What happened? Congress preserved the pathways for exempt organizations (EOs) to access and monetize clean energy tax credits across a broad set of technologies and structures. Changes made by the One Big Beautiful Bill Act (OBBBA) place greater emphasis on eligibility and documentation diligence requirements, including restrictions related to prohibited foreign entities (PFEs), without disrupting the direct pay (elective payment) option that allows EOs to treat applicable credits as refundable overpayments when properly elected on timely filed returns. Why is it important? EOs remain eligible to fully participate in clean energy...

On 21 January 2026, the proposal for the Digital Networks Act (DNA) was adopted. It aims to create a harmonised regulation, reducing fragmentation in the EU’s national markets and thus laying the groundwork for a stronger digital infrastructure that fosters innovation and competition.   At a time when the EU’s competitiveness in the communication and technology sectors is being questioned due to heavy regulation, the EU Commission’s recent proposal for a regulation on digital networks (Digital Networks Act or DNA) aims...

The US dollar is enjoying a firmer tone today against most of the G10 currencies. The consolidative/corrective tone continues. The European Central Bank and the Bank of England meeting outcomes are awaited. Neither central bank will do anything, giving the commentary extra sway.  The bar to another ECB rate cut seems high, though headline inflation is below target. The Bank of England, on the other hand, is likely to cut rates at least once this year, but may not want...

Nadia Calviño, president of the European Investment Bank (EIB) Group, presented the 2025 annual results at a press conference in Brussels on 29 January, 2026.   Good morning, and thank you for being here today. I know it's a very busy day in Brussels with the European Union foreign ministers meeting next door. There's a meeting of the College of Commissioners also today, and later a high-level event under the auspices of the European Commission's Executive Vice-president Ribera. And important discussions and decisions will be...

With less than six months before the EU Pay Transparency Directive 2023/970 deadline of 7 June 2026, no member state has yet published a completed piece of legislation. Employers can expect an increase in updates at the member state level in the next few months. Those that do not stay up to date with regulatory developments and evaluate their current practices risk noncompliance.   Quick Hits Despite the EU Pay Transparency Directive having entered into force in June 2023, giving member states three years to...

With ‘No Buy January’ now behind us, it is a good time to examine the performance of commercial mortgage-backed securities (CMBS) loans against regional and superregional malls; not that anyone one month would severely impact the performance. Malls were designed and built around their anchors. The idea: draw shoppers and line the way to the large anchor store with smaller, inline retailers. Those would generate the bulk of malls' rental revenue. CMBS Mall Loan Distress, But Not a Collapse  The $53.23 billion universe...