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Brexit effect begins to drag on profit
Allen & Overy’s pretax profit dropped 1.4 percent to 562 million pounds ($734 million) last year as the specter of the UK’s exit from the European Union began to slow deals and profits months before the vote actually took place. Revenue increased 2.3 percent to 1.31 billion pounds while profit per equity partner was little changed at 1.2 million pounds in the 12 months ended April 30, the London-based law firm said Wednesday. The firm had pretax profit of 570 million pounds in the year-earlier period. The UK voted to quit the EU less than two weeks ago, causing the pound to tumble to a 31-year low against the dollar and cutting the value of some key British stocks. But the Brexit effect began to inhibit deal activity in the second half of the year, the firm said, also citing the collapse of commodity prices and a slowdown in China. The firm advised on $155.3 billion of mergers in the same time period, down 9 percent on the previous year. "There’s definitely been a slowdown in transaction rates" since the UK voted to leave the EU, an Allen & Overy said. "We’ve seen some deals pulled. The stock market and the exchange rate have stabilized a bit -- although there probably will be more volatility over the year."
New tax partner
Law firm Rolim, Viotti & Leite Campos Advogados is pleased to announce to its clients, partners and friends that Mr. João Cipriano has joined the firm as a partner of the Tax Consultancy practice area. Cipriano is a qualified lawyer and accountant and has worked for 18 years as a tax consultant at PricewaterhouseCoopers – PwC in São Paulo.
1 - UK government faces pre-emptive legal action over Brexit decision - click here.
2 - China sentences former president's top aide to life for corruption - click here.
3 - Reining in Prosecutorial Misconduct - click here.
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China sentences former president's top aide to life for corruption
An ex-aide to retired Chinese president Hu Jintao has been jailed for life for corruption, illegally obtaining state secrets and abuse of power. Ling Jihua pleaded guilty and "decided not to appeal". Ling was in effect chief-of-staff to Hu, but was demoted in 2012 amid a high profile anti-corruption campaign. His downfall came after reports of an alleged cover-up over his son, who died alongside two semi-clad women while driving his Ferrari in Beijing in 2012. There was also speculation that Ling's demotion may have been the result of political maneuvering ahead of a leadership change that year.
Vietnam urges 'fair and objective' ruling in South China Sea territory dispute
Vietnam has urged ]statement, in Vietnamese] the international tribunal in The Hague to deliver a "fair and objective" ruling concerning Philippines' challenge to China's expansive claims in the South China Sea. Two days after the Permanent Court of Arbitration (PCA) announced July 12 as the verdict date, Vietnam's Foreign Ministry said that it hoped the ruling would lead to a peaceful resolution of the dispute. Although Vietnam is not a direct party to the case, any favorable ruling to the Philippines will benefit the country, since Vietnam is also at odds with China. Vietnam has been careful not to assert its interests in a direct or confrontational manner against China, which is a major trade partner to the country.
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McDonald's wins EU 'Mac'-ruling
McDonald's has won a case that could stop another company using the "Mc" or "Mac" prefix on its food and drink. A European court upheld a 2013 ruling that said the MacCoffee trademark of a Singaporean company, Future Enterprises was invalid. It said that MacCoffee unfairly benefited from the branding of the US burger giant. The move could make it tricky for any other company to use the "Mac" or "Mc" prefix for food or beverages. The court agreed with McDonald's that MacCoffee's branding would be wrongly linked to that of the US burger giant's. It said the use of the "Mac" in by Future Enterprises in its products would "associate that trade mark with the McDonald's "Mc" family of trade marks and mentally establish a link between the trade marks at issue." "It is highly probable that MacCoffee rides on the coat-tails of McDonald's in order to benefit from its power of attraction, its reputation and its prestige, and exploits, without paying any financial compensation," the judgement said. The judgement said that members of the public could establish a link between the trademarks of the two businesses "and could transfer the image of the McDonald's trade marks to the goods covered by MacCoffee".
Personalized medicine gets boost from court ruling on patents
The business of diagnostic treatments and personalized medicine got a boost Tuesday after an appeals court made it harder to invalidate certain patents by claiming they simply cover laws of nature. Patents can be obtained for processes relating to laws of nature if they go at least one step further, the US Court of Appeals for the Federal Circuit said. The Washington court, which specializes in patent law, overturned a ruling that a patent owned by closely held Rapid Litigation Management Ltd. was invalid, and revived an infringement suit against a unit of Thermo Fisher Scientific Inc. The ruling could make it easier to obtain patent protection for a fast-growing area of medicine where doctors are increasingly using a patient’s DNA or other individual information to create customized treatment plans without having to use trial and error.
Hillary Clinton emails 'endangered US' - Donald Trump
Hillary Clinton's use of private email while secretary of state put the "entire country in danger", US Republican Donald Trump has said. The FBI's decision not to recommend criminal charges against her is the greatest example yet that the system is rigged, he told a North Carolina rally. Clinton and Trump are their party's likely choices to do battle for the White House in November. They are expected to be made the official nominees later this month. FBI Director James Comey said Clinton had been careless in how she handled sensitive information but there was no case to bring criminal charges because there was no evidence of intent.
US criticises Israel over plans for new settlement homes
The US has criticized Israeli plans to build hundreds of new homes in existing settlements in the occupied West Bank and East Jerusalem. State department spokesman John Kirby called the plans the "latest step... in a systematic process of land seizures". Prime Minister Benjamin Netanyahu authorized the plans on Tuesday, Israeli officials say. The Middle East Quartet on the peace process also recently criticized Israel's settlement project. The plans include 560 new homes in Maale Adumim, just outside Jerusalem, as well as nearly 200 in the city itself. The plan also calls for more than 600 new homes in an Arab neighborhood of east Jerusalem.
Paris attacks: Call to overhaul French intelligence services
French intelligence services should be overhauled following last year's terror attacks in Paris, a parliamentary commission of inquiry has recommended. Commission president Georges Fenech said all the French attackers had been known to authorities, but these had not communicated with each other. He proposed a single body like the US National Counter-Terrorism Centre. The January and November attacks, which killed 147 people in all, prompted criticism of the security response.
Colombia's Farc to stop charging 'revolutionary tax'
The leader of Colombia's Farc rebel group says it will stop charging its so-called "revolutionary tax". For decades, the Farc extorted money from local people and businesses in areas it controlled. But Farc leader Timochenko said on Monday that the group would rely on its savings to feed its fighters until a final peace deal was signed. Colombian President Juan Manuel Santos has said he hopes an agreement can be reached by 20 July.
Brazil's interim leader Temer dismisses worries
Brazil's interim President Michel Temer has written an open letter to international media reassuring readers that his country is ready to host the Olympic Games in a month's time. Temer says Brazil has put together "a solid security program" to ensure visitors and athletes are safe. He also dismissed "rumors" of a possible Zika outbreak. The letter comes amid reports of athletes being robbed and pollution at the Olympic sailing venue. Temer says Brazil will deploy 85,000 members of the security forces "to ensure that the sporting events take place in an atmosphere of absolute peace and tranquility". That is double the number of those deployed in the 2012 Olympic Games in London.
M&G and Aviva suspend property funds following Brexit vote
M&G Investments has followed two major finance firms and suspended trading in the UK's biggest commercial property fund following the Brexit vote. Firms said high levels of uncertainty caused by the referendum have led to investors rushing to withdraw funds. M&G closed the doors on its £4.4bn fund after Aviva and Standard Life halted trading in similar schemes. Regulators have put such schemes under review amid warnings that commercial property was a key risk to the economy. M&G, part of UK insurer Prudential, said it had seen a "marked increase" in customers trying to pull out of the portfolio - which includes retail and office space - after the referendum result. As with Aviva and Standard Life, the firm said investors would be better protected by preventing any further withdrawals. Aviva, the UK's biggest insurer, earlier halted its £1.8bn property trust, a day after Standard Life blocked access to its £2.9bn fund.
ICC will not prosecute Blair for war crimes over Iraq war
The International Criminal Court (ICC) will not prosecute Tony Blair for war crimes related to the 2003 Iraq War, according to the Telegraph. The ICC said Saturday that the decision "by the UK to go to war in Iraq falls outside the Court's jurisdiction." The ICC also said that it will be analyzing the "Chilcot Report" for evidence of war crimes committed by British soldiers. Blair served as the Prime Minister of UK throughout the invasion of Afghanistan and Iraq.
Opponents sue to stop California's vaccination law
With California’s strict vaccine mandate now in place, opponents are fighting to overturn the law in court. The new law, which took effect Friday, bars parents from citing religion or other personal beliefs as reasons to not vaccinate their kids. SB 277 is one of the toughest mandatory vaccination laws in the country and drew many protesters when it was debated in Sacramento. A group of parents and the nonprofit Education 4 All filed a suit Friday to overturn the law in US District Court in San Diego. The suit claims that the law violates California children’s right to an education under the state’s constitution.
German watchdog searches car makers’ offices in steel-price probe
Germany’s antitrust watchdog has launched a steel price-fixing investigation into six companies, including car makers Daimler, BMW and Volkswagen, and auto suppliers Robert Bosch and ZF Friedrichshafen.
E-cigarette users sue over exploding devices
Dozens of lawsuits in Florida, New York, California and other states claim the devices’ lithium-ion batteries can overheat.
Federal Judge blocks Mississippi religious objections law
A federal judge issued an order late Thursday night blocking a new Mississippi law that would have allowed state workers and businesses to refuse services to gay people on religious grounds.
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