www.intercontinental- finance.com
GLOBAL NEWS
Intercontinental News UNITED KINGDOM
Legal profession launches Women in Law pledge The Law Society of England and Wales, the Bar Council of England and Wales and the Chartered Institute of Legal Executives (CILEx) joined hands to launch a Women in Law pledge at the Law Society’s international symposium on gender equality. Law firms, local law societies, barristers’ chambers and organisations outside the legal sector were invited to sign their name to the pledge, which is supported by the justice secretary David Gauke, and aims to build a more equal profession for all. Organisations who sign the pledge committed to support the progression of women into senior roles in the profession by focusing on retention and promotion opportunities; set clear plans and targets around gender equality and diversity for their organisation; and publish their action plan and publicly report on their progress towards achieving their goals.
Law Society president Christina Blacklaws said: “As a profession which strives to uphold justice, the legal profession must be at the forefront of the fight for gender equality and diversity in the workplace,” “In signing the Women in Law pledge, legal organisations across the country will hold themselves accountable for gender equality in their workforce and commit to creating a more diverse profession.” Richard Atkins, chair of the Bar Council, said: “This pledge reflects the joint understanding between the legal professions of the importance of diversity. It will allow chambers and organisations in which barristers work to demonstrate their commitment to a balanced and equal future for all. “It is an important step forward in the drive for equality which the Bar Council is proud to support.” The pledge is supported by the justice secretary David Gauke and other organisations also contributed to this initiative.
UNITED STATES
Patrick Drahi buys Sotheby’s for $3.7B BidFair USA, an entity wholly-owned by media and telecom entrepreneur as well as art collector Patrick Drahi, has acquired Sotheby’s, the British-established US multinational corporation headquartered in New York City for $3.7billion. The transaction would result in Sotheby’s returning to private ownership after 31 years as a public company traded on the New York Stock Exchange. Tad Smith, CEO, Sotheby’s, said: “Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family. “Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world. He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees. “This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment. It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner.” Drahi said: “Sotheby’s is one of the most
Intercontinental Finance & Law • 160/19
elegant and aspirational brands in the world. As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family. We look forward to getting started with Tad and the wonderful members of his team to define our future.” The closing of the deal is subject to customary conditions, including regulatory clearance and shareholder approvals, but is not subject to the availability of financing. The transaction is expected to close in the fourth quarter of 2019 following shareholder approval. The new and extended facilities are for general corporate purposes, comprising a $9.77billion 12-month revolving credit facility with a 12-month term-out option at the borrowers discretion, and a 12-month extension option; and $4.65billion 5-year revolving credit facility with two 12-month extension options. ABritish–Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland, and a registered office in Saint Helier, Jersey, Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities. As of 2015, it ranked tenth in the Fortune Global 500 list of the world's largest companies.
BRIEFS FCA PROPOSES BAN ON SALE OF CRYPTODERIVATIVES TO RETAIL CONSUMERS The UK’s Financial Conduct Authority (FCA) is proposing rules to address harm to retail consumers from the sale of derivatives and exchange traded notes (ETNs) referencing certain types of cryptoassets. The FCA considers these products are ill-suited to retail consumers who cannot reliably assess the value and risks of derivatives or ETNs that reference certain cryptoassets (crypto-derivatives). This is due to inherent nature of the underlying assets, which have no reliable basis for valuation, the prevalence of market abuse and financial crime in the secondary market for cryptoassets (e.g. cyber theft), extreme volatility in cryptoasset price movements, and inadequate understanding by retail consumers of cryptoassets and the lack of a clear investment need for investment products referencing them. FCA estimates the potential benefit to retail consumers from banning these products to be in a range from £75million to £234.3million a year.
CLIS CONTINUE TO ANTICIPATE EASING GROWTH MOMENTUM IN MOST MAJOR ECONOMIES Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend six to nine months ahead, continue to anticipate easing growth momentum in most major economies. Easing growth momentum remains the assessment in the United States, Japan, Canada and the euro area as a whole, including Germany and Italy. In France, the CLI continues to point to stable growth momentum. The CLI for the United Kingdom now points to growth momentum stabilising, albeit around historically low trend growth rates. However, large margins of error remain due to continuing Brexit uncertainty. Among major emerging economies, the CLIs continue to signal stable growth momentum in China (in the industrial sector) and India and now also in Russia and Brazil.
11