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Ecuador’s already troubled economy –ongoing low oil prices have meant near-zero growth and falling investment– suffered a severe blow in mid-April when the region’s severest earthquake in decades struck near Muisne in the country’s northwest. With a strength of 7.8, a death toll of 600 and almost 17 000 wounded, the impact on the economy will be huge. Left-leaning president Rafael Correa estimated the damage at $3bn and – although in all probability, he will not be in office long enough to see the reconstruction efforts through – announced a raft of measures for the rebuilding of homes, roads and bridges. The Andean nation is looking to finance the mammoth project with a $600m credit from multilateral lenders, even though before the quake it had vowed to stay away from debt due to particularly high yields on Ecuador’s bonds.
Despite low oil prices, hydrocarbons continue to be busy sector, steadily attracting foreign lenders. In what constituted the largest deal in Ecuadorian history, as well as an impressive highlight for an office that only opened in 2015, Ferrere Ecuador (which, incidentally, suffered the loss of its Manta office premises during the earthquake), assisted Schlumberger subsidiary Shaya del Ecuador with the establishment of an approximately $5bn integrated service-provision contract with state-owned oil company Petroamazonas.
Leading firms with a broad service offering include the country’s full-service powerhouse Pérez Bustamante & Ponce, along with Bustamante & Bustamante, Fabara & Compañía, Corral Rosales Carmigniani Pérez, Coronel & Pérez and Romero Arteta Ponce; all of which continue to fortify and develop their offerings; while the arrival of Ferrere, as noted above, has had a strong market impact, particularly in the energy and corporate sectors. Paz Horowitz Abogados is gradually rebuilding in the wake of staff losses to the newcomer but should certainly not be overlooked; while new entrants include Gonzalez Peñaherrera & Asociados which has a strong offering, most particularly in the energy and corporate sectors. The country’s legal market also counts on the presence of significant boutiques in the traditional sectors of intellectual property (Bermeo & Bermeo Law Firm, CorralRosales and Romero Corral Abogados); labour (Jaramillo Dávila Abogados and tax (TLA Tax & Legal Advisors). Other firms ranked for the first time include: ML Abogados, Meythaler & Zambrano Abogados, Romero Corral Abogados and Puente & Asociados.
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The highly anticipated new Romanian law on public-private partnership ( "New PPP Law" ) has been finally enacted and will enter into force on 25 December 2016. It replaces the former Law no. 178/2010 on public-private partnership, which due to significant legislative inconsistencies has failed to accommodate any public-private partnership ( "PPP" ).
If you were a beneficiary of someone who left assets in Spain but you were not yourself a resident of Spain you may have paid a higher rate of inheritance tax and may be due a refund since a ruling in the European Court of Justice in September 2014 which decided that the difference applied between residents and non-residents with regard to the application of inheritance tax and gift tax was discriminatory. The Spanish legislator has therefore been obliged to amend the inheritance tax law.
16 Dec 2016
I - Introduction and Recent News on the Assignment of the Duties to Social Security Institution
Published:10 Jan 2017 at 04:00 / Newspaper section: Business
As from 1 January 2017, the maximum period in which students can be employed as contingent workers at the beneficial solidarity contribution will amount to 475 hours instead of 50 days per calendar year.
The Turkish Constitutional Court recently decided that the right to privacy can be violated on the Internet. The court's decision numbered 2014/16701 ("Decision") was delivered on October 13, 2016 and concerned a military officer's dismissal from the Turkish Armed Forces ("TAF"). The ground of the dismissal was that the officer's private life is not suitable for TAF's ethical code of conduct and this information was provided from the images which were broadcasted on the Internet. The officer ("applicant") individually applied to the Turkish Constitutional Court claiming that the principle of proportionality was not considered in the dismissal and his right to privacy was violated since the evidence is obtained unlawfully.
In 2016, Austrian Criminal Law experienced some substantive legal developments in both, procedural and material aspects. The following overview reflects the most relevant developments in Austrian Criminal Law in 2016.
Further to the recent announcement that our Binary Options litigation team had confirmed a new partnership with a global finance firm focused on litigation funding to finance the increasing number of litigation cases relating to the forex and binary option sectors, we have now received confirmation that Banc De Binary will be closing its operations worldwide.
KHASK is a Ukrainian major producer and exporter of self-adhesive tapes and packaging materials. The loan facility is used to finance the purchase and installation of a solvent recuperation system, related general construction and energy efficiency capital investments.
In light of the European Commission’s ruling, those that have suffered as a result of the truck cartel are now able to claim damages. That being said, it is important for them to not lose sight of the statute of limitations.
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce the admission of Aaron Roi B. Riturban and Franco Aristotle G. Larcina to the partnership.
The Limay, Bataan power project was recognized by IJGlobal as the “Best Power Deal in the Asia Pacific Region”. SyCipLaw acted as local counsel to DBS Bank Ltd., Mizuho Bank, Ltd. and Standard Chartered Bank, the structuring banks in the US$400 million Project Financing of a new 300MW coal-fired power plant in Limay, Bataan of SMC Consolidated Power Corp. Read more information on this transaction .
SyCip Salazar Hernandez & Gatmaitan hosted the Pacific Rim Advisory Council (PRAC) 60th International Conference last September 24-27, 2016. The Conference gathered 43 delegates from PRAC member firms in Australia, Brazil, Canada, China, Hong Kong, India, Indonesia, Malaysia, Mexico, New Zealand, Panama, Philippines, Singapore, South Korea, Spain, Taiwan, The Netherlands, and the United States of America. The conference program provided delegates with various learning and networking opportunities.
Bogus applicants who do not actually intend to take up a post cannot subsequently invoke anti-discrimination legislation. This comes from a ruling of the Court of Justice of the European Union (CJEU).
If the works council no longer indicates a willingness to continue negotiations to prevent collective redundancies, the employer can consider the consultation process pursuant to sec 17(2) of the Kündigungsschutzgesetz (KSchG) [German Employment Protection Act] to have come to an end.
The Singapore International Arbitration Centre (SIAC) held “The User’s Guide to the SIAC Rules 2016” last November 24, 2016 and the Young SIAC (YSIAC) Advocacy Workshop last November 25, 2016.
The Serious Fraud Office (SFO) has decided not to prosecute Soma Oil and Gas regarding corruption in Somalia, due to insufficient evidence. Aziz Rahman looks at what insufficient evidence means and how to challenge prosecution allegations.
JP Morgan is paying $264M to settle allegations of bribery over its hiring of children of key Chinese decision makers to try and secure business. Aziz Rahman explains what constitutes bribery and how to prevent it.