Economic environment overview The Russian economy was greatly affected by the global epidemic and the decline in business activity. Economic performance was influenced by the OPEC+ oil pact, the drop in oil prices and the volatility in the dollar exchange rate. However, those difficulties were overcome relatively well, since the government implemented support measures to …
More than a year has already passed since the Covid-19 pandemic began, yet the Philippines is still struggling to slow down the spread of the virus. New cases per day continue to reach four digit figures despite the mandate for the continued implementation of strict public health standards nationwide. The government’s quarantine measures in the …
In a notable development for employers doing business in Puerto Rico, on 7 August 2020, the local government enacted Law 90, titled the Law to Prohibit and Prevent Workplace Harassment in Puerto Rico (our translation, hereinafter the ‘Workplace Harassment Act’), to prohibit workplace harassment (commonly referred to as ‘mobbing’). Previously, workplace harassment had not been …
After a series of long-winded negotiations between the federal government, employees’ representatives and the entrepreneurial sector, the Mexican Congress approved, and the federal government enacted on 23 April 2021 the much prophesied labour reform to ban outsourcing through significant amendments to the Mexican Federal Labour Law (FLL), Federal Fiscal Code, Income Tax Law and Value …
In Malaysia, employment issues are governed primarily by statute and contract. In respect of enterprises with large scale workforces, which would include the financial, manufacturing, industrial and plantation sectors, collective agreements between employers and registered trade unions are important in regulating the employment relationship between the parties.
On 25 May 2018, Regulation (EU) 2016/679, known as GDPR (General Data Protection Regulation) – on the protection of natural persons (‘data subjects’) with respect to the processing and transfer of personal data – became completely applicable in all EU member states. As an EU regulation, the GDPR is a provision to be directly applied …
Measures to mitigate the effects of the Covid-19 pandemic on the Austrian economy On 16 March 2020, the Austrian government imposed drastic measures to contain the SARSCoV2 virus, commonly known as Covid-19. The international Covid-19 crisis resulted in a seven week complete lockdown in Austria, with only ‘critical infrastructure’ such as banks, supermarkets, pharmacies and …
With global vaccination rates lifting consumer sentiment there are reasons to be optimistic about economic recovery from the global pandemic. However, new virus mutations, uneven vaccination rates, and reducing levels of government economic support measures all mean that the economic outlook remains uncertain and many market sectors will continue to face challenges in the medium …
A year ago, the Luxembourg government announced the introduction of a new type of guarantee which was intended to better meet the needs of the market in terms of certainty and robustness. The Luxembourg law dated 10 July 2020 (the PPG Law) introduced the ‘professional payment guarantee’ (garantie professionnelle de paiement) (the PPG).
Traditional banks have been the key players of the finance industry in Japan. In recent years, however, fintech companies, on the back of venture capitalists and lighter licensing burdens, have been increasingly active in certain aspects of finance in Japan. This has resulted in pressure on traditional banks to provide fintech services, whether by themselves …
