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Colombia > Legal market overview
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The growth of Colombia’s economy has slowed due to the falling price of oil and other commodities, accentuated by a downturn in Chinese investment. With less revenue available from exports, higher than expected inflation and an unfavourable dollar exchange rate, the economic outlook is not at first sight promising. However, the economy remains one of the fastest growing in the sub-continent, aided by the fiscal and macroeconomic policies that President Santos’ administration continues to implement.
While the government missed its deadline to sign a peace agreement with the FARC and other guerrilla groups, as we go to press a final agreement to end the 50-year conflict has been announced; over time, it is likely to have a positive effect in terms of foreign investment. The long-term challenge for the country is to improve its competitiveness, reduce its dependence on the export of oil and other raw materials, and continue with the infrastructure development necessary to overcome the challenges presented by the country’s natural topography. Manufacturing and construction have been the engines of the economy of late; the former is expected to continue to grow (especially with the re-opening of the Cartagena refinery), and the construction sector will remain active thanks to the ‘fourth generation’ of road concession projects. Commercial and household consumption has also been a driving force, but demand is falling in tandem with rising unemployment and tighter credit. Tax reform appears overdue, as the government’s growing fiscal deficit looks bound to force it to seek new ways to raise revenue.
In terms of the legal industry, the so-called ‘Colombian big four’ – Brigard & Urrutia, Gómez-Pinzón Zuleta, Posse Herrera Ruiz and Philippi Prietocarrizosa Ferrero DU & Uría – continue to dominate the local market. However, as the decision by the former Prietocarrizosa to merge into what is now a tri-jurisdictional service platform suggests, this most competitive of markets is changing with rapidity, and features numerous outstanding alternatives, both local and foreign. International firms include the long established Baker McKenzie S.A.S. (one of its strongest offices in the region); and what is now, following its tie-up with the global player, Dentons Cardenas & Cardenas; along with DLA Piper Martinez NeiraHolland & Knight, Garrigues and Norton Rose Fulbright. Other local players include those with a multi-service offering such as Lloreda Camacho & Co., Sanclemente Fernández Abogados S.A. and Rodriguez Azuero Contexto Legal Abogados; niche specialists such as Durán & Osorio Abogados Asociados, Palacios Lleras, and Muñoz Tamayo & Asociados; and boutiques such as Godoy Córdoba Abogados, Archila Abogados, Suescún Abogados, Godoy & Hoyos Abogados and Ibarra Abogados, among others.
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BASF acquires Rolic, a Swiss based group offering innovative and forward-thinking solutions, particularly in the display and security industries as well as the optical film business.
With the Legislative Decree 136/2016 which implements the “Enforcement” Directive (2014/67/UE) Italy strengthens the rights and protections afforded to workers posted between Member States and elsewhere relating to their terms of employment, remuneration and working conditions.
The World Bank Group has released Enabling the Business of Agriculture 2017. The report presents data on legal barriers for farmers, entrepreneurs and businesses operating in agriculture in 62 countries and across the topics of land, seed, fertilizer, machinery, water, livestock, finance, markets, transport, and information and communication technology (ICT). SyCipLaw's Rose Marie M. King-Dominguez , Alan C. Fontanosa , Franco Aristotle G. Larcina and Ruben P. Acebedo II contributed to the report.
gategroup successfully raised CHF 300 million through the issuance of a fixed rate 5-year senior bond with a final maturity on February 28, 2022. The bond with a coupon of 3% p.a. has been issued by gategroup Finance (Luxembourg) S.A. and is guaranteed by its parent company gategroup Holding AG. gategroup will apply for the listing of the new bond on the SIX Swiss Exchange.
“Endo” is the twin brother of the drug monster that also needs to be slain, so says the Duterte administration. “Endo” is layman’s term for end of employment contract. It is the date indicated on the employment contracts and is dreaded by employees as it means the end of his or her employment. Read more...
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The present article deals with the violations by vendors of commercial products and services fined by the Qatar Ministry of Economy and Commerce during the preceding month.
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Head of VEGAS LEX PPP and Infrastructure practice Denis Shtirbu moderated the session on transport cooperation and logistics at The Moscow Times conference, Doing Business with China. New Horizons for Business Cooperation: Russia – China .
GRP Rainer Rechtsanwälte has once again received awards, this time for the year 2017, from Corporate INTL for best law firm in the fields of commercial law and tax law in Germany.
The members of a sisterhood may also fall within the ambit of the regulations pertaining to what is termed labour leasing or temporary employment. That was the verdict of the Court of Justice of the European Union (CJEU) in its ruling of November 17, 2016 (Az.: C-216/15).
Barcelona – Gonzalo Butori and Graziano Cecchetti, Partners at the newly opened Giambrone Barcelona office, attended the 4 th edition of the International Trade Fair of the Legal Profession held by the Barcelona Bar Association (ICAB) on February 16 th and 17 th .
America’s Federal Bureau of Investigation (FBI) announced its intention of pursuing organisations involved in binary options fraud across the globe. The FBI’s Complex Financial Crimes Unit will seek to draw on the relationships that it has forged with law enforcement agencies worldwide to pursue and bring down the fraudulent organisations that prey on innocent victims and leave a trail of destruction in their wake.
VEGAS LEX experts have discussed procedural specifics of supporting cartel damage disputes at a Pravo.ru conference on judicial practice in 2016 and important 2017 trends.
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Goltsblat BLP , the Russian practice of international law firm Berwin Leighton Paisner (BLP), has advised ICBC International Leasing , the leasing subsidiary of the world’s biggest financial group, on delivery of six Airbus A321-211 aircraft to Aeroflot.
Seriously offending one’s work colleagues constitutes good cause justifying exceptional notice of dismissal with immediate effect. That was the verdict of the Landesarbeitsgericht (LAG) Rheinland-Pfalz [Regional Labour Court of Rhineland-Palatinate] (Az.: 4 Sa 350/15).
It is possible for the removal of a company from the commercial register to be instigated by the competent authorities due to a lack of assets. Those who wish to oppose such a move should act immediately.