Taxation Partner Seth Entin wrote an article published in Bloomberg Tax discussing potential U.S. federal income tax opportunities and challenges for foreign investors in U.S. distressed debt. Foreign investors may earn interest income on debt issued by U.S. borrowers and may even gain from the sale or retirement of these debt instruments, free of U.S. federal income tax, as long as certain conditions are met. Mr. Entin's article outlines the rules favorable to investors and describes the potential pitfalls that could...

Following 90 hours of tense negotiations, white smoke finally rose over the glass façade of the European Council’s Europa building as President Charles Michel tweeted one word to the world: “Deal!” In the end, it took the longest EU Summit on record to reach an agreement on the Commission’s blueprint for the €750 billion coronavirus Recovery Fund and the bloc’s €1.074 billion multiannual financial framework (MFF). Before the Summit had begun Austrian Chancellor accused southern EU members of being “states that...

CMS, the leading global law firm, has announced that Heike Wagner has been appointed as Chair of the CMS Council, effective 1 October 2020. She will be replacing Robert Bosman, who has held this position since 2007. The CMS Council is the highest decision-making body within CMS. Pierre-Sébastien Thill, CMS Chairman, commented, “During his 13-year tenure of the CMS Council, Robert has been a highly popular, diligent and inclusive Chair, supporting the strategy and the goals of CMS and contributing...

€ 10.2 billion for COVID-19 public health and business financing € 5.2 billion for new private sector financing schemes € 2 billon for energy and energy efficiency investment around the world Millions of commuters to benefit from € 1.9 billion urban transport funding in Europe, Asia and Africa The European Investment Bank (EIB) today approved € 16.6 billion of new financing for projects across Europe and around the world. This includes more than € 10 billion of COVID-19-related investment...

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 a selection of brief reports from articles contained in IPTI Xtracts which can be found on its website (www.ipti.org). USA New York: Another Coronavirus Casualty: NYC Property Tax Reform The dwindling momentum for NYC property tax reform is being exacerbated by the coronavirus crisis and adjacent economic...

Hong Kong (July 16, 2020) - Tradewind Finance, in a deal debuting their funding capabilities for another local currency, has provided a factoring facility in HKD for a consultancy firm based in Hong Kong that provides financial advisory services to global banks and other financial institutions located in the region. The deal adds HKD to the roster of currencies in which Tradewind structures their cash flow arrangements, including USD, EUR, GBP, and HUF. When traditional lenders refused to finance them or...

On July 16, the highest court in the European Union (EU), the Court of Justice of the European Union (CJEU), issued a landmark judgment in the case of Data Protection Commissioner v Facebook Ireland Limited, Maximillian Schrems (Case C-311/18) (Schrems II). The decision upholds the validity of Standard Contractual Clauses (SCCs) for transfers of personal data outside the European Economic Area, while imposing significant obligations on the parties to such SCCs. However, the CJEU has invalidated EU-U.S. Privacy Shield, which is...

An alternative to polls, this new approach uses sentiment analysis and media attention to forecast election results. NEW YORK, NY - July 14, 2020 - RavenPack, a leading big data analytics provider, has launched a free and publicly available website, offering projections and analysis on the upcoming U.S. presidential election. RavenPack’s forecasting model combines three key inputs: The level of media attention received by a presidential candidate, which has been found to be highly correlated with election success The sentiment for...