Switzerland focus: Bouncing back

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Switzerland focus: Bouncing back

When the world went into lockdown in March/ April 2020, everyone expected the worst for the economy: market crashes, sky-rocketing unemployment numbers and a wave of insolvencies. While it is safe to say that some countries struggled more than others, Switzerland weathered the crisis well, even exceeding pre-Covid-19 activity in some areas.

One of the wealthiest countries in the world, Switzerland’s GDP has been on a steady increase and almost tripled in the last 20 years. Projections also show tangible growth from 2020 to 2021, underlining the fact that the pandemic had little to no impact on the Swiss economy. This was also witnessed by Thierry Calame, who in January 2022 becomes the new managing partner of one of the leading Swiss powerhouses, Lenz & Staehelin: ‘The pandemic continued to be the largest challenge. However, thanks to the robust Swiss economy there has not been any economic downturn in 2021, but rather a significant recovery.’

Continue reading “Switzerland focus: Bouncing back”

Germany focus: Age of independence

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Germany focus: Age of independence

At the beginning of the Covid-19 pandemic, German law firms found themselves wary of what the future might hold and prepared for the worst. However, 18 months later, most say their fears were unwarranted and several have reported 2021 to be their financially strongest to date. The success of the leading German independents amid a global crisis raises the question of how they have adapted to a pandemic-driven environment, and whether hierarchies in the market have shifted at all as a consequence.

Germany’s economy is currently on the road to recovery. According to the government, the GDP is expected to grow by 2.6% in 2021 after it took a 5% dip the previous year. While private consumption is mostly responsible for this rebound, manufacturers are struggling in light of global supply shortages, with producers unable to adapt to increased demands after 2020 saw a halt in consumer spending. However, this has not yet stopped the upwards trajectory of economic growth.

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Iberia focus: Banking on Success

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Iberia focus: Banking on Success

Announced more than a year ago, the largest merger in the Spanish banking sector for some time became a reality in early 2021. The Spanish competition authority cleared CaixaBank’s acquisition of state-owned financial entity Bankia – which was bailed out during the country’s banking crisis in 2012 – at Phase I, subject to conditions. This transaction is a merger between the third and the fourth largest banks in Spain, with €623.8bn in assets.

The new entity is expected to dominate the Spanish market, especially in retail banking. As executive chair José Ignacio Goirigolzarri said when the deal was confirmed: ‘The merger between CaixaBank and Bankia marks a milestone in the history of the Spanish financial system. We face this challenge from a position of strength that allows us to be an active part of the solution to the current crisis, as well as to become an important stakeholder for the socio-economic recovery of our country’. Continue reading “Iberia focus: Banking on Success”

Sponsored briefing: Compliance in Switzerland and abroad: Tackling corruption and white-collar crime

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Sponsored briefing: Compliance in Switzerland and abroad: Tackling corruption and white-collar crime

Fabian Teichmann and Marie-Christin Falker on how multinational corporations operating in Switzerland can improve their compliance regimes

Clients from all over the globe appreciate the security and stability of Switzerland as one of central Europe’s economic and financial powerhouses. This makes Switzerland a designated safe haven for multinational corporations, entrepreneurs, and wealthy individuals alike. On top of that, Switzerland offers advantageous taxation regimes and privacy. Unlike most other countries, Switzerland places great value on its longstanding tradition of banking secrecy. Continue reading “Sponsored briefing: Compliance in Switzerland and abroad: Tackling corruption and white-collar crime”

Sponsored briefing: Data Governance Law. Is Europe getting enough out of data?

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Sponsored briefing: Data Governance Law. Is Europe getting enough out of data?

When trying to coin a definition of today’s economy, many are inclined to refer to one driven by data (the data-driven economy). As a region, the European Union considers data to be an essential resource for its economic growth, competitiveness, innovation, job creation and the general progress of society. This begs the question: is Europe getting enough out of data?

The volume of data – both personal and non-personal – that citizens, private entities and public bodies generate and collect is enormous and continues to grow exponentially as emerging technologies continue to expand. The EU’s diagnosis, however, is that data’s potential – as an asset – is not exploited enough. Data could be used to innovate, research and make new technologies more efficient. To close this gap and boost Europe’s competitiveness and digital transformation, data must be exploited more efficiently and securely in a consistent way across the EU. To this end, data should be available to be exchanged and re-used for lawful purposes, such as research or innovation. Continue reading “Sponsored briefing: Data Governance Law. Is Europe getting enough out of data?”

Sponsored briefing: Iberia and the Covid-19 aftermath

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Sponsored briefing: Iberia and the Covid-19 aftermath

Portugal and Spain are now in the Covid-19 aftermath. Both countries have an important percentage of their population fully vaccinated and normal life is coming back. Local inhabitants are resuming their day-to-day activities each time with fewer restrictions and tourists are arriving in greater figures. Airports and streets have more people.

As a consequence. economic activity is increasing and many projects that were left aside are being resumed. Continue reading “Sponsored briefing: Iberia and the Covid-19 aftermath”

Sponsored briefing: Fraud and asset recovery in the Cayman Islands

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Sponsored briefing: Fraud and asset recovery in the Cayman Islands

Frauds, especially those of a complex nature, often have an international or multi-jurisdictional component. Given the status of the Cayman Islands as one of the leading financial and banking centres in the world, the use of Cayman Islands based financial institutions and corporate entities has featured in some of the worlds largest frauds including the Bernie Madoff Ponzi Scheme, 1MDB scandal and the approximate $126bn Ponzi Scheme involving Ahmad Hamad al-Gosaibi & Brothers and the Saad Group.

Fortunately, there are a number of tools in our toolkit in the Cayman Islands to combat complex and cross-border fraud and assist in asset recovery, including discovery, document, and asset preservation mechanisms such as freezing injunctions, insolvency proceedings, and Norwich Pharmacal, Anton Piller, and Bankers Trust orders; as well as the ability to recognise and provide assistance to foreign courts and officeholders. Continue reading “Sponsored briefing: Fraud and asset recovery in the Cayman Islands”

Sponsored briefing: Ship arrest, maritime liens and ship mortgages in the UAE

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Sponsored briefing: Ship arrest, maritime liens and ship mortgages in the UAE

While the subjects of maritime liens and ship arrest are areas of divergent approaches by different legal systems, they are also persistent areas of controversy when the two subjects are to receive simultaneous treatment in the United Arab Emirates (UAE). This paper seeks to discuss the possibility for a creditor to arrest and enforce a contractually agreed maritime lien over a ship in the UAE jurisdiction.

Relevant to our following discussion is that the UAE has yet to ratify any of the major international maritime conventions related to maritime liens, mortgages, and arrest of ships, which aim to establish certain uniformity within different legal systems that would reconcile the divergent approaches, such as the International Convention for the Unification of Certain Rules relating to Maritime Liens and Mortgages of 1967, the International Convention on Maritime Liens and Mortgages of 1993 and the International Convention on Arrest of Ships of 1999. Continue reading “Sponsored briefing: Ship arrest, maritime liens and ship mortgages in the UAE”

Sponsored briefing: New consolidated regime of early access in France

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Sponsored briefing: New consolidated regime of early access in France

On 14 December 2020, the French Social Security Financing Act for 20211 (article 78) reformed early market access mechanisms in France and simplified the former systems of derogatory reimbursement for medicines, which included the temporary authorisation for use (ATU) and temporary recommendation for use (RTU) regimes.

Two new regimes have been created: early access authorisation (AAP – exceptional use of certain drugs for specific therapeutic indications, intended to treat serious, rare, or disabling diseases) and compassionate use (exceptional use of certain medicines in specific therapeutic indications). Continue reading “Sponsored briefing: New consolidated regime of early access in France”

Sponsored briefing: Interview: Mohammed R Alsuwaidi – chair, founding partner, Alsuwaidi & Company

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Sponsored briefing: Interview: Mohammed R Alsuwaidi – chair, founding partner, Alsuwaidi & Company

Can you give our Legal Business readers an overview of Alsuwaidi & Company.

Alsuwaidi & Company is a full-service business law firm, rooted in regional know-how. Since the firm’s inception in 1997, we have supported leading businesses across the UAE and beyond, assisting them to navigate complex and commercial challenges. Continue reading “Sponsored briefing: Interview: Mohammed R Alsuwaidi – chair, founding partner, Alsuwaidi & Company”