What is the Regional Comprehensive Economic Partnership? And what could this mean for international business?

 

What is the Regional Comprehensive Economic Partnership?

What is the Regional Comprehensive Economic Partnership? Those who follow the news and are involved in global business know the answer. It is a free trade agreement in the Asian-Pacific market. It was the first of its kind, the largest of its kind, and it was just enacted a couple of days ago. On November 15th, the countries got together, creating the largest economic trade zone in the world. It encompasses about 30% of the world’s population, as well as 30% of the world’s GDP. This means that this is the largest trade block ever. What does this mean for everyone else in practical terms? Whether you are in Europe or America, the consequences are significant.

Takeaways

First, standards defined in this market may have a direct impact on the standards in your country. This is with regards to consumer products, safety, or other measures. This is because global economies will make it in a way that what works in one country and one trade zone, will work in the other trade block. If you as a company are able to manufacture a product which meets a certain requirement, maybe we will just impose this standard out into other countries. Second, there could be a trend with how different developed markets go together. For example, NAFTA. The uniqueness of NAFTA was that two advanced countries as in the US and Canada teamed up with Mexico, which was not as developed at that time, and went into a treaty together. 

 

Now, the Regional Comprehensive Economic Partnership has high income, middle income, and low-income countries all together within this deal. What this means is that the blueprint of this model could be copied by other countries and regions for a development idea, and to include rather than exclude countries which are in the development stage. My last takeaway is that when we do business, it is a fascination to look into the Asian markets. Do we see this as the beginning of the end of the European and American global trade? It could be because the largest trade block in the world is neither European nor American, it is Asian. Only time will tell but in the meantime, stay tuned because we will update you with any developments with regards to this treaty.

Register for our free webinar on November 24th where we talk about market entry into the United States for German companies! Click here to register.

You can also read more about the Regional Comprehensive Economic Partnership here.

Check out more of our blog here.

Home Lawyers Practice Areas About Blog Contact Join Our Team If an Electoral College Tie Happened Then Who Would Be President?

 

What Would Happen if There Was a 269-to-269 Electoral College Tie?

Right now, the United States is in an election season. It’s hard, if not impossible to escape the seemingly endless amount of political ads, posts, and yard signs telling you who to vote for. This season won’t last much longer, however, because election day is less than a month away on November 3rd. But what if we don’t get our answer that night? What if there’s an Electoral College tie?

In America, the President of the United States is not chosen by the voters but rather chosen by the Electoral College. The Electoral College votes on behalf of their state. There are 538 Electoral College votes, and they are distributed across the states, giving higher population states more votes, and the lower population states fewer votes. The entirety of a state’s Electoral College votes goes to the candidate who won the majority of the votes in that state. To win the Presidency of the United States, it takes 270 Electoral College votes to win. With many simulations being run about how states could swing in this election, people have noticed that the possibility of a 269-to-269 Electoral College tie is real.

You can run an election day simulation here.

So What Would Happen?

If there is a tie on election night, there is still a possibility that the vote could change. An Electoral College member could flip the other way and vote for the other candidate. It is called a “faithless elector”, and although it is illegal in some states, it is only frowned upon in others. If this were to happen, it would be on December 14th, when the Electoral College meets to cast their votes.

Congress meets on January 6th to count the Electoral Votes. If there is still a tie, or neither candidate gets to 269 (because a third-party candidate takes some votes), then the House of Representatives and the Senate will elect the President and Vice President. The House chooses the President, and the Senate chooses the Vice President. This vote takes place after the new members of Congress are sworn in from this upcoming election so majorities could switch.

Congress Picks

In the House of Representatives, each state gets one vote each to pick the next President of the United States. There are 50 votes, so 26 are needed to win. The 100 Senators get to vote for the Vice President and need a 51 vote majority to win.

If the House of Representatives vote is still tied at 25-to-25 by January 20th, when the President is supposed to be sworn in, then the Vice President assumes the role of President until the House of Representatives picks a President.

It will more than likely never go that far, but the constitution’s written to make sure that we know what to do just in case it does happen.

Keep following our blog to get more information about relevant legal topics.

Contact us here.

What is the Diversity Immigrant Visa Program

 

The 2022 Diversity Immigrant Visa Program

Did you know that the United States gives out up to free 55,000 visas every year almost like a raffle? Seriously, the Department of State issues up to 55,000 visas from their Diversity Immigrant Visa Program every year. The visa issued is called a Diversity Visa.

This visa is available to “diversity immigrants” only. People immigrating to the U.S. from a country with a historically low rate of immigration to the U.S. would be classified as a “diversity immigrant.”

It is free to apply for a Diversity Visa (DV) and selectees are picked at random by a computer drawing. Applications for the 2022 DV will begin on Wednesday, October 7th, 2020 and will last until November 10th, 2020.

How Do you Qualify for a Diversity Visa?

It’s quite simple, the first requirement is that you must be a native of a country with historically low rates of immigration to the United States. That list will be shown below. The second requirement is that you must either have at least a high school education or an equivalent, or have two years of work experience in a job that requires at least two years of training, school, or experience.

If you want to immigrate to the United States, but you are a native of a country that is not on the list of eligible countries, there are still two options to qualify for the DV. The first option is, if you have a spouse who is a native of a country eligible for the DV, then you can apply under their country of birth.

The second option to be eligible for the DV even though your country is not on the list is if neither of your parents were born in your native country nor were legal residents of your native country at the time of your birth. If this is so, you may claim the country of either parent if such country is on the DV list.

If you meet both requirements, then you can apply free of charge between the dates listed above. Applications must be submitted online at dvprogram.state.gov. Starting on May 8th, of 2021, applicants can return to the same website to check on their DV status to see if they have been selected.

List of countries that are eligible for the 2022 Diversity Immigrant Visa Program:

Africa

Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cabo Verde, Central African Republic, Chad, Comoros, Congo Congo, Democratic Republic of the Cote D’Ivoire (Ivory Coast), Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, The Ghana Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, South Sudan, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe

Asia

Afghanistan, Bahrain, Bhutan, Brunei, Burma, Cambodia, Indonesia, Iran, Iraq, Israel, Japan, Jordan, Kuwait, Laos, Lebanon, Malaysia, Maldives, Mongolia, Nepal, North Korea, Oman, Qatar, Saudi Arabia, Singapore, Sri Lanka, Syria, Taiwan, Thailand, Timor-Leste, United Arab Emirates, Yemen

Europe 

Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kazakhstan, Kosovo, Kyrgyzstan, Latvia, Liechtenstein, Lithuania, Luxembourg, Macau Special Administrative Region, Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Northern Ireland, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan, Vatican City

North America

The Bahamas

Oceania

Australia, Fiji, Kiribati, Marshall Islands, Micronesia, Federated States of Nauru, New Zealand, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, Vanuatu

South America, Central America, and the Caribbean

Antigua and Barbuda, Argentina, Barbados, Belize, Bolivia, Chile, Costa Rica, Cuba, Dominica, Ecuador, Grenada, Guyana, Nicaragua, Panama, Paraguay, Peru, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, Uruguay, Venezuela

 

If you would like legal assistance, contact us here.

How We Can Reduce the Food Waste Problem

 

How We Can Reduce the Food Waste Problem

What are rotten tomatoes? The movie enthusiasts will tell me that Rotten Tomatoes is a great movie reviewing platform. When filmmakers release a movie, they keep a close eye on their Rotten Tomatoes score. But, rotten tomatoes, rotten food, and other food waste equate to 8% of global greenhouse gas emissions. This means that if we want to tackle global warming or clear up landfills, then we have to stop throwing food away. The biggest source of throwing food away does not come from you as a consumer, the largest waste of food comes from those who are selling food.

During the wholesale and retail process, a significant amount of food gets dumped. A British grocery chain named Tesco announced the other day that they want to reduce the amount of food that they throw away from off the shelves by 27%. They throw the food out because it is expired or for some other reason considered uneatable. I have two thoughts about this.

How We Can Stop It Food Waste

We all know that there are emission certificates out which allow companies to continue to pollute the air but flash a meaningless certificate around to pretend like they don’t. How about we give away real food emission certificates. If a company wants to get rid of food, then they are not allowed to throw it away but rather to give it to a shelter or to other places where they can still use the food. They can also pay emissions equivalent to that so that the organizations are funded. There’s a win-win. 

Those places like shelters who rely on donations get their food and they get funded by the emissions certificates. It’s a brilliant idea, I’m not sure that I’ve heard it before. If you have heard it before, shoot me the information because I would like to follow up and see what happened with that idea. In the meantime, eat healthy, stay healthy, and take care.

-  Reinhard von Hennigs

This video was transcribed from Reinhard von Hennigs Morning Musing on 9/24/2020. You Can watch that video here.

Contact us here.

Analysis of IRS Guidance for President Trump’s COVID-19 Payroll Tax Holiday

 

Analysis of IRS Guidance for President Trump’s COVID-19 Payroll Tax Holiday

Following the failure of Congress to pass the most recent round of COVID-related economic stimulus, which has still not occurred, President Trump, by executive order, postponed the collection and remittance of Social Security taxes withheld from employees’ checks. This Social Security tax amounts to a 6.2% withholding from the employees’ pay, which is matched by the employer, for a total of 12.4%.

 

On August 28, 2020, three days before the executive order became effective, the IRS published a brief guide outlining the method, scope, and timeframe for repayment of the postponed withholding – which, while delayed, is still ultimately due unless Congress forgives repayment.

 

As to scope, the Social Security tax holiday applies to all pay dates between September 1, 2020, and December 31, 2020. Further, on a bi-weekly pay period basis, the tax holiday applies to any employee paid less than $4,000.00 for each specific pay date. Evaluation of applicability is to be completed for each pay date – meaning pay for one pay date does not determine applicability for another pay date. For example: if John is paid $5,000.00 on October 1, but is paid $3,000.00 on October 15, the tax holiday applies to the October 15 pay date, but not October 1.

 

Importantly, all deferred Social Security taxes must be repaid in the first four months of 2021 through pro-rata allocation of any and all taxes that should have been withheld between September 1 and December 31.

 

How it will be in 2021

Many commentators have noted that, if current guidance holds, employees will experience smaller paychecks during the first four months of 2021 to repay the deferred tax. Additionally, as is typically the case, the employer is liable for any Social Security tax not paid – meaning the employer is responsible for the tax deferral for all employees, including those that leave the company prior to a repayment.

 

Critically, the IRS guidance does not include an enforcement mechanism for employers deciding to continue traditional withholding. As such, employers should carefully consider the impact of either undertaking the Social Security tax deferral or not. Relatedly, employers should counsel employees as to the benefits and risks of utilizing the tax holiday – specifically, the pay reduction in the first four months of 2021 that will lower employee checks.

 

While the IRS guidance implies that the employer has the ability to elect to defer employees’ Social Security tax, the employee does not appear to have any right to force the employer to defer the tax. With that said, in the event the employer elects to participate in the tax deferral program, an employee “opt-out” election is not expressly prohibited or otherwise addressed.

 

If you additional questions or need assistance counseling your employees on the ins and outs of this tax deferral program, please contact our office here.

 

Remembering Ruth Bader Ginsburg

Notorious RBG. Today’s Musing will not start with a question. Usually, I would say something like “who is the notorious RBG?” but that would not be right because we all know who Ruth Bader Ginsburg is. As the Associate Justice to the United States Supreme Court, she touched so many hearts and to my surprise, she was even known by my children when we talked about her over the weekend.

 

RBG touched so many lives because she was different, she was smart, intelligent, and she had strong opinions. In the end, it did not matter if you agreed or disagreed with her. It was nice to see the friendship develop between her and Antonin Scalia who is on the opposite side of the political spectrum as her. Together they shared interests such as the opera and more. What I am Musing about today is the fact that we all may believe that at this time, the interest of people is to make sure the political opinions are properly heard at the Supreme Court.

 

When I attended a lecture by an American law and European law scholar and professor some time ago, he said near the end that you would think that the Supreme Court would be political, but they are not. Only very few opinions are made on the political lines. We have seen Chief Justice Roberts change his opinion more than once when it comes to siding on particular topics, however, I don’t think he changes his opinion and always stays true to himself. So was RBG, she always stayed true to herself and what she believed in and it is a tremendous loss for the community. In the end, justice will continue, I am just curious to see how the new Supreme Court will shape out.

 

This article was a transcription of a Morning Musing that can be found here.

More blogs can be found here.

Follow us on social media for more.

               

Traveling to the U.S. Just Became (Slightly) Easier!

 

Good News – Traveling to the U.S. Just Became (Slightly) Easier!

On Monday, September 14^th, U.S. Customs and Border Protection (CBP) handed down some truly promising news relating to air travel and general travel to the U.S.: effective immediately, restrictions on arrival destinations are terminated, thus allowing airlines to begin more regular flights and flight destinations.

For background, along with the travel bans from many areas of the globe, including China, the United Kingdom, and countries in the Schengen Area, any arriving flights from such areas were directed to a few U.S. airports to limit arrival options for containment and public health screening purposes. While larger airports in New York City, Chicago, Los Angeles, and others were allowed to receive flights from restricted overseas areas, cities such as Charlotte could not.

CBP’s September 14^th action will end these restrictions, which is a positive sign that international travel may be moving in the direction of more normalized operation.

Unfortunately, the related travel bans from the above areas and others, remain in full force and effect. This means that while an individual present in a Schengen Area country can now fly directly to any U.S. city with a direct flight, he or she must either (i) “quarantine” for 14 days in an area not subject to U.S. travel bans, or (ii) seek and receive approval for a national interest exemption (NIE) waiver.

If you have questions about how to obtain an NIE waiver, please contact our firm.

Full travel updates here.

Make sure to follow us on Social Media.

               

The False Perception of a Company's Profitability

 

The Profit of a Company: Expectations vs Reality

What do you think is the average profit of a company? A management advisory company conducted a survey by asking people in the streets this same question. The people surveyed believe that the profit of a company is 22.8%. In other words, if your company makes $100 in revenue, taking away all of the expenses, your profit is $22.8.

In Germany, the reality is 3.4%. The global standard is approximately in the 7% area, so a company that has a 10% profit is rare, almost. Why is there a misconception? Could it be culturally? People just think that businesses must be profitable because why would someone be an entrepreneur otherwise? Or is it that the lack of information plays a role? Or could it be that the PR of companies speak a different language? Companies are very happy about their sales. Volkswagen vs Toyota, who is able to sell more cars? That’s a big discussion, but profit seems to be secondary. If you are the largest selling company, then you must be doing good.

Profit For German Companies

Why is profit in Germany so bad compared to other countries? 3.4% compared to something in the neighborhood of 7% globally. I believe a lot of it has to do with the German desire to provide top quality. The made in Germany sticker has a price, not only to you as a customer who pays more, but also to the company who loses some of their profit to ensure the quality. So, it is no surprise that Toyota’s revenue is double the amount of Volkswagen’s revenue. What does this mean for you? If you look for quality, buy quality, but if you look for buying shares, but a different one, probably one with higher profitability.

This video was transcribed from a Morning Musing from our YouTube Channel. To see the video, click here.

For more of our blogs, click here.

Follow us on social media!

                        

What can the $20 Million Lowe's Lawsuit Teach Other Businesses

 

What can the $20 million Lowe's Lawsuit Teach Other Businesses

A lawsuit was filed recently against Lowes seeking $20 million USD in damages. This case shows how easily even a high-level corporation can run into trouble in these difficult times.

So, what happened?

At a Lowe's store in California, a customer encountered a man on the same aisle but not wearing a face mask. Out of concern for his health and the health of others, the customer asked the man to put on a mask. Since the customer had underlying health conditions, it is understandable that he was taking the executive order seriously and wanting others to do so as well.

According to the lawsuit, the customer asked the man multiple times to wear a mask. When those requests failed, the customer went to a Lowe's employee and asked him to do address the unmasked man. The Lowe's employee did nothing. Upon the Lowe’s employee’s failure to intervene, as the customer was calling the police, the maskless man spat in the customer’s face four times in rapid succession. As such, the customer is now suing Lowe's for not properly protecting its customers by allowing a maskless man into its store.

What can you as a company do to protect yourself from liability in lawsuits?

The lawsuit demonstrates that whatever steps Lowe’s had taken previously regarding in-store safety and mask-wearing, those procedures appear to have broken down to the point that the lawsuit states that, effectively, Lowe’s had NO policy. If Lowe’s had such policies and protocols in place, a relevant question is whether the employee followed such policies and protocols.

The takeaway is that businesses must have rules and procedures in place for a myriad of difficult situations in these trying and stressful times. Specific to mask-wearing, it is critical to have a coherent policy in place. Once you have those procedures in place, you must clearly communicate them to every employee and train for and practice them. Doing this is an excellent way to limit conflicts and the potential for future liability.

With COVID-19 still very prevalent, the last thing that any business needs a lawsuit. Be sure to have rules and procedures in place for COVID-19, as well as any other situation that could possibly result in a lawsuit.

In conclusion 

An unmasked man went into Lowe's and spat on a customer attempting to protect himself and others. The customer alleges that Lowe's failed to have proper protocols in place to stop unmasked individuals from entering the store and then to protect other customers upon entering the store. It is critical for businesses to document the policies and procedurals put into place, and also critical to ensure that employees are equipped to implement and execute on such policies and procedures. If you have any further questions, contact BridgehouseLaw.

This article was inspired by a Morning Musings video. To watch it, click here.

To read another article on this situation click here.

Make sure to follow us on social media!

Updated US Travel Restrictions

 

State by state and International Travel Restrictions

The United States Department of State (DOS) recently lifted it's global “do not travel” advisory. Since travel restrictions have been decreased, this means that US non-essential workers can travel internationally to locations that are deemed “safe”. Naturally, not every country is deemed “safe”, and DOS is now ranking countries individually by levels 1-4 based on how each country is addressing COVID-19.

International Travel

If you do plan on traveling internationally, also remember that many places have a ban on American travelers, including the EU. Returning US travelers and others authorized to enter the US will be limited to certain airports for arrival from overseas. Those airports include:

• Hartsfield-Jackson Atlanta International Airport - Georgia

• Boston-Logan International Airport - Massachusetts
• Chicago O’Hare International Airport - Illinois
• Dallas/Fort Worth International Airport - Texas
• Detroit Metropolitan Airport - Michigan
• Daniel K. Inouye International Airport - Hawaii
• Fort Lauderdale-Hollywood International Airport - Florida
• George Bush Intercontinental Airport - Texas
• John F. Kennedy International Airport - New York
• Los Angeles International Airport - California
• Miami International Airport - Florida
• Newark Liberty International Airport - New Jersey
• San Francisco International Airport - California
• Seattle-Tacoma International Airport - Washington
• Washington-Dulles International Airport - Virginia

State by State Travel

When traveling domestically, remember to recognize and adhere to each state’s rules. States have tried their best to balance controlling the outbreak of COVID-19 and reopening their economy, all to different degrees of success. Each state has its own ways of handling out-of-state travelers when screening for COVID-19. Some states, like New York, have very strict restrictions when traveling into the state from outside the state; others, like California, have no statewide travel restrictions. New York, for example, has created a list of several dozen “hot spot” US states – any travelers from or passing through those states may be subject to a mandatory quarantine period before being allowed to enter New York.

Strict States for outside travelers

Of the states listed with airports open for returning US travelers, many states require a similar 14-day self-quarantine period upon arriving in the state if from a state or country deemed “high risk”. Many of those states also have severe fines and even jail time for those who do not self-quarantine. Those places that require a 14-day quarantine include:

• Washington D.C.
• Hawaii
• Massachusetts (or show proof of a negative test taken within 72 hours)
• New Jersey (also travelers must fill out a survey)
• New York (police have checkpoints to make sure people are obeying the self-quarantine rules)

Lenient States for outside travelers

The remainder of the states with designated screening airports open for returning US travelers do not have statewide restrictions, though it may vary per city or county. For example, Illinois does not have any statewide quarantine rules for travelers, but in Chicago, travelers from “high-risk” states must self-quarantine for 14-days if they stay in the city for more than 24 hours.

For any additional information about travel restrictions or legal counseling, reach out to us via social media or at charlotte@bridgehouse.law

Read more of our blogs by clicking here.

Also, check out the full list of all state by state restrictions here.

                 

How to Protect Your Business From Voice Phishing

 

How to Protect Your Business From Voice Phishing

Voice phishing, or vishing, incidents have risen significantly in the United States since July 2020. On August 20, 2020, the Federal Bureau of Investigation (“FBI”) and the Cybersecurity and Infrastructure Security Agency (“CISA”) released a Joint Cybersecurity Advisory, describing cybercriminals’ attempts to extract sensitive information from employees as a targeted “campaign.”

 

According to the FBI and CISA, cybercriminals increasingly engage in vishing by contacting employees on their personal cellphones and directing them to clarify their login information. The rise in teleworking since the emergence of the COVID-19 pandemic increased the widespread use of virtual private networks (“VPN”), which allow remote employees to log in to the same system. Businesses benefit from using VPNs to supervise and direct access to their databases. However, once a cybercriminal has obtained an employee’s login information via vishing, this login information can then be used by cybercriminals to access the VPN. Once cybercriminals have access to the VPN, they can mine the targeted business’ databases for customers’ personal information, as well as other valuable information, and then monetize the data breach through blackmail, for instance.

 In order to protect your business from vishing, the FBI and CISA advise the following:

• Restrict access to VPN during certain hours
• Train employees to be suspicious of unsolicited phone calls
• Advise employees to limit the amount of personal information posted on social media
• Verify web links do not have misspellings or contain the wrong domain
• Bookmark the correct VPN URL and do not visit other URLs on the sole basis of an inbound phone call

 

Caitlin Becker | Law Clerk - BridgehouseLaw

 

For more information on how to protect your business from vishing attacks, click here.

For more of our blogs, click here.

Follow us on social media!

                       

What is a Class Action? What You Need to Know About Class Actions

What You Need to Know About Class Action Lawsuits

What is a class action?

A class action lawsuit is a type of lawsuit that allows a large group of people who were wronged by an individual or company to come together as one to sue them. A situation that may cause a class action lawsuit includes fraud, injuries, discrimination, deceitful advertising, and more.

How do class actions work?

Class action lawsuits are filed because many times, individual cases aren’t strong enough to support an independent lawsuit. But, when numerous people come together who were wronged in the same way by the same person or company, a weak case sometimes becomes much stronger.

Class action lawsuits can be filed by one or more plaintiffs, and others who wish to join can choose to become a class member. If the plaintiffs win the lawsuit, compensation may be awarded, and the court creates a distribution plan to give each class member a percentage. With that said, most class action lawsuits, like many civil lawsuits, are resolved outside of court. Usually, both parties negotiate to reach a resolution before the case reaches the trial phase.

What are the benefits of class actions?

Benefits of a class action lawsuit include combining resources to hire legal counsel, as well as gaining a larger pool of evidence and witnesses, both in quantity, quality, and scope. It also allows all wronged parties to participate in one, aggregated action, rather than many separate lawsuits.

What are the disadvantages of class actions?

There are drawbacks to class action lawsuits. If the plaintiffs win, awards can be quite small in value or be of a non-monetary character. Compensation can sometimes result in just a coupon, replacement products, rebates, or something else of little value. Also, if a plaintiff had plans to sue independently, that right may be automatically forfeited once he or she elects to become a class member.
You should carefully consider the pros and cons when considering either filing or opting-into a class action lawsuit.

Notable class action lawsuits include:

• The BP oil spill in the Gulf of Mexico for $20 billion in 2016.
• The Volkswagen emission scandal for $14.7 billion in 2016.
• The Enron fraud scandal for $7.2 billion in 2008.
• Red Bull false advertising settlement for $13 million in 2014.

For more of our blog, click here!
This article was inspired by our Tidbit Tuesday series on our YouTube channel. Check it out here!
Follow us on social media!
       

Germany Now Holds the Position of Presidency of the Council of the EU

Germany now holds the presidency of the council of the EU

What does this mean for Europe?

On July 1st, 2020, Germany took over the position as the presidency of the council of the EU. That statement may confuse some people at first. No, Germany is not the president of Europe, and no, they did not take the position over by force. What happens is that every 6 months in the European Union, a new country takes over the presidency of Europe to ensure that each country has the opportunity to be represented. There’s not one president of the council, but rather it is run by the national government of the current country in power. The presidency works very closely with the two countries that succeed them. In this case, the two succeeding countries are Portugal and Slovenia. They work together as a trio to put forth an agenda with long term goals outside of their individual agendas.

So, now that Germany holds the presidency position, what is their plan for Europe? Obviously with the current climate of what’s going on in today’s world, overcoming and bouncing back from COVID-19 was at the top of their list. Highlights of their goals include:

• overcoming the COVID-19 pandemic permanently, as well as the economic recovery
• a stronger and more innovative Europe
• a fair Europe
• a sustainable Europe
• a Europe of security and common values
• a strong Europe in the world

What’s great for business owners

What is great for business owners is the fact that they are placing a large emphasis on protecting and strengthening small and medium-sized enterprises (SMEs). SMEs are the backbone of the European economy and Germany recognizes that. Germany plans on hosting a conference in November where SME owners can come together and discuss ideas on how to make life better for their businesses. This will be very beneficial to business owners in Europe. They also plan on increasing competitiveness for SMEs which will lead to further innovation. This comes around the same time the United States signed the USMCA, which places a large emphasis on uplifting SMEs as well. We wrote an article on that recently, that article can be found here.

Even though Germany has taken over during a stressful time, they seem well prepared for these next 6 months. Good luck to the German presidency!

This article was inspired by our Morning Musing video on this same topic, to watch it, click here!

The entire program for the German presidency can be found here.

Picture credit: euractiv.com

Follow us on social media!