As seen in Bank Director From lobby closures to Paycheck Protection Program loans, the COVID-19 pandemic has thrown a lot at banks and other financial services providers during this pandemic. One more item to add to the list is the Families First Coronavirus Response Act (FFCRA) ...
The Coronavirus pandemic is impacting every business sector across the globe. Many new resources, however, including the new Coronavirus Aid, Relief, and Economic Security (CARES) Act, provide franchise and hospitality businesses with opportunities for relief. The following information is intended to aid franchise and hospitality companies in understanding options available to them during this time ...
On top of the multiple challenges hitting retail and leisure landlords and occupiers arising from COVID-19, the news that Intu has had to write down the value of its shopping centre portfolio by nearly £2 billion came as further bad news. Intu owns multiple high-profile retail and leisure locations across the UK (including The Trafford Centre in Manchester and the Lakeside complex in Essex) and on 12 March was widely reported as being at risk of insolvency ...
On October 28, 2011, the Quebec Court of Appeal upheld a judgment of the Superior Court (1) allowing for clauses of a loan agreement to be modified by The Court so as to reflect the common intention of the parties after it was proved that there was a discrepancy between the real intention of the parties, as stated in a letter of intent, and the wording of the document drawn up to implement the letter of intent, namely a loan agreement ...
However, Fintech is actually just a new term for an old concept that dates back to ancient times. A case in point is the invention of paper in China in the 7th century, a major technological development that paved the way for paper currency, and eventually fiat currency. The development of the payment card systems in the 1950s (e.g ...
1. Introduction Equinor’s pioneering «Hywind Tampen» project, set to become the biggest floating wind farm in the world and scheduled to commence construction in late 2022, will mark the first foray into offshore wind production in Norway. Further, the areas «Utsira Nord» (floating turbines) and «Sørlige Nordsjø II» (bottom fixed turbines), both in the North Sea, have as from 1 January 2021 been opened for development ...
The 2017 South African Budget Review, published on 22 February 2017, contained several statements (summarised below) that may be of interest to pension funds, their investment managers and administrators. Tax Preservation of benefits after reaching normal retirement dates: In 2014, amendments were made to the Income Tax Act, 1962 to allow individuals to elect to retire ...
“‘Papa! What’s money?’ Mr Dombey was in a difficulty. He would have liked to give him some explanation involving the terms circulating-medium, currency, depreciation of currency, paper, bullion, rates of exchange, value of precious metals in the market, and so forth; but looking down at the little chair, and seeing what a long way down it was, he answered: ‘Gold, and silver, and copper. Guineas, shillings, half-pence ...
It was the age of wisdom, it was the age of incredulity. Blazing yellow sun. Lapping blue waves. Tanned beach bods and a palm tree’s silhouette swaying against an orange sky. Once ubiquitous, the California Fitness logo that hints at its fabulous lifestyle offering has vanished from Singapore. In its heyday “Cali”, as its legions of fans called it, was not merely a gym, it was a status symbol ...
From caterpillar cakes and “anti-establishment” IPA beer to gin, the issue of “copycat” own brands has been thrown into the spotlight by a series of recent court actions involving some of the country’s best-known food and drink producers and discount supermarket chains ...
The economic landscape continues to place mortgage customers under significant pressure. Following discussions between the Financial Conduct Authority (FCA) and some of the largest mortgage lenders in the UK, the Mortgage Charter was signed to address measures aimed at helping customers who may be struggling to meet their mortgage repayments amid the cost-of-living crisis ...
Extensive new powers to investigate and intervene in deals that could have national security concerns come into play this month, lenders and borrowers need to understand the implications now. The National Security and Investment Act (“the Act”) regime came into effect on 4 January 2022. It creates a new national security screening regime for corporate acquisitions in the UK. Certain aspects of the Act apply retrospectively from 12 November 2020 ...
Earlier this year the U.S. Supreme Court released its much-anticipated opinion inSouth Dakota v. Wayfair, Inc., in which it held that physical presence within a State is no longer a prerequisite to the imposition of liability on out-of-state sellers to collect and remit sales taxes. In doing so, the Court overruled two of its own earlier cases—National Bellas Hess, Inc. v. Department of Revenue of IllinoisandQuill Corp. v. North Dakota ...
Knowing what to expect when going into the sale process and teaming up with experienced advisors is critical to making the sale of your business the crowning achievement of all of your hard work. This article discusses several steps in certain business sales, using a hypothetical company named ABC Manufacturing, and provides tips for success at each stage ...
Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA loan review decisions under the PPP and applies to all appeals filed after the effective date and to those appeals filed before the effective date for which a notice and order has not been made ...
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred to as the “Consolidated First D
Margin ratchets are a concept that the banking and finance world are familiar with. Increasingly these are linked to ESG loans with both lender and borrower engagement. How do they work in practice, what are the benefits and what are the potential risks? Typically margin ratchets are linked to financial covenants – more often than not leverage – they incentivise borrowers to improve their financial health over the life of a loan ...
The COVID-19 pandemic has hit small businesses particularly hard. And, the Small Business Administration’s disaster loan program can offer many of those small businesses a lifeline. But, it can be daunting to know what relief is available (and for what purpose), who qualifies, and how to apply. This is what you need to know. The SBA has two types of disaster loan programs—one through banks and one directly from the SBA via the U.S. Treasury ...
At the end of Paris fashion week we look at the unexpected yet fascinating role of data analytics in the fashion industry. As one of the most important events in the fashion calendar, Paris Fashion Week, comes to a close, the catwalks remind us just how much we revere the creative, the inspirational, the artistic and the fluid ...
Following the government’s consultation on calorie labelling for food and drink served outside of the home in 2018, qualifying businesses in the out of home (OOH) sector will be required to display calorie information per portion from 6 April 2022. What is changing? Currently, businesses serving non-prepacked food and drink in the OOH sector are not required to provide calorie (energy) information ...
As January closes, it is worth reflecting on what has been a turbulent few months for UK retailers. The travails of Tesco are well documented (and seemingly never ending), whilst Marks and Spencer must have been mightily relieved that it’s own continued decline (food excepted) was slightly overshadowed. That’s before you add in the departure of the CEO at Morrisons and some fairly major surgery that’s underway at Sainsburys ...
Much has been written about hotel management contracts, their legal nature and their place within the different contractual arrangements available under Spanish law. Nevertheless, in our professional lives we too often encounter contracts that include clauses or use descriptions or definitions that collide head-on with how those contracts should actually be framed ...
A rose, said Shakespeare, by any other name would smell as sweet. But while the Bard may know his flowers, he clearly was no expert on branding Apples. Rodrigo Duterte, the Filipino president, would like to change his country’s moniker “because the Philippines is named after King Phillip”. He appears to be eager to distance his nation from its colonial past, the said monarch being a 16th century ruler of Spain ...
