Volume 2 | June 2020
Where Europeans & Americans Connect to do Business
JUNE 2020 NEWSLETTER
A Message from the President
Alan Sutin, President EACC Florida
EACC #COVID-19 STORIES
Members and Friends from across the EACC network are sharing first-hand accounts of the Pandemic’s impact, both personally & professionally. Listen to the first series of what CEOs, diplomats and high-level executives are saying about how the health crisis is affecting them, their business and what recovery looks like to them.
UPCOMING EVENTS

STRANDED IN THE USA OR EUROPE ?
COVID-19 travel disruptions: impact on foreign business travelers, executives and their employers

June 17, 2020
10:00 AM EDT - 4:00 PM CET
 
COVID-19 has left visitors, business travelers and executives stranded in their country of destination – be it in Europe or the United States - potentially subjecting those individuals and their employers to that nation’s income tax. Likewise, employers confronted with stranded foreign employees on temporary missions must handle any consequences of over-staying a visa or a temporary work contract in compliance with immigration and employment laws. Some countries have relaxed some of these rules while others have yet to provide the necessary guidance.

Join us for a discussion of some of those situations and the various relief measures introduced and how they work. We will be having a closer look at the implications for employers and individuals in the United States and Europe.

TOPICS COVERED

Taxation of Employers and Individuals
  • What are the taxation rules in the United States?
  • What are the current relief measures in the United State?
  • What about Europe?

Immigration
  • What can I do if I am unable to depart the U.S. before my authorized period of admission expires?  
  • What are acceptable ‘business visitor’ activities?
  • Due to the impact of COVID-19 on business operations, employers are dealing with layoffs, furloughs, or termination of employees. How does this impact employees on nonimmigrant work visas? 
  • I planned on going to the U.S. Consulate abroad to apply for a new visa stamp. Can I still go?

SPEAKERS:
  • Curtis D. Best, Managing Director – Andersen (New York) – Moderator
  • Scott Bettridge, Chair Immigration Practice – Cozen O’Connor (Miami)
  • David Roberts, Managing Director – Andersen (New York)
  • Jose Suarez, Partner - Perez Llorca (Madrid)
EACC MEMBERS ONLY

Transatlantic Trade Update Post-Covid19 – A Look Ahead
A Fire-Side Chat with Pascal Lamy
June 4, 2020
10:00 AM EDT - 4:00 PM CET


Join us for a fire-side chat with Pascal Lamy, President Emeritus, Jacques Delors Institute, Former Director-General, World Trade Organization (WTO), Lucinda Creighton, CEO, Vulcan Consulting and Doug Lippoldt, Chief Trade Economist, HSBC and moderated by John Foley of Reuters News to discuss: the impact on transatlantic trade in the EU and US, Short term impact on multifaceted supply chains; Supply chain de-risking measures; globalization measures; the pandemics impact on flow of services.

THIS IS A RARE OPPORTUNITY TO HEAR FROM FORMER WTO HEAD
PASCAL LAMY. DON'T MISS IT !

EACC MEMBERS ONLY

Program in French with Q&A in English and French

CHALLENGES AND OPPORTUNITIES AFTER
THE COVID-19 SHOCK
A fire-side chat with French Economist Nicolas Bouzou
June 9, 2020
12:00 PM EDT - 6:00 PM CET

Nicolas Bouzou is the founding director of Asterès, a leading economic consultancy in France. He is the creator of the Belém Circle, a think-tank of European progressive and liberal intellectuals working on issues related to growth, economic policy, territorial organization and health. Nicolas is also a professor of economics at the MBA Law & Management program of the University of Paris II Assas and the author of several best-selling books. He regularly writes for major French economic newspapers and is a frequent guest in the media. Nicolas Bouzou was member of the Conseil d’Analyse de la société, set up by the French Prime Minister (2010-2011). Since 2017, he is Chief economist of the French-German committee for cultural and creative industries.

This program will be conducted in French with Q&A in French and English.

Brought to you by
Cyber Security Threat Management during a Global Disruption like the COVID-19 Pandemic
July 7, 2020
10:00 AM - 11:00 AM EDT - 4:00 - 5:00 PM CET
In today’s increasingly digitized world and with the economy, and the way we work being disrupted by the COVID-19 pandemic, cyber threats are on the rise. Now that nearly all firms are working 100% remotely, hackers are increasingly creative. Aside from the inability to adequately monitor VPN access points and usage of equipment, the fear and distraction due to the virus and the lock-down measures, create a perfect backdoor into computer systems.

Companies need to be better prepared and deploy more sophisticated strategies and solutions to protect their business and to consistently analyze if their systems were intruded in order to avert a later attack.

This program brings together Cyber Security experts and practitioners from the US and Europe to address issues such as Hacking Trends & Tools of the Trade on both sides of the Atlantic; Cyber-Regulation in the EU & US; Prevention & Breach Management; Internal Preparedness Soft spots; and more.
Programs are being developed to make them as current and informative as possible under the constantly changing circumstances. For updates, please visit our events page .
TRANSATLANTIC NEWS
European Commission Publishes 2nd Report on Impact of Pandemic on International Trade. May 27 - According to the Commission's estimates, the coronavirus pandemic will result in a decrease in global trade between 10%-16% in 2020. For the EU27, the predicted reduction is expected to be between 9% and 15% for exports, and 11% and 14% for imports from non-EU countries (goods and services combined). In absolute terms, using the latest available statistics, this amounts to a reduction in extra-EU27 exports between €282 and €470 billion and a decrease in extra-EU27 imports between €313 and €398 billion (goods and services combined). Read further.

European Commission President Proposes "Next Generation EU" Recovery Package. May 27 - These are excerpts of European Commission President Von Der Leyen's speech to the European Parliament. "What started with a virus so small your eyes cannot see it, has become an economic crisis so big that you simply cannot miss it. Europe is in a unique position to be able to invest in a collective recovery and a common future. This is why the Commission is today proposing a new recovery instrument, called Next Generation EU. It will sit on top of a revamped long-term EU budget of EUR 1.1 trillion. Next Generation EU - together with the core MFF - sums up to EUR 1.85 trillion in today's proposals. It goes alongside the three safety nets of EUR 540 billion in loans, already agreed by Parliament and Council. In sum, this would bring our recovery effort to a total of EUR 2.4 trillion." The proposal has yet to be approved by the European Parliament and the EU's 27 Member States. Read further.

ECB - Pandemic Increases Risks to Financial Stability. May 26 - “The pandemic has caused one of the sharpest economic contractions in recent history, but wide-ranging policy measures have averted a financial meltdown”, ECB Vice-President Luis de Guindos said. “However, the repercussions of the pandemic on bank profitability prospects and medium-term public finances will need to be addressed so that our financial system can continue to support the economic recovery”. Read further.

European Center for Disease Control Marks 15th Anniversary. May 26 - The establishment of the ECDC was sparked by the SARS outbreak. It became operational in May 2015 and has been working since to strengthen Europe’s defenses against communicable diseases. It is particularly active on COVID-19 and offers access to global data. Find out more.

COVID-19 transport measures: Council adopts temporary flexibility for licenses and port services. May 20 - The EU is adapting certain rules for different transport sectors to help companies and authorities cope in the extraordinary circumstances created by the coronavirus crisis. The Council adopted temporary measures enabling the extension of the validity of certain certificates and licenses in road, rail and waterborne transport, and relaxing the rules on charging ships for the use of port infrastructures. Read further.

European Commission introduces new monitoring system for steel and aluminum imports into the EU. May 15 - The European Commission introduced a new system to monitor the imports into the EU of certain steel and aluminum products. The new monitoring system replaces the “prior surveillance” system introduced for steel in 2016 in the context of the crisis in the EU steel sector and for aluminum in April 2018, when the US introduced import restrictions on steel and aluminum. Read further.

OECD countries invite Costa Rica to join as 38th member. May 15 - OECD countries unanimously decided to invite Costa Rica to become a member of the Organisation. Costa Rica will become the Organisation’s fourth member country from the Latin America and Caribbean region, joining Mexico, Chile and Colombia. Read further.

Presidential EO seeks to increase US fishing and aquaculture production and reduce need for imports. May 7 - US President Trump signed an Executive Order on Promoting American Seafood Competitiveness and Economic Growth with the goal of reducing regulatory burdens and developing a more robust domestic seafood trade. The EO seeks to reduce the need for imported seafood, which makes up roughly 85 percent of consumption in the United States, by streamlining regulations and engaging in more strenuous efforts to reduce illegal, unreported, and unregulated (IUU) fishing.  Read further.

EU Spring 2020 Economic Forecast: a deep and uneven recession; an uncertain recovery. The Spring 2020 Economic Forecast projects that the euro area economy will contract by a record 7¾% in 2020 and grow by 6¼% in 2021. The EU economy is forecast to contract by 7½% in 2020 and grow by around 6% in 2021. Growth projections for the EU and euro area have been revised down by around nine percentage points compared to the  Autumn 2019 Economic Forecast .

OECD issues recommendations on implications of COVID-19 on cross-border workers. The COVID-19 pandemic is raising many tax issues, especially in relation to cross-border workers, or individuals who are stranded in a country that is not their country of residence. These issues have an impact on the right to tax between countries, which is currently governed by international tax treaty rules that delineate taxing rights. Continue reading.
EACC Florida
MEMBERS and PARTNERS INSIGHTS
Report shows optimism from American business executives; over half see their businesses rebounding in six months. TMF Group commissioned a survey of 300 business executives from multinational companies with more than $100 million in annual revenue on a range of national and global economic issues. The aim of the survey was to obtain a deeper understanding of U.S. business sentiment and how companies plan to navigate these uncertain times. Read further

Compliments TMF Group

USCIS adopts AAO decision clarifying foreign entity requirement in multinational manager/executive immigrant petitions. On May 13, 2020, United States Citizenship and Immigration Services (USCIS) announced the adoption of a May 5, 2020,  Administrative Appeals Office (AAO) decision, Matter of F-M- Co.,  making it formal policy guidance for the adjudication of similar future cases. Matter of F-M- Co. addresses the employment-based immigrant first preference multinational executive or manager classification and clarifies two key points about the interpretation of applicable criteria. Read further.

Compliments Greenberg Traurig

Risks from Europe's labor market - cost pressures could come back. Coronavirus will cause widespread job losses in Europe. We expect Eurozone unemployment to peak at 10 per cent in the July-September quarter compared with 7.3 per cent before the pandemic. That will depress wage rises temporarily but, over the longer term, the risk is that policymakers overstimulate the economy and stoke inflation. Read further.

Compliments HSBC

SBA's PPP loan forgiveness guidance. The SBA has published its long-awaited guidance on forgiveness of Paycheck Protection Program (PPP) loans. This guidance implements the key provisions in the CARES Act that allow small businesses and self-employed individuals to seek full forgiveness of their PPP loans that are being used to pay employee wages and other critical expenses during the COVID-19 pandemic. Read further.

Compliments Cozen O'Connor

Connex Florida – Florida’s Supply Chain Database . Connex Florida is a supply chain database tool for the manufacturing industry in Florida. This tool contains in-depth information on a broad range of Florida manufacturers, along with detailed search functions to highlight specific production capabilities, certifications, equipment, material types and more. The purpose of this tool is to help Florida manufacturers better connect with each other, be discovered, and increase business opportunities. Read further.

Compliments Enterprise Florida

Virtual Business Matchmaking in "COVID-19 Sectors". CAMACOL, the oldest and one of the largest Hispanic business organizations in the State of Florida, is conducting its first virtual business matchmaking on June 10th. Businesses from across Latin America, the US and Europe will be able to access this virtual platform to buy and sell products from the “COVID-19 Sectors” including PPEs, healthcare, sanitary and food products. Find out more.

Compliments CAMACOL
YOUNG VOICES FROM THE FUTURE
Every month, the EACC Florida Newsletter will feature a young person - a student, an artist, an entrepreneur - whose identity, vision or project illustrates the vibrancy of Florida's transatlantic community. If you would like to suggest someone, please contact us HERE
Nathalie Janata

Portrait of a TCK and Observer of the iGen
 (aka Generation Z)
“Nature-ly iGen”
Is the tech-savvy youth redefining how we engage with nature?

Nathalie Janata is one of your friendly neighborhood TCKs – Third Culture Kids.

Born in Germany from a Colombian mother and a Czech-German father, Nathalie grew up in Bogota, Frankfurt and Miami. Her parents worked for Lufthansa, and like many airlines children, she grew up moving around. In addition to Spanish and German, she also learned English, French and some Mandarin along the way. After high-school in Germany and a year in Paris, Nathalie returned to Miami to attend university and graduated in 2019.

Nathalie’s inquisitive mind drove her to extensively research the tech-driven Generation Z - also named iGen after smartphones. This is a global and highly urbanized generation, disconnected from nature and at the same time burdened with the increasingly pessimistic outlook of a sick planet. "Never before has a whole generation been fully global. Never before have children had quicker access to information and been more interconnected.  iGen  /  Generation Z  is one of entrepreneurs, multi-taskers, and activists. They understand the issues and want their future secured. And yet, never before have psychological disorders been more common among our youth." And never before, has a whole generation so suddenly been confronted with the unprecedented and deep disruptions as the ones caused by the 2020 COVID-19 global health pandemic.
In a class on Global Issues & Film Making , Nathalie and Jamaican-American Salim Lemond, combined thorough analysis with engaging storytelling into an extensively researched, insightful and singular film called “Nature-ly iGen” which looks at how the iGen and the adults around them are coping with these issues. What are “positive and possible” outcomes for the future? How do we understand the next generation and equip them to handle global pandemics? How will all this define the “new normal”? What if, instead of causing more anxiety, digitization could engage rather than distance them from nature?

The business world, innovators, policy makers, educators, academia, and parents, all are looking to this iGeneration who will inherit the planet and its ills for reasons to hope. “ Nature-ly iGen” offers a few hopeful discoveries but also asks what University of Miami Professor and award winning documentary filmmaker Ali Habashi calls: “good questions that are lacking good answers”.

You can find out more about “ Nature-ly iGen” and view it here .

MEMBER SPOTLIGHT
Ranked among the top 100 law firms in the country, Cozen O’Connor has more than 750 attorneys in 28 cities across two continents. Cozen O'Connor is a full-service firm with nationally recognized practices in litigation, business law, and government relations. Accommodating the needs of the firm’s domestic clients as well as its clients in Latin America, the Miami office, established in 2006, focuses its practice in the areas of general litigation, commercial litigation, immigration and a full range of corporate matters. 

BECOME A MEMBER OF OUR NETWORK

EACC is a Connector
We open doors for our members across our chapter network on both sides of the Atlantic and we keep you informed on the relevant issues effecting your business.

Members of the EACC network enjoy:
 ♦ Access to our network of high-level business executives & our unique referral service
 ♦ Invitations to exclusive seminars & a direct exchange with transatlantic experts
 ♦ Visibility for your organization & opportunities to showcase your thought-leadership
 ♦ The ability to make a difference & actively engage in the Trans-Atlantic dialogue
THE EACC NETWORK
EACC New Jersey | EACC Carolinas | EACC Brussels | EACC Florida

 Together with its sister chapters, EACC Florida is part of a growing and highly dynamic transatlantic network reaching over 10,000 executives in the US and across Europe. With over 750 members, the EACC is a valuable resource for any size business. If you would like to get involved, let us know.