Every little prince has ambassadors, Every Marquis wants to have pages. Jean de la Fontaine   Over the past few months, while having interviews and presentations on the occasion of the publication of my book "The Descent to the Underworld of Finance" – prefaced by Jean Claude Trichet and published...

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01 Jul
Member News

EY ITEM Club Summer Forecast – Webcast

The latest EY ITEM Club forecast has cut its GDP growth projections to 1.3% for 2019 (from 1.5% in the EY ITEM Club Winter Forecast) and 1.5% for 2020 (down from 1.7%). Despite likely solid-looking GDP growth in the first quarter of 2019, the downward revision for 2019 primarily reflects the prolonged Brexit uncertainty, following the decision to delay the UK’s exit from the EU to a flexible 31 October deadline. A weaker global economic environment has also impacted the...

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