As signs of continued significant inflation surface weekly, business leaders and business owners are making decisions to guard against shrinking profitability and to protect long-term viability. Are they the right decisions? Each inflationary period has its own distinct set of pressures. Successful decisions made during 2008’s inflationary period might not translate successfully to the next inflationary period. Even within the same inflationary period, the impacts on different organizations won’t be the same. To actively guard against negative inflation impacts, assess and...

Under the Working for Workers’ Act, every covered Ontario employer with twenty-five or more employees is now required to have a written electronic monitoring policy that complies with Part XI.1 of the Employment Standards Act, 2000. The electronic monitoring rules do not limit how an employer may engage in electronic monitoring of Ontario-based employees; however, they require an employer to indicate the following in its written policy: - whether the employer engages in electronic monitoring; - if so, what form(s) of electronic...

On September 6, Acting Comptroller of the Currency Michael Hsu warned that fintech and big techs partnerships and their forays into payment and lending could lead to increased risk for the banking industry. “My sense is that we are still in the early stages of a significant shift in how banking services are going to be provided in the future.” A copy of his remarks, made at the Clearing House Association and Bank Policy Institute’s Annual Conference, can be...

In this week’s Roar: too much of a good thing when it comes to boxship deliveries, falling consumer demand, S. Africa takes its turn dealing with labor issues, debating the merits of vessel sharing, and global status report on ports. A record number of boxship deliveries are expected for 2023 and 2024. And while that might seem like good news, Alphaliner has a warning. That huge orderbook could mean that tonnage supply will outstrip vessel demand, pushing the market towards...

Harmen Holtrop and Roderik Beckers form new Executive Board of Loyens & Loeff. Harmen Holtrop and Roderik Beckers took office as the Executive Board of Loyens & Loeff on 6 October 2022. They were appointed at the General Meeting of Shareholders in Amsterdam, the Netherlands, and succeed Bram Linnartz and Thierry Charon, who successfully led the firm during their four-year term. Harmen Holtrop (Managing Partner) and Roderik Beckers bring the experience, expertise and drive to take the firm to new...

The European Commission’s latest attempt to regulate Artificial Intelligence (AI) and set a global standard when it comes to controlling the rapidly developing technology includes the AI Liability Directive (which is not to be confused with the EU’s AI Act). With these new rules, the Commission wants to better protect private individuals and companies from “damage” caused by AI by bringing the system of product liability up to date, with tech products in particular being included, such as autonomous drones and...

Introduction The U.S. Department of Justice (DOJ) has committed to aggressively investigate and prosecute COVID-19-related fraud schemes, particularly those involving government funding programs created or broadened during the pandemic. Several of these programs, including the Payroll Protection Program (PPP), the Provider Relief Fund, the Federal Child Nutrition Program (FCNP), and others, paid out hundreds of millions of dollars during the height of the COVID-19 pandemic. As part of the federal government’s COVID-19 response, some of these programs loosened their eligibility...

Last Thursday (29 September 2022), the Court of Justice of the European Union (ECJ) ruled (case number C-235/21) that a written agreement concluded between parties can be regarded as an invoice for VAT purposes. For those purposes, the agreement has to contain all the information necessary for control purposes by the tax authorities. In the case at hand, parties entered into a sale-and-leaseback agreement related to immovable property. However, after entering into that agreement, the parties did not issue an...