27 Jul
Chapter News

President Juncker appoints Michel Barnier as Chief Negotiator in charge of the Preparation and Conduct of the Negotiations with the United Kingdom under Article 50 of the TEU

Today, President Juncker appointed Michel Barnier as Chief Negotiator in charge of leading the Commission Taskforce for the Preparation and Conduct of the Negotiations with the United Kingdom under Article 50 of the TEU. Today, the President of the European Commission, Jean-Claude Juncker, appointed Michel Barnier, former Vice-President of the European Commission and former French Minister, as Chief Negotiator in charge of leading the Commission Taskforce for the Preparation and Conduct of the Negotiations with the United Kingdom under Article...

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26 Jul
Member News

Vision Impact Institute Mid-Year Update

President’s Column We’re midway through 2016, and while many of you are taking a much-needed and well-deserved break from your day jobs, I want to take a moment to share all the Vision Impact Institute (VII) has accomplished as we continue to strive toward goals we set for our organization earlier this year.   At the outset of 2016, we renewed our support for Vision2020, a global program of the World Health Organization (WHO) and the International Agency for the Prevention...

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26 Jul
Member News

German Employee’s Dismissal at U.S. Regulator’s Behest Ruled Invalid

On July 13, 2016, the Frankfurt Higher Labor Court held the dismissal of an employee in response to demands by the New York State Department of Financial Services (NYDFS) was invalid. (Frankfurt Labor Court, 18 Sa 1498/15). This holding demonstrates that obligations imposed by agreements with U.S. supervisory authorities do not supersede German employment dismissal law. In this case, a Commerzbank employee in Germany challenged his dismissal, which was made following demands by the NYDFS, a financial supervisory authority. The...

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25 Jul
Member News

Appraised Value for New Jersey Office Cut

According to July remittance data, the value of the property that backs the $40.3 million 4 Becker Farm Road note has been revised down to $31.5 million. The loan, now past its May 2016 maturity date, makes up 7.57% of the colllateral behind WBCMT 2006-C26. At the moment, the loan is not carrying an appraisal reduction. Located in Roseland, New Jersey, the 281,762 square-foot suburban office was previously appraised for $53.8 million at securitization in 2006. Earlier this year, the borrower requested...

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25 Jul
Member News

Friday’s Activity: Stocks Back in the Win Column; CMBS and CMBX Spreads Narrow

After a brief timeout on Thursday, US stocks resumed their winning ways on Friday. The Dow gained 54 points (0.29%) while the S&P 500 and Nasdaq added 0.46% and 0.52%, respectively. The 10-year Treasury yield was unchanged, ending at 1.57%. CMBS cash trading was quiet on Friday as less than $100 million was out for bid. Cash spreads continued to grind tighter and outpaced CMBX as it did for the majority of last week. For new issue, AAA cash paper, spreads narrowed...

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25 Jul
Chapter News

European Parliament to offset its 2015 carbon emissions

The European Parliament aims to become the first 100% carbon neutral EU institution, as decided at the end of last year by the Bureau (President, Vice-Presidents and Quaestors). In order to fulfil this commitment, a call for tender was opened on 16 July 2016. Parliament’s first carbon-offsetting scheme, in force since September 2011, included emissions only from official staff travel and official cars, as well as energy use in Parliament buildings. The new scheme encompasses all Parliaments' irreducible carbon emissions,...

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25 Jul
New York Related News

City of New York Adds Over 26,000 Jobs in Month of June

City’s unemployment rate falls to 5.0 percent, down from 5.5 percent in June 2015  The New York City Economic Development Corporation (NYCEDC) today announced that based on an analysis of seasonally adjusted job numbers for June 2016 by the New York State Department of Labor, New York City added 26,400 private sector jobs in June 2016. The analysis also showed that New York City’s unemployment rate fell from 5.1 percent to 5.0 percent during the month of June. New York...

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22 Jul
Member News

The lucky lonesome European cowboy: leadership preparation before entering the US market

European companies invest large sums in developing and launching their products in the US, but lack the same investment in developing and launching their managers and leaders. Epic stories of wanting to conquer the US have been told by generations. The variables for how to be successful in the US cannot be easily distilled. Many adventures have turned into huge successes and others became very public failures. We are interested in understanding the leadership challenges and opportunities Danish companies face in...

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22 Jul
Member News

First Code of Conduct for Boards Dealing with Activist Shareholders Released by Jim Cramer as a Living E-book

The Deal, a business unit of TheStreet (NASDAQ:TST), today released a digital handbook titled, "Corporate Governance In the Era of Activism," which defines a first-ever code of conduct for institutions and their boards on how to expand shareholder value before, during and after approaches by disgruntled activist shareholders. According to FactSet, in the first five months of 2016 alone, activist investors launched 72 full-blown proxy contests to elect directors at targeted companies, and from 2009-2015, over 40 percent of companies in...

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22 Jul
Chapter News

Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

Economic, monetary and financial situation Outcome of the referendum on the United Kingdom’s membership of the EU On 24 June 2016 the Governing Council took note of the financial market developments following the outcome of the referendum on the United Kingdom's membership of the EU held on 23 June. In a press release published on 24 June 2016 on the ECB’s website, the Governing Council stressed that it would continue monitoring developments closely and that the ECB would continue to fulfil...

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