Between 22 May 2012 and 4 June 2012, staff teams from the European Commission, European Central Bank and International Monetary Fund (“IMF”) visited Lisbon to conduct the fourth review (the “Review”) of Portugal’s economic programme (the “Programme”). A copy of the initial statement can be downloaded here:http://ec.europa.eu/economy_finance/articles/financial_operations/2012-06-04-portugal_en.htm And a copy of the full report can be downloaded here: http://ec.europa ...
The real estate sector is among the most important in Mozambique and enjoys incentives from the State. Access to land is crucial to investment in this sector.As land in Mozambique is the property of the State and, for this reason, cannot be sold, mortgaged or charged, besides occupation, the only vehicles the law provides for access to land are the right to use and benefit from land - Direito de Uso and Aproveitamento da Terra “DUAT”) or Special Licences ...
China has traditionally restricted foreign investment in the retail and wholesale sectors with the aim of nurturing strong domestic players before their foreign counterparts would be allowed to enter the country. Since becoming a member of the World Trade Organisation, China has gradually opened up its distribution sector to foreign investment ...
When a company acquires a minority share in a competing company, legal issues concerning price-fixing, market sharing, exchange of information etc. may arise if the companies in question do not continue to regard each other as competitors. This situation has recently been tried in a judgment from the Stockholm District Court where the coach tour operators, Scandorama and Ölvemarks were ordered to pay fines of SEK 6.8 million and SEK 4.6 million respectively ...
A commercial lease does not end on the sole basis that the lessee declares bankruptcy; to the contrary, the Bankruptcy and Insolvency Act (“BIA”) provides that the property of the bankrupt, including the lease, is vested in the trustee. In fact, the terms of the lease are what make it possible for the lessor to terminate the lease should the lessee declare bankruptcy ...
Florida transportation officials and the private sector have fine-tuned a financing structure that allows the state to use private-sector financing to advance projects to build roads and bridges and fulfill other essential infrastructure needs. The timing is right. The infrastructure of Florida, like the rest of America, is in critical need of maintenance and overhaul ...
In the history of the Eurozone crisis, Spain has been a special case. It was always the "teachers pet" when it came to sovereign debt, that is, until recently. On 9 June 2012, Spain received an offer of up to EUR 100 bn in financial support from the EU for its ailing banking sector. What does that mean for Spain and the rest of the Eurozone and how did Europe’s fourth-largest economy find itself in this state? BACKGROUND Spain has been unlucky in many respects ...
The Czech Customs Authority announced that Croatia and Turkey will accede to the Convention on a Common Transit Procedure between EU Member States and EFTA countries (the “Convention”) as of 1 July 2012. As a result, the forms listed in the supplements to the Convention are to change. The Czech Customs Authority adds, however, that the currently applicable forms shall continue to be in force and effect at least until 30 June 2013 ...
The Supreme Court has struck down the core provisions of the Trade Minister Regulation which allowed producers to import finished goods (No. 39/M-DAG/PER/10/2010). The regulation will cease to have legal effect as of 8 May 2012. The Ministry of Trade is reported to be currently considering an amendment which aims to accommodate the interests of both producers and traders but may have to draw it more narrowly than the original version. Decision No ...
What is CEPA? The Closer Economic Partnership Arrangement ("CEPA") is a free trade agreement between Mainland China and Hong Kong that offers Hong Kong products, companies and residents preferential access to the Mainland market. Many of the preferences go beyond China's WTO concessions. CEPA is not a closed agreement and both sides hold regular meetings on further concessions and the details for implementation ...
“A patent, trademark, or design registrationcan only be declared void by Federal courts”. Under this statement, theSuperior Court of Justice of Brazil has reaffirmed unanimously that defendantscannot argue unenforceability of a trademark registration as a defense argumentin an infringement lawsuit ...
In January, the Secretary of State for Transport announced the project for the construction of HS2, a second high speed rail network. It is to be constructed in two phases forming a “Y” shape: the first phase between London and Birmingham and the second from Birmingham, to Manchester and to Leeds. Phase 1 will link to Europe via the high speed rail line in London, HS1 and the Channel Tunnel ...
The Maritime Labor Convention of 2006 is an instrument that contains an approximate of 70 different provisions on labor-related matters in the maritime industry, which was approved by the International Labor Organization (ILO), in view of the absence of minimum standards that offered labor security and decent living conditions to the seafarers. The Maritime Labor Convention is expected to take effect before the end of 2013 ...
On 24 February 2012, Greece opened the Private Sector Involvement debt swap deal (PSI) to bondholders. Essentially the deal involved a swap that meant bondholders would have to accept a 53.5% cut on the face value of their bonds which, in real terms, meant a loss of approximately 75% on their investment. The deal will be the largest financial restructuring in history, dwarfing the Argentinean restructuring in 2005 valued at EUR 33 ...
The Government issued Law No. 2 of 2012 on Land Procurement for The Public Interest (“Law”) on 14 January 2012. The Law does not revoke Presidential Regulation No. 36 of 2005 (as amended). Accordingly, the former Presidential Regulation remains valid as long as they do not contradict the Law. The Law sets out clear procedures for acquiring plots of land for public purposes and therefore is intended to provide legal certainty and expedite the acquisition process ...
The latest additions to the Greek debt saga and the Eurozone crisis are the Credit Default Swap holders and the ISDA. But who are they and what is their role? What is a Credit Default Swap (CDS)? A CDS is most simply described as a type of insurance against the risk of a default on a debt issued by a third party (the reference obligor) ...
On 2 March, 25 of the 27 EU members committed to the new "Fiscal Compact" concept, signed the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. The Treaty, which is technically an intergovernmental treaty and not an EU instrument (due to the UK and the Czech Republic not wishing to sign up to it), was introduced in December 2011 by Germany and France ...
Europe’s Finance ministers worked through the night of 20 to 21 February to hammer out the terms of the second Greek bail-out to the tune of EUR 130 bn. While the markets have responded coolly to the deal, ministers remain optimistic that enough has been done to stem the contagion to the rest of the Eurozone. Many experts remain skeptical as to whether the bail-out will be enough to save Greece from ultimately defaulting ...
Not long ago, returns on traditional investment products, for example term deposits, were quite low and did not generate a great deal of interest among those who could spare and would like to invest money with the prospect of some return. Alternatives nearly always carry a higher risk and the various solutions, such as mutual funds, were not well known and poorly understood ...
Serbia - Delays in Issuance of Regulations Necessary for Implementation of the New Energy Law As we reported back in August 2011[1], the Serbian Parliament adopted the new Energy Law in July 2011 introducing very important changes in the area of renewable energy sources (RES) ...
Article 41 of the Queretaro Treasury Law for Municipalities regulates the procedure to calculate the real estate tax and providesan annual rate based on the following criteria: Under such Article, the municipalities will determine which of the two rates may apply each year, incorporating the relevant rateto their respective Revenue Law ...
Pursuant to the 2011 General Rules on Foreign Trade, since January 2, 2012, holders of trademarks that have been registered with the Mexican Industrial Property Institute (“IMPI”) may request the listing of their trademarks at the Mexican Customs Office (“AGA”), through a database developed by AGA ...
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