Member News

Commentary: For the Next Administration, Europe Must Be a Priority

By Sally Painter of EACC Member Blue Star Strategies | 2.24.16 On February 2, the White House announced a rare piece of good news about Europe: the administration would be requesting $3.4 billion in funding for the European Reassurance Initiative (ERI) in fiscal year 2017, quadrupling its prior commitment. The program, developed in June 2014 in response to Russian aggression in Ukraine, provides for increased U.S. force presence in Europe, additional military exercises and training for NATO, and other measures...

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Chapter News

Fact Sheet: The White House Launches The Opportunity Project, Utilizing Open Data to Build Stronger Ladders of Opportunity for All

In the lead up to the President's historic visit to SxSW, today the Administration is announcing the launch of “The Opportunity Project,” a new open data effort to improve economic mobility for all Americans. As the President said in his State of the Union address, we must harness 21st century technology and innovation to expand access to opportunity and tackle our greatest challenges. The Opportunity Project will put data and tools in the hands of civic leaders, community organizations, and...

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Chapter News

IMF Executive Board Concludes 2016 Article IV Consultation with Belgium

On March 2, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Belgium. The recovery is expected to continue at a modest pace in the near term, driven primarily by private consumption, supported by continued low energy prices. However, downside risks loom large, including from the slowdown in emerging markets, financial volatility, and geopolitical stress. In its first year in office, the new government has taken important steps to promote competitiveness, job creation, and...

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Chapter News

Back to Schengen: Commission proposes Roadmap for restoring fully functioning Schengen system

The Commission today presented a detailed Roadmap of the concrete steps needed to return order to the management of the EU's external and internal borders. The creation of the Schengen area without internal borders has brought important benefits to European citizens and business alike, yet in recent months the system has been severely tested by the refugee crisis. The European Council of 18-19 February set the clear mandate of restoring the normal functioning of the Schengen area, and to...

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New York Related News

Governor Cuomo Launches Year Three of 43North the $5 Million Startup Competition

Program Offering $5 Million in Cash Awards Accepting Applications Now Through May 31, 2016 Governor Andrew M. Cuomo today announced that applications are now being accepted for the third year of 43North. The $5 million competition attracts entrepreneurs from around the world to compete for prizes that turn startups with high growth potential into funded enterprises in the Western New York region. "After two years, the 43North competition has attracted some of the world's brightest and most innovative entrepreneurs to Buffalo and...

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Chapter News

EU Climate Action and Energy Commissioner Miguel Arias Cañete on the follow-up to COP21 at the public session of the Environment Council

Speech by Commissioner Miguel Arias Cañete: follow-up to COP21 at the public session of the Environment Council Ministers, It is a pleasure to address you today following the adoption of the Commission's Communication on the Paris Agreement and its implications for EU climate and energy policy. I would like to thank Minister Dijksma and the Presidency for preparing their headline reading of the Paris Agreement which is also important for today's discussion. We have already reflected on the historic achievement of Paris and the...

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Chapter News

FACT SHEET: President’s Budget Proposal to Advance Mission Innovation

In November, President Obama and other world leaders came together in Paris to launch Mission Innovation, a landmark commitment to dramatically accelerate public and private global clean energy innovation. Through the initiative, 20 countries representing at least 80 percent of global clean energy research and development (R&D) budgets committed to double their governments’ R&D investments in this domain over five years. These additional resources will dramatically accelerate the availability of the advanced technologies that will define a future global energy...

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Chapter News

Central banks and digital currencies by Ben Broadbent Bank of England

Speech by Ben Broadbent Deputy Governor, Monetary Policy Bank of England at at London School of Economics | March 2, 2016 This morning I’m going to talk about money. This should be a routine topic for a central banker, particularly one whose job title includes the word “monetary”.  It’s nonetheless ground on which one treads with a bit of trepidation.  That’s partly because some of the big questions involved – what money is, why it exists, how and by whom its...

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Member News

“Bad Boy Guarantees” May Cause Nonrecourse Loans to Be Treated as Recourse for Tax Purposes

In a recent IRS Memorandum from the Office of the Chief Counsel (ILM 201606027, the "Memorandum"), the IRS concluded that common "bad boy guarantees" may cause otherwise nonrecourse loans to be treated as recourse loans for tax purposes. Such treatment may prevent non-guarantor investors in real estate development and other partnerships from being allocated losses in excess of their invested capital that they otherwise would have expected and could, if retroactively applied, result in adverse tax consequences to such...

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Member News

February CMBS/CMBX Trading in Review

For those who see the glass as half full, we are happy to offer up this faint praise for February: at least it wasn't January. As everyone painfully recalls, January saw its worst month in years with US stocks down more than 5%, oil prices collapsing, and, for CMBS, noticeable spread widening and a consistently pessimistic tone. For the broader markets, February brought some modest relief with stocks eking out a small monthly gain and oil prices stabilizing (albeit at a...

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