Ernst & Young - Making capital allocation decisions in light of US tax reform The recent Tax Cuts and Jobs Act (the Act) will have immediate and long-term implications on capital structure, capital allocation and performance measurement and forecasting. These implications are primarily driven by a much lower nominal corporate tax rate, changes to credits and deductions for businesses and individuals, and a modified territorial system for overseas earnings. In this article we explore the questions finance executives should be asking...

Cozen O'Connor - On February 12, the president released his highly-anticipated infrastructure proposal, a “Legislative Outline for Rebuilding Infrastructure in America.” Unlike prior federal infrastructure development strategies, which rarely discussed the need for maritime infrastructure investment, the proposal places maritime infrastructure on equal footing with other surface transportation modes in terms of potential funding opportunities. As explained below, the outline contains proposals that would create three new major programs, expand the availability of existing programs, and apply reforms aimed at improving...

Ogletree Deakins - The final version of the bill ratifying the Macron ordinances (Article 3 Ter) provides employers the option of unilaterally deciding, after having consulted the representative bodies concerned, to reduce the duration of current employee representative mandates if they expire between January 1, 2018, and December 31, 2019. The reduction cannot exceed one year. The first draft of the ordinance had restricted this option to mandates expiring in 2018, thus limiting the time during which an employer could establish...

Stibbe - On 1 February 2018, the European Court of Justice dismissed the appeals by several freight forwarders for their participation in various infringements in the sector for international air freight forwarding services. Freight forwarding services involve a number of services relating to international logistics, such as packaging, transportation, warehousing, handling and customs and fiscal formalities. In 2012, the European Commission fined several freight forwarders for collusion relating to four pricing mechanisms. These pricing mechanisms primarily related to various surcharges charged...

The Deal - In late January, three giant corporations — Amazon, Berkshire Hathaway and JPMorgan Chase — announced they would form a new and independent healthcare alliance to service their hundreds of thousands of employees. It was widely seen as reflective of mounting frustration over the ever-rising costs and inefficiencies of healthcare in the US. A move of this kind could also create opportunities for healthcare services-related deals, said John Jones, a Philadelphia-based partner and chair of the health care transactions,...

Loyens & Loeff - On 1 March 2018, the Belgian Constitutional Court annulled the Belgian fairness tax. The Court however limited the retroactive effect of the annulment, unless in the specific situation of the redistribution of a dividend. Background The fairness tax is a separate tax of 5,15% on distributed profits which have not been effectively taxed as a result of the notional interest deduction and/or tax losses carried forward. On 31 January 2014 a request for annulment was introduced before...

Bannockburn Global Forex - March 2018 FX outlook   February saw the USD stabilize after 3 months of weakness. Having fallen around 7% from the beginning of November to the end of January, the dollar index made small net gains in February after making a new low mid-month. However, the big market moves during the month were not really in FX but in bonds and equities. US 10 year bond yields continued to rise early in the month and nearly reached...

Houlihan Lokey -   Houlihan Lokey is pleased to announce that Diversi Foods has been acquired by Martin Braun-Gruppe from a group of shareholders including Diversi Foods' founding families and Waterland Private Equity. The transaction was signed on 6 December 2017 and closed on 26 February 2018.   Diversi Foods is an established supplier of premium frozen bakery goods for catering and restaurant trade and in-store bakeries. Production is focused on bread, rolls, and snacks. Diversi Foods’ strategy strives for consistently high quality,...