The US dollar's rally in the initial phases of the pandemic has been unwound, and sentiment appears to be the most negative since the Great Financial Crisis.  New lows for the year against the euro, Swiss franc, the British pound, Swedish krona, and the Australian dollar were recorded in recent weeks. The Dollar Index (DXY), which is heavily weighted toward Europe, fell by over 4% in July, the largest monthly decline in a decade, and another 1.25% in August. ...

Key insights The deferral does not appear to be mandatory. The employer is ultimately responsible for withholding and depositing the deferred tax. Employees will see higher wages paid throughout the end of the year, but there may be challenges in administering the deferral. On August 8, 2020, President Trump issued a presidential memorandum directing the secretary of the treasury to defer the withholding, deposit, and payment of certain payroll tax obligations. Employees can defer paying their share of Social Security tax on...

As well as granting companies leeway on certain COVID-19 initiated collaborations (see our May 2020 newsletter), the coronavirus outbreak has also led competition authorities to take a more lenient stance towards fine calculations and payments. The European Commission has extended the due date for fine payments by an additional three months in response to potential short-term liquidity issues brought about by the pandemic. Similar reasons led the Dutch Trade and Industry Appeal Tribunal to reduce a EUR 1 million cartel fine...

Accelerating Business Development in a Post-Pandemic Environment | 1. Introduction: How the world has changed It’s possible that business and business practices may have changed more in the past five months than in the previous five years. From logistics to supply chain, finance, HR, communications, and sales and marketing, few areas have been untouched. Businesses have had to pivot and pivot, and then pivot again. What started as a contingency strategy, has become a rolling strategy to address the shifting business...

Previously published in World Pharma Today | Executive Summary As the COVID-19 pandemic continues to spread across the world, clinicians, academic institutions, private organizations, and governments are working tirelessly to find treatments to help patients and at-risk populations threatened by this novel disease. The best minds in infectious disease and immunology are focusing on mechanisms for future therapies that are both safe and efective. In the absence of approved therapies, some investigators are looking towards drug products indicated for other conditions...

Christian Kettel Thomsen joins as Vice-President on the EIB’s Management Committee. Thomsen will serve a four-year term on behalf of Denmark Christian Kettel Thomsen has been appointed Vice-President and Member of the Management Committee of the EIB. He takes up his duties today, succeeding Andrew McDowell, whose mandate on behalf of Ireland ended at the end of August. The EIB’s Board of Governors appointed Mr Thomsen, a Danish national, on a proposal from the Government of the Kingdom of Denmark...

Barely one month after the Court of Justice of the European Union (CJEU) issued its Schrems II decision striking down the EU-U.S. Privacy Shield Framework (Privacy Shield), Austrian privacy activist Max Schrems has filed 101 complaints with 30 different EU regulatory bodies alleging that dozens of well-known companies in e-commerce, telecommunications, banking, higher education, and other industries are improperly continuing to transmit data to U.S. companies like Google and Facebook in violation of the Schrems II decision and EU data privacy laws. The complaints represent an...