Over 100 world leaders assembled in New York earlier this week for the United Nation’s annual General Assembly (UNGA). Traditionally, the UNGA is the biggest diplomatic occasion of the year. It provides an opportunity for heads of governments and states to gather and discuss the global issues of the day. This year, the UNGA is different. Russia, a permanent member of the UN Security Council, is in the midst of fully fledged military invasion of another sovereign state, Ukraine. Russian...

Airbus Atlantic Portugal inaugurated yesterday its new group premises in Santo Tirso, 30 km from Porto, where it produces components for the Airbus A320 and A350, reinforcing its commitment to the Portuguese aeronautical cluster in an investment of 40 million euros, raised and monitored by AICEP. The inauguration ceremony was attended by the Portuguese Prime Minister, António Costa, the Chairman and CEO of the Portuguese Trade & Investment Agency (AICEP), Luís Castro Henriques, the CEO of Airbus, Cédric Gautier, and...

On September 15, 2022, President Biden signed an Executive Order (EO), which connects the work carried out by the Committee on Foreign Investment in the United States (CFIUS or the Committee) to the Administration’s national security aims beyond the traditional defense industrial base. This is the first EO of its kind since CFIUS was established in 1975. It comes at a critical time during this Administration’s efforts to improve the competitiveness of U.S. technologies and greatly reduce U.S. reliance...

On 16 September 2022 the federal government reached an agreement on support measures for companies in difficulty as a result of the energy crisis. The government has adopted similar support measures as those which were in force during the coronavirus pandemic. In this respect, the government has introduced a temporary unemployment scheme “energy” and companies can obtain longer deadlines for the payment of their social contributions. For whom? The measures are intended to apply to all companies that find themselves in difficulty...

Introduction and Market Update With Labor Day marking the unofficial end of summer, FTI Consulting’s Activism and M&A Solutions team welcomes readers to our eleventh edition of the quarterly Activism Vulnerability Report, which reports the results of our Activism Vulnerability Screener following 2Q22, plus other notable trends and themes in the world of shareholder activism. During 2Q22, the U.S. stock markets experienced considerable volatility as inflation remained a concern for investors. In July 2022, the U.S. Federal Reserve enacted its second...

The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together below a selection of articles from IPTI Xtracts; more articles can be found on its website (www.ipti.org). United States New York: NYC’s gauging of commercial property values leads to inequities Revenue from commercial buildings make up nearly 40 percent of the city’s property tax base. Commercial properties are...

The following is an important update for all importers and exporters doing business in the UK. HR Revenue and Customs (HMRC) is changing the national customs clearance computer system, known as CHIEF + NES (Custom Handling of Import and Export Freight), to CDS (Custom Declaration Service). This is a big change for UK customs brokers as well as for all UK importers and exporters. While CHIEF was only “designed” for UK customs brokers to file and arrange import/export customs clearance, CDS...

A bigger and stronger Internal Revenue Service will soon be coming after more wealthy tax cheats, thanks to the Inflation Reduction Act. The landmark legislation that President Joe Biden signed into law on Aug. 16 includes $80 billion for the IRS over the next 10 years – with a big slice of that money earmarked for better IRS enforcement. Proponents say the huge bump in IRS funding will generate an additional $204 billion over that time from otherwise lost tax collection. Opponents...