Last week, the Consumer Financial Protection Bureau ("CFPB") published an informational guide to help settlement professionals navigating the changes that are a part of the Know Before You Owe mortgage initiative. After months of preparation, the TRID Rule became effective last fall, with the promise to help consumers make informed decisions about mortgage choices. Since that time, the CFPB has issued multiple updates and tweaks to the rule and requirements ...
News reports are informing us that Belgrade will gain another bridge over the Danube river in the near future – this one at the Ada Huja island and over three kilometres long. The basic purpose of this bridge will be to connect the Pančevo road with the Slanci road, according to the City officials. It is planned for the bridge to be built in four segments, as the initial documentation is expected to be finalised in early 2018 at the latest ...
Effective September 18, 2016, anyone wishing to obtain a general contractor licence will be required to first provide security of at least $40,000. The amount will be $20,000 for specialized contractors. Effective January 21, 2017, the Regulation to amend the Regulation respecting the professional qualification of contractors and owner-builders also amends the description of the work authorized for some contractors specialized in heating, ventilation and refrigeration ...
Global competition law circles have recently been shaken by the European Commission's record-setting fine of EUR 2.93 billion for collusion on the automotive market, imposed against Volvo, Daimler, Iveco and DAF trucks. The sanctions in question varied amongst the accused parties, with Daimler facing the largest penalty in the amount of more than EUR 1 billion on its own. Iveco's fine was set at EUR 494 million, DAF's at EUR 752 million, and Volvo's fine has been set at EUR 670 million ...
The Ministry of Commerce under the Government of the Republic of the Union of Myanmar issued Notification no. 56/2016 on 7 July 2016, announcing that permits for the trading of construction materials may be granted to joint-venture companies with a foreign partner. This means that foreign companies can now form a joint-venture company and import constructions materials– they could not do this in the past ...
Under the Convention on the Contract for the International Carriage of Goods by Road ("CMR convention") and the Finnish Road Transport Act, a carrier is, as a general rule, liable for loss of and damage to the goods occurring during the transport as well as for any delay in delivery ...
Recent news reports are claiming that Mercator is expected to sell its chains of sporting goods stores, Intersport and Modiana, by the end of July. This kind of activity would be the latest in a longer line of investments that Mercator has been selling off, including Pekarna Grosuplje and Mercator-Embi, all of it as means of shifting the corporate focus to the company's main activity – trade ...
The Montenegrin Ministry of Transport has recently been in the news as it provided an overview of investments that it has made over the past ten years in the country's road infrastructure – investments that have totalled at EUR 300 million through renovation, modernisation, and construction processes throughout the country ...
The Minister of Transportation has issued Minister of Transportation Regulation No. PM 32 of 2016 on the Organization of Non-Fixed-Route Public-Transportation Services. This regulation addresses the ongoing dispute between the existing transportation companies and application-based transportation services ...
The Supreme Court of Canada issued its reasons today in Krayzel Corp. v. Equitable Trust Co., 2016 SCC 18, adding some clarification to a mortgage lender’s right to protect itself from the increased commercial risk associated with a defaulting mortgagor through the use of interest rates, given s. 8 of the Interest Act which reads as follows: "No fine, etc ...
There is a growing trend of initial public offerings of debt in Israel by U.S. (and Canadian) real estate companies with income-producing real estate and the listing of the bonds for trading on the Tel Aviv Stock Exchange. During 2014 and 2015, approximately 15 such real estate companies completed public debt offerings in Israel, the large majority of which were initial public offerings, raising approximately NIS 8 billion in total (equivalent to approximately US$2 billion) during such period ...
There has been an exciting development in the entertainment industry, as the Czech company"Sebre a.s."bought a 20% stake in Serbian "Avala film" – an iconic studio hailing from the golden age of Yugoslavian film ...
Recent news reports show that IKEA, the world famous Swedish multinational retailer, is getting ready to invest EUR 88 million in the construction of a Designer Outlet complex in Croatia. The company, whose Croatian division opened on the outskirts of Zagreb in August 2014 and has since been welcoming over 1.5 million customers on an annual basis, has decided to embark on such an endeavour in order to tap into a yet unseen mix of outlet retail and leisure entertainment in the region ...
Growth of the real estate industry in Panama in recent years is noticeable, not just locally but at a regional level as well. Iconic architectural works such as the Trump Tower, F&F Tower (popularly called the “Screw”) among others, attracts positive criticism from different actors in the business and associations in the construction, development and promotion of the real estate business. In part, real estate growth in Panama is due to the ease in the execution of real estate transactions ...
Karanović & Nikolić Senior Associate, Ana Luković, visited the recently held 8thInternational Bar Association's (IBA) Real Estate Conference in Copenhagen. As was the case during the previous editions of the conference, it provided a platform for around 150 attendees – hailing from all across the contemporary business spectrum – to communicate and exchange their views on various topics related to the field of real estate law ...
We are pleased to announce that Karanović & Nikolić has advised Jet Airways (India) Limited, together with Dentons UKMEA LLP, in an aircraft leasing transaction that will enable the long-haul trans-Atlantic route between Serbia and the United States (Belgrade-New York) to be restored ...
According to recent reports, it seems to be that an exciting update in the aviation world might be waiting around the corner. More precisely, it has been circulated in the media that the global giant and world's fastest growing airline, Turkish Airlines, is contemplating the acquisition of Croatia's national carrier – Croatia Airlines ...
The regulation governing contracts of public bodiesleaps into the digital age. The amendments, passed on April 13, 2016, and coming into force June 1, 2016, aim to clarify the rules pertaining to the results evaluation.1Five key changesTenders in electronic form are mandatory if so required in the tender documents ?> change of computer systems will be needed to ensure the integrity of the signatures and tenders ...
On May 12th, Governor Snyder issued Executive Directive No. 2016-1 ("ED 2016-1"), which seeks to improve infrastructure in the State by utilizing the Michigan Department of Transportation ("MDOT") in multiple ways. ED 2016-1 requires MDOT to work with a number of agencies, including coordinating with: - The Michigan Department of Environmental Quality to identify and address major infrastructure projects where inadequate facilities could cause threats to water or wastewater services ...
A lifelong right to live in a house owned by someone else is referred to as a right to habitation. Once this right is registered in the Deeds Office, it is enforceable against everyone, including the registered owner of the immovable property (“property”).This position was confirmed in the recent Supreme Court of Appeal case of Hendriks v Hendriks and Others (case no ...
With the advent of the Construction Regulations, 2014 (the “regulations”), which are binding in terms of the Occupational Health and Safety Act, 1993 (“OHASA”), additional duties are now placed on the “client” that did not exist under the previous regulatory regime. For example, the client now assumes the duty to prepare a baseline risk assessment for a construction work project and, depending on the factual circumstances, to apply for a construction work permit ...
The May 2016 issue of the International Financial Law Review (IFLR) included an international briefing article entitled “PPPs and the election ban.” The article was contributed by SyCipLaw partner Aaron Roi B. Riturban.Read the article online at the IFLR website ...
In the late 1980s, stories of garbage hauled in the same trucks regularly used to transport fruits and vegetables caused public outrage. Outbreaks of foodborne illnesses, including a salmonellosis outbreak that affected 224,000 consumers, have been attributed to contamination of transportation vehicles. Recently, a major U.S. foodservice distributor was penalized after its practice of storing seafood, milk and raw meat in unrefrigerated sheds was uncovered ...
Macedonia, a country of great natural beauty – and perhaps most famous for its lakes – is reported to be working hard towards further enhancing and widening its tourist offer. The latest activity on behalf of the government in this regard has been a EUR 15 million investment in the road and utility infrastructure related to Lake Prespa ...
It has been reported recently that EPS Distribucija has successfully obtained a building permit from the Ministry of Construction Transportation and Infrastructure for the EUR 1.13 billion project of constructing a new electrical substation – along with accompanying office space – near Autokomanda in Belgrade ...
