Wednesday 6th May 2015
NEWS TICKER: WEDNESDAY, MAY 6TH 2015: Moody's has assigned a limited default (/LD) designation to DTEK ENERGY BV's (DTEK) Ca-PD probability of default rating (PDR). At the same time, Moody's has affirmed DTEK's Ca corporate family rating (CFR), as well as the Ca rating of DTEK Finance Plc's $750m 7.875% notes due April 4th 2018. The change of the PDR to Ca-PD/LD follows the completion of the exchange of DTEK Finance BV's $200m 9.5% notes on the notes' maturity date April 28th. The transaction was effected pursuant to a UK Scheme of Arrangement. The notes were exchanged into new $160m 10.375% notes due 28 March 2018, issued by DTEK Finance Plc for this purpose, and $44.9m of cash, including an early exchange offer acceptance fee, which was paid to note holders on April 28th. The Ca rating of DTEK Finance B.V.'s exchanged notes was withdrawn. Moody's expects to remove the "/LD" suffix after approximately three business days. The outlook on all ratings remains negative - A major new campaign ‘World of Talent in Ireland’ was today launched by the American Chamber of Commerce Ireland and IDA Ireland. The campaign will initially target Ireland’s global graduate community, highlighting abroad the career opportunities that now exist in Ireland, with a view to attracting talent here. Speaking on the launch of the campaign Mark Redmond, Chief Executive of the American Chamber said “For Ireland to continue to grow its economy it will be essential that we attract the best and the brightest talent from across the world. This campaign is about reaching out to anyone who attended college here and therefore has an affinity with Ireland but is currently living and working elsewhere. We want to ensure that they know the great career opportunities that now exist here and how they can avail of them” - Idinvest Partners, the European private equity firm specialising in SMEs, has announced the final closing of its Idinvest Digital Fund II at €140m. The fund is entirely dedicated to financing the growth of developing businesses in the digital and new technology segments (web-based, media, mobile, e-commerce services and software) in France and across Europe. The fund has invested in ten companies so far, including Sigfox, Synthesio and Twenga; 30% of the capital has been called in and the fund is already delivering positive returns. The fund has also gathered prominent investors, such as Bpifrance and Idinvest’s historical partner, Allianz France, who are topping the list. Besides these, there is also a large number of insurance companies, banks, family offices and leading industry players and corporates, such as Lagardère and Up groups - According to local press reports, Botswana’s largest retailer Choppies plans to cross-list its shares at the Johannesburg Stock Exchange by the end of May, as it expand its business in sub-Saharan Africa. The multinational grocery and general merchandise retailer has stores in three Southern Africa countries and is reportedly looking to expand into Zambia and Tanzania this year. The firm will list 10% of its shares and plans to raise about $50m. Choppies commands a market capitalization of about $535mon the Botswana Stock Exchange and has a 32% share of Botswana’s retail market and plans to add five more stores, taking the total to 77 retail outlets, by December, followed by another 20 in the medium term - Credit Agricole Egypt (CAE) reports net profit of EGP236m (+60% YoY and +8% QoQ) in 1Q2015 and net interest income of EGP371m in (+30% YoY and +7% QoQ)over the period, higher than analyst forecasts. No other income statement component was disclosed, with the exception of taxes (around EGP104m for the period, signifying an effective tax rate of around 31%). Full financial statements are not available yet - The European Union is reported to be investigating McDonald's over claims its structure allowed it to avoid more than €1bn (£730m) in tax. It is alleged that the fast food purveyor exploited loophole concerning royalties through Luxembourg, allowing it to pay just €16m of tax on royalties worth €3.7bn between 2009 and 2013. Unions claim McDonald's Luxembourg subsidiary employs just 13 people, yet booked €834m of revenue in 2013 - roughly around €64m per worker - Smith Cooper accountancy and business advisory firm today announced the appointment of Catherine Desmond as partner to enhance the firm's private client services across the Midlands. Desmond joins the firm from the Private Client department of Saffery Champness where she specialised in advising clients across a range of sectors, including predominantly family businesses and landed estates. In her new role at Smith Cooper, Catherine will be concentrating on further developing the range of tax planning services the firm offer their private clients. Her work will focus particularly on the agricultural sector and landed estates, an area Desmond has extensive experience in - Nomis Solutions has appointed Michael DeGusta to lead the architecture and development of the company’s next-generation pricing platform. Working with progressive technology companies such as Apple, eCoverage, and ChoicePoint, DeGusta brings 20 years of experience to Nomis. “Retail banks face unprecedented challenges, and Michael is the ideal leader to architect our future and to bring Nomis and our client banks to the next level of price optimization and profitability management,” says Frank Rohde, Nomis CEO. “The bankers we meet with relate a growing awakening to the opportunities provided by innovative technology and how it can help them thrive in the face of mediocre economies, changing customers, disruptive competitors, and challenging regulators.” -

ACTA: MEPs seek clarity on enforcement

Thursday, 01 March 2012
ACTA: MEPs seek clarity on enforcement International Trade Committee MEPs from all political groups want to know more about how the Anti-Counterfeiting Trade Agreement (ACTA) will be enforced before advising the European Parliament as a whole on whether or not to approve it, it emerged from the committee's first debate on it on Thursday. David Martin (UK), who will draft the committee's recommendation, asked it to back his plan to refer ACTA to the European Court of Justice, for a ruling on questions to be prepared by the Parliament. http://www.ftseglobalmarkets.com/

International Trade Committee MEPs from all political groups want to know more about how the Anti-Counterfeiting Trade Agreement (ACTA) will be enforced before advising the European Parliament as a whole on whether or not to approve it, it emerged from the committee's first debate on it on Thursday. David Martin (UK), who will draft the committee's recommendation, asked it to back his plan to refer ACTA to the European Court of Justice, for a ruling on questions to be prepared by the Parliament.

Martin has suggested that while the Court of Justice referral is being prepared, the time set aside for Parliament's assent to ACTA should instead be used to prepare an interim report setting out questions to the European Commission and EU Member States on how it is to be enforced. He stresses that Parliament should prepare its own questions, rather than simply associating itself with the European Commission's parallel referral of ACTA to the court.

Examples could include questions about how border control agencies would be expected to deal with counterfeit imports, or whether internet service providers would have to enforce ACTA against users, and if so what legislation would require them to do so.



Protecting intellectual property rights

"We have critical interest in defending EU intellectual property and we need to act in this regard", said Mr Martin, stressing that "it is not the intentions of ACTA that raise concerns but its possible unintentional consequences. ACTA lacks detail. The main concern is how the text might be read".

For example, "There is no 'three strikes' rule in ACTA, but we do not know how internet service providers will interpret the tasks given to them and if they will feel that they have the duty to cut people off the internet," he says.

"What I plan to do is bring about clarity on ACTA in the next year, to provide the facts for this Parliament to vote", Martin says, adding that in the coming weeks he planned to meet as many civil society representatives as possible to discuss citizens' concerns while drafting his interim report.

Not just a trade deal

The EPP group's shadow rapporteur on ACTA, Christofer Fjellner (SE) agreed that Parliament must now scrutinize the ACTA text in detail. "It's not the trade deal that changes citizens' everyday lives but the legislation that enforces it", he told Trade Commissioner Karel De Gucht, adding "I've heard from the Commission and Member States that there will not be a big change in legislation. I will not take your word for it. We need to scrutinize it".

Martin's position was also welcomed also by Parliament's former rapporteur on ACTA, Kader Arif, who had resigned while accusing Parliament of orchestrating a "masquerade" on the ACTA case. "Today I am very happy to see my colleagues thinking differently, Parliament's transparency, openness to public and the direction the ACTA case is taking in Parliament", he said."

Robert Sturdy (ECR, UK) backed the European Commission's decision to refer ACTA to the European Court of Justice.

ACTA lacks transparency

Mr Martin and other speakers objected to the "lack of transparency" in the ACTA negotiations to date and reiterated Parliament's many requests to be more closely involved, and not merely left with the option of accepting or rejecting the existing text.

French Green Yannick Jadot complained that "procedural excuses" had been used to avoid involving Parliament, and noted that MEPs had learned of the Commission decision to refer ACTA to the Court of Justice from the press. "I'm not sure that this is in line with our inter-institutional agreement with the Commission", he said.

Swedish Green Carl Schlyter complained that emerging economies were not involved in ACTA negotiations, noting that 95% of all counterfeiting takes place in countries that will not be affected by ACTA. He also observed that if the aim now was to spread ACTA via bilateral agreements with countries not yet party to it, this would not be a democratic way to influence other countries.

Helmut Scholz (GUE/NGL, DE), also noted that the countries where most piracy takes place are outside ACTA and insisted that it should be tackled through existing international structures instead. "Gobalization raises different challenges and ACTA is the wrong way to handle things", he said.

Civil society protests

Several MEPs said the Commission must accept its share of responsibility for civil society protests against ACT, since it had not kept people properly informed of the progress of negotiations. "The lack of transparency has created a lot of mistrust. This might be a lesson to the future. We need to change things", said Mr Fjellner.

Metin Kazak (ALDE, BG), said that in many Member States, these protests had prompted governments to "give up". "Both in the ACTA text and also in communication about it there are many cumbersome words and phrases - that something will perhaps happen or may happen. In such circumstances you have to expect citizens to be afraid from the possible consequences", he said.

Inese Vaidere (EPP, LV), said the Commission had done too little to explain ACTA's benefits, even though there was much to be explained, such as the definitions of terms "counterfeiting" or "commercial scale". "Now it may already be too late. I fear that we don't have much chance of reviving ACTA. The Commission has not done its job", she said.

Committee chair Vital Moreira (S&D, PT), defended ACT on the grounds that intellectual property rights are vital to Europe's ability to innovate and compete. He was sure that properly interpreted, ACTA would not threaten fundamental freedoms.

No ACTA enforcement without Parliament's consent

Commissioner De Gucht replied that any substantive laws passed to enforce ACTA would be the responsibility of Parliament and Member States.

"ACTA cannot be changed into substantive law without Parliament's consent. You are also responsible for that" he said, suggesting that Parliament should pay more attention to Member States' laws that threaten fundamental freedoms.

"The so called 'three strikes' rule is effective in French law and that is a law that was passed to implement EU directives. On the contrary, ACTA explicitly states that you can not impose anything similar to three-strikes rule on the international level", he said.

Commissioner De Gucht reiterated his view that referring ACTA to the European Court of Justice would be the right decision, as "our responsibility as politicians is to establish the facts and not follow the crowd" and the "Court will provide much needed clarity on our concerns".

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