At the beginning of 2022, with the pandemic finally receding into recent memory, commentators would have been forgiven for foreseeing a more optimistic market outlook.
However, any sighs of relief may have been premature, as the recovery from the pandemic has given way to fresh challenges in the form of the war in Ukraine, not to mention the resultant increasingly unsteady global economy.
Continue reading “Switzerland: Another year, another challenge”
The past three years have been nothing but challenging for Portugal and Spain. The neighbours, whose economic and social development are hugely reliant on the hospitality and tourism sectors, were hit hard by the series of government-mandated lockdowns imposed to battle soaring rates of infection in 2020. But fast forward to 2022, and the outlook has shifted dramatically.
Emerging from what could understatedly be described as a turbulent period in 2020, with a 10.8% economic downturn, the Spanish legal sector has successfully regained its footing and competitive outlook. While the pandemic meant a constriction of the economy was inevitable, it ultimately provided an opportunity for significant year-on-year growth.
Continue reading “Iberia focus: New world order”
As the European Union has made a commitment to becoming carbon neutral by 2050, member states are having to accelerate plans to modify the way people, goods and services are sourced, produced, transported and consumed, to significantly reduce the greenhouse gases (GHG) emissions. Portugal has already made public its road map for net zero in 2050, and the bulk of the efforts are front loaded in the few years remaining to 2030. A significant part of the effort has to be made in transportation, which accounted for about 28% of emissions in 2019, of which 95% are caused by road transportation. In order to achieve the target for the sector of 40% emissions reduction by 2030, significant action will have to be taken on several fronts, and the country is already acting.
The first major component of the change is the increase in investment in public transportation in metropolitan areas. New metro lines in Lisbon and Porto are under construction or already have funds appropriated in the national Resilience and Recovery Plan (RRP), which has been approved under the Next Generation EU programme. Investment in the bus fleets is also under way in the metropolitan areas, both to increase the frequency and coverage of public transportation services and to acquire electrical or low emissions vehicles. Soft mobility investments in bike lanes and shared bikes schemes are also being undertaken. Portugal is the largest producer of bicycles in Europe and has recently grown the manufacture of e-bikes, so the investments are also favouring local industry. The same is actually happening in respect of the manufacturing of electrical vehicles (EV) and fuel cell buses.
Continue reading “Sponsored briefing: Portugal – Towards a carbon neutral transportation system”
VdA’s Ana Luís de Sousa and Hugo Moredo Santos on the importance of capital markets to sustainable financing
The capital market plays a very prominent role in sustainable financing. The issue of instruments such as green bonds or sustainability-linked bonds still represents, in absolute and relative terms, a small portion of total bond issues. However, the interest of issuers and investors for sustainable bonds has grown very significantly. Continue reading “Sponsored briefing: Portugal: Sustainable finance”
In 2022 Portugal climbed to eighth place in the ranking of ‘top ten’ of European economies that most attract foreign direct investment projects, following a couple of decades in which investing in Portugal has been a common topic in different worldwide forums.
During that period Portugal managed to attract to its territory projects of the greatest importance, such as the Volkswagen’s vehicle-production unit in Portugal, a joint venture established in 1991 initially between Volkswagen and Ford, which constitutes the largest foreign investment in the country, contributing to more than 1.5% of its GDP (pre-pandemic data) and creating a high number of direct and indirect jobs in a region in the south outskirts of Lisbon.
Continue reading “Sponsored briefing: Portugal as a magnet of foreign direct investment”
In October 2022, the Privy Council finally handed down judgment in the Z Trust (II) appeals (ETJL v Halabi; ITGL v Fort Trustees [2022] UKPC 36). This decision concerns the under examined (and hitherto rather dull) topic of the nature and scope of the right of a trustee to recover liabilities and expenses from the trust assets. Continue reading “Sponsored briefing: Landmark Privy Council decision on the scope and ranking of trustees’ indemnity”
To a London hack hitting the streets and the meeting rooms of Dublin for the first time since coronavirus struck, Ireland’s capital is abuzz, perhaps more so than usual. Somewhat inexplicably, there are excited hordes of Americans wherever you turn, many of whom look as if they’ve just stepped off the set of a spaghetti western.
All becomes clear in the first coffee meeting of the day. ‘Garth Brooks is playing five shows at Croke Park,’ laments one managing partner, with an eye-roll. ‘It’s bloody desperate.’ Clearly not a fan. Continue reading “Ireland focus – The thunder rolls”
Nathalie Tidman, Legal Business: What sector-specific challenges are you facing when it comes to strategic decision-making in-house?
Sally Anne Sherry (pictured), Bartra Group: There are a couple of challenges that are specific to real estate, and those are often related to legislative changes that happen quite quickly. For example, when co-living was introduced in Ireland and then effectively banned again with little warning. In the last few years, we have also been dealing with difficulties with the planning system and judicial reviews. A lot of the press coverage of it has gone quiet, but we are still stuck in judicial review cases where we are trying to deliver units and we cannot get out of the court system. Continue reading “The Ireland debate: Top GCs gather in Dublin to thrash out the strategic role of in-house counsel”
Baker McKenzie in September announced that it is ‘parting ways’ with Dr Habib Al Mulla, name partner of member firm Habib Al Mulla & Partners, following a series of anti-gay Twitter comments.
Confirming that the ‘separation process is underway’, the firm said in a statement that it ‘strongly believes that however much we may disagree with the beliefs and personal views of others, we must find ways to disagree respectfully, encourage inclusive dialogue and to ensure an inclusive work environment for all.’ Continue reading “Baker McKenzie breaks up UAE alliance following homophobic tweets”
AG Anadolu Grubu Holding AŞ (Anadolu Group) has more than 80,000 employees working in approximately 80 group companies operating in 19 countries across a variety of sectors (eg, beer, soft drink, retail, agriculture, automotive, energy, fast food and stationery). These include Anadolu Efes, the fifth-largest brewery in Europe and 11th in the world, and Migros, one of Türkiye’s largest supermarket chains, as well as Coca-Cola’s Turkish operations.
What was it that made you want to become a lawyer? Continue reading “Sponsored briefing: Interview with Mustafa Yelligedik, legal affairs president at AG Anadolu Grubu Holding”
