After much anticipation, the Board of Governors of the Federal Reserve (“Federal Reserve”) on April 9, 2020 announced additional actions “using its full range of authorities” to provide US$2.3 trillion of credit to a wide variety of business enterprises, States and municipalities. The Federal Reserve’s actions in support of existing and new programs, as described … Continue Reading
As the COVID-19 pandemic continues, many businesses are manufacturing essential public health and/or medical supplies that are now in high demand. Companies around the world—from global luxury brands like Dior and Givenchy to local distilleries throughout the United States—have been switching their alcohol-based product lines from the manufacturing of products such as perfume and spirits … Continue Reading
Throughout Europe governments have sought to support businesses in financial distress due to COVID-19 in three ways – by giving them money, by lending them money and by relieving them of their bills and financial commitments. European governments are doing a mix of all three. To provide a quick and easy guide to what support … Continue Reading
Our colleagues, Hon. John A. Boehner, Karol Denniston, Ed J. Newberry, and Stephen D. Lerner, will be joining the American Bankruptcy Institute (ABI) and FTI Consulting professionals for a webinar deciphering the most recent federal stabilization programs and developments and providing unique and practical advice for business leaders and professionals. The panel will also discuss how … Continue Reading
As world leaders respond to the COVID-19 pandemic, businesses around the world have been forced to adapt. Our colleagues in Germany, Dr. Jens Rinze, Martin H. Falke, Dr. Christian Bleschke, Tanja Weber, Dr. Andreas Fillmann, Markus Schmucker, Jörg Staudenmayer, and Siemer Krümpelmann, have prepared a comprehensive overview of the key legal issues for businesses with … Continue Reading
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020. The CARES Act includes a range of extensive loan and grant programs that are vital to businesses across the country, including some US$500 billion in funding for the Department of Treasury that is expected to … Continue Reading
As world leaders and healthcare professionals respond to the COVID-19 pandemic, businesses around the world have been forced to adapt to new restrictions, unpredictable supply chains and a limited workforce. For medical and pharmaceutical products, demand is high and the efficient movement of inputs is critical. For many other industries, dwindling consumer demand is already … Continue Reading
The outbreak of COVID-19 could be the most significant event to impact the US economy in generations with the potential for ripple effects in the automotive market and supply chain for years to come. Accordingly, OEMs and suppliers from all tiers may need to rethink the supply chain model, from sourcing of raw materials to … Continue Reading
On March 25, 2020, the Senate passed on a bipartisan basis the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020. With more than US$2 trillion in total relief and US$350 billion in support for small businesses, this bill, if enacted, would represent the third phase of legislation intended to help families and companies … Continue Reading
As we all wait eagerly to see what will be included in Congress’ most recent economic stimulus plan, companies may be interested to see what stimulus packages are already being offered. A list is here. If you hear of others, let us know!… Continue Reading
The impact of the COVID-19 pandemic on the global economy needs not restating. The saying “desperate times call for desperate measures” fits the current environment well. Governments throughout the world have instituted or are considering unprecedented measures to keep up with the demand for the medical products necessary to combat COVID-19. Several such developments come … Continue Reading
On March 18, 2020, President Trump issued an Executive Order on prioritizing and allocating health and medical resources to respond to the spread of COVID-19 in the US, citing the Defense Production Act of 1950 (DPA), as amended (50 U.S.C. 4501 et seq.). The DPA confers on the President, and his administration, a broad set … Continue Reading
With the rapid spread of coronavirus disease 2019 (COVID-19), commonly known as the “coronavirus” or COVID-19, lawmakers are proposing and voting on policies to aid people and industries affected by the virus. Several legislative packages have already been enacted, and our elected officials continue to negotiate bills to assist our communities and economy. Our colleagues … Continue Reading
Companies are asking whether, in the context of coronavirus disease 2019 (COVID-19) lockdowns, their business counts as an “essential service”. Our colleague Matthew Kirk has prepared a client advisory that addresses this issue from a European perspective, gives a little background to what we see of governments’ approaches to this question so far, and suggests … Continue Reading
“The problem in public life is learning to overcome terror…” ― Gabriel García Márquez, Love in the Time of Cholera There is significant information circulating about how businesses should respond to COVID-19 and overcome the fear and uncertainty about the virus and what comes next. It is easy to find articles about important matters regarding how to … Continue Reading
The globalization of business, combined with the rapid spread of the coronavirus disease 2019 (COVID-19), commonly referred to as the “coronavirus,” renders multinational corporations highly susceptible to litigation in US courts. US companies that have been damaged by COVID-19 issues will likely seek redress through litigation, and foreign businesses operating in the US must be … Continue Reading
The situation concerning the novel coronavirus (officially known as COVID-19) is rapidly evolving. The landscape of the virus’ spread and its impacts continues to change dramatically, with hundreds, sometimes thousands, of new cases being confirmed every day and new countries—far from the likely origin of the virus in Wuhan, China—being added to the map of the virus’ … Continue Reading
In a prior client advisory on the legal implications of coronavirus disease 2019 (“COVID-19”) in China, we explored employment, force majeure, data privacy, tax and other issues. Our colleague in our Shanghai office, Daniel F. Roules, has prepared a supplemental client advisory, identifying specific supply chain issues that are arising from COVID-19. As China is … Continue Reading
Our colleagues Laura Lawless, William J. Kishman, Adam D. Colvin, Kimberly J. Donovan, and John E. Wyand have prepared a comprehensive client advisory on the impacts of the coronavirus disease 2019 (“COVID-19”) on organizations in the United States. While every business faces unique considerations, the document provides detailed guidance that should be considered as organizations … Continue Reading
Our colleagues in our Beijing and Shanghai offices, Daniel F. Roules, Sungbo Shim, Laura Wang, Ju (Lindsay) Zhu and Changshun (Ryan) Chen, have prepared an in-depth and well-developed client advisory on the impacts of the coronavirus (“COVID-19”) on companies operating in China. The document provides detailed guidance on several topics, including employment matters, force majeure in … Continue Reading
As a tactic in the ongoing civilian aircraft subsidies dispute between the US and the EU at the World Trade Organization, the US government has proposed a preliminary list to tax about US$11 billion worth of products exported to the US from the EU. The product list includes two sections, one focusing specifically on products … Continue Reading
Our colleagues Matthew Lewis, Matthew Kirk, and Robert MacLean have prepared another in-depth analysis of the current status of Brexit. You can read and download the full update here. The range of options, and timescales, days after the UK should have left the EU, remains as wide as ever. We are still some way from knowing what future trading relationships will look like. … Continue Reading
The UK is scheduled to leave the EU on March 29, 2019, but so far the UK has failed to ratify a Withdrawal Agreement. Whether the UK will leave with or without a deal remains unclear, and the analysis changes on a near-daily basis. Regardless of outcome, however, the nature of the UK’s future trading relationship with the EU will need to be … Continue Reading
The UK is scheduled to leave the EU on March 29, 2019. At this time, however, the UK has failed to ratify a Withdrawal Agreement, risking a “no-deal” exit. Whether the UK will leave with or without a deal remains unclear, and the analysis changes on a near-daily basis. Regardless of outcome, however, the nature of the UK’s future trading relationship with the EU … Continue Reading
