Employers in the field of digital technologies have been urged to start planning how to retain European Union workers following Brexit.

In its latest briefing ahead of the UK’s departure from the EU, trade body ScotlandIS said the industry is already facing a skills shortage and firms should take steps now to ensure they still have access to those with the best talents.

• READ MORE: Brexit ushers in more competition for skilled staff

Scotland’s software and IT businesses alone employed 4,000 non-UK EU nationals in 2015, accounting for 11.5 per cent of the workforce.

Lynne Marr, an employment law specialist and partner at legal firm Brodies, which worked with ScotlandIS on the briefing, said companies should start by reviewing the residency status of all employees, and organise sessions with immigration law experts “to provide their staff with objective information on their options”.

She added: “There are plans for the UK government to bring forward an immigration bill setting out a framework for a new immigration system. Different options are being discussed and it is possible that a whole new system for EU and non-EU citizens could be designed.”

• READ MORE: Scotland’s digital tech sector poised for growth

ScotlandIS research and policy manager Svea Miesch said: “Understandably the future status and rights of EU nationals living and working in the UK is a subject of particular importance and concern for our members. Many of Scotland’s digital technologies companies employ staff from other EU countries but that is not the only issue. We have companies that are owned by non-UK EU nationals, and EU students studying at Scottish universities are an important source of future talent for our industry.

“It’s important to note that nothing will change until at least March 2019 when the UK leaves the EU. Until then, the UK has to guarantee freedom of movement for citizens of other EU countries.”

ScotlandIS said it was developing proposals on a future immigration system that would serve the needs of Scotland’s digital technologies industry and “allow businesses to continue to thrive”.

Miesch said: “We are keen to hear from our members and others in the business community with suggestions and experiences of hiring and retaining international talent in Scotland’s digital economy.”

• IT recruitment specialist Cathcart Associates was the exclusive recruitment partner at the recent Digit IT Leaders conference, held at Edinburgh’s Dynamic Earth.

Managing director Gordon Kaye said: “Conferences like these are a brilliant opportunity for everyone to come together and learn from one another.”

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Nevada Gov. Brian Sandoval plans to sign a bill will let homeowners with solar panels sell excess electricity to their utility at retail rates, his office says.

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Some of Nevada’s largest solar installation companies plan to resume doing business in the state. For the past year-and-a-half Tesla (formerly SolarCity) and Sunrun stopped seeking new customers in this sunny part of the country because the state’s Public Utilities Commission chose to phase out incentives for homeowners who install rooftop solar panels.

Now, Republican Gov. Brian Sandoval plans to sign into law a bill that brings back “net metering.”

Net metering has been a key reason for the rapid growth of the residential solar power business across the U.S. It allows homeowners with solar panels to sell excess electricity to their utility at retail instead of wholesale rates. This appeals to many homeowners because they can do something good for the environment and save money on their energy bill.

Utilities are not fans of net metering. That’s because every kilowatt generated on a home roof is one less that the local utility sells. And some of that money utilities collect is used to maintain the electric grid.

In arguing against Nevada’s net metering system last year, the state’s largest utility, NV Energy, echoed an argument that utilities across the country make. Berkshire Hathaway owns the utility and CEO Warren Buffet said on CNBC that when solar customers don’t pay to maintain the grid, non-solar customers are left to pick up the tab.

Utilities like NV Energy argue that amounts to a subsidy for homeowners with solar panels. Solar advocates say the utilities are just trying to protect their monopolies.

The new legislation in Nevada strikes a compromise. Homeowners with solar panels on their roof will be able to sell any excess electricity their household doesn’t use to the utility, but at a reduced rate. Currently that’s 95 percent of the retail rate. That number will go down as more rooftop solar systems are installed in the state. The Nevada law also creates new protections for homeowners, such as a guaranteed net metering rate for 20 years.

“Nevada is one step closer to a policy that will allow it to get back thousands of solar jobs that were lost,” says Sean Gallagher, vice president of state affairs for the Solar Energy Industries Association. The SEIA estimates more than 2,600 jobs were lost when the large solar companies stopped doing business in Nevada.

Sandoval’s office tells NPR the governor plans to sign the new bill into law next week.

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Chinese power utilities and foreign investment funds are seen as the likely bidders in upcoming asset sales in Brazil’s electricity industry, as debt-laden state utilities seek to root out years of political mismanagement and balance sheet overstretching, according to lawyers familiar with the market.

Centrais Elétricas Brasileiras SA (ELET6.SA), known as Eletrobras, and Cia Energética de Minas Gerais SA (CMIG4.SA), known as Cemig, plan to divest generation and transmission assets, including their stakes in some of Brazil’s largest hydroelectric dams – Santo Antônio and Belo Monte.

Large Chinese strategic investors will probably be the winning bidders for the dams, because the size of the projects fit their strategies better and they would be willing to pay more, said Tiago Figueiró, who is part of the team involved in electricity industry issues at São Paulo-based law firm Veirano Advogados.

“It would be pretty hard to attract an American or European investor for a project of that size,” he said.

Chinese power conglomerates have gradually become the dominant force in Brazil’s electricity industry, where high debt, a harsh recession and less stringent takeover barriers than in other major markets have stoked a wave of acquisitions.

Eletrobras and Cemig are planning the divestitures in order to cut debt and cushion themselves from the impact of the harshest recession on record in Brazil, Latin America’s largest economy.

Since the start of 2015, Chinese companies have been the buyers in most announced electricity mergers in Brazil, according to Thomson Reuters deals intelligence data.

Brazil has been the No. 1 M&A global destination for China’s State Grid Corp [STGRD.UL], the world’s largest utility, since 2010, accounting for 43 percent of the $37 billion it spent on acquisitions during that period, Thomson Reuters data showed.

For China Three Gorges Corp [CYTGP.UL], a power generator which owns the Three Gorges dam, the world’s second largest, Brazil acquisitions represented 19 percent of its $30.6 billion worth of M&A deals in the same period.

José Oliva, a lawyer at São Paulo-based Pinheiro Neto Advogados, said the Eletrobras and Cemig asset sale plans are unlikely to be much affected by ongoing political turmoil in Brazil, as power sector acquisitions are perceived as a long-term investment.

Cemig, which is controlled by the Brazilian state of Minas Gerais, has included wind farms and small power dams in a divestiture plan worth 6.5 billion reais ($1.83 billion).

Eletrobras – Brazil’s largest power holding company – is selling stakes in more than 100 projects, from which it could fetch around 5 billion reais.

Bankers, lawyers and industry executives expect that European and North American investment and pension funds may bid for the minority stakes that Eletrobras and Cemig have in smaller projects such as power transmission lines and renewable energy firms.

Paulo Dalla Nora, an asset manager at FIR Capital, says he has already seen interest from foreign investors, particularly in renewable energy assets.

(Writing by Marcelo Teixeira; Editing by Guillermo Parra-Bernal and Leslie Adler)

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The de Blasio administration is seeking state legislation that would help the city hire more contractors owned by women and minorities, said Deputy Mayor Richard Buery, who is spearheading the effort. 

State law limits the size of contracts the city can dole out as discretionary spending, among other constraints that Buery argues hamper the administration’s ability to spend money at such businesses. A state bill would lift the ceiling to $200,000—the same ceiling that state government has—from $20,000. It would also allow the creation of pre-qualified lists of minority and women-owned enterprises, MWBEs, meaning the firms could gain work without filing cumbersome proposals for every job. 

“Businesses, they may have the know-how, they can do the work, but they may be new to city contracting, they may be inexperienced when it comes to how to compete for a bid, or frankly, the work might be too small for it to be worthwhile for a small business that didn’t have a big administrative infrastructure” to do all the required paperwork, Buery told Crain’s.

The bill would also enable the city to set up a mentoring program and to choose contractors who do not offer the lowest bids on projects.

“Having this type of increase in discretion has to work hand-in-hand with a cultural change across agencies, to work with agencies to improve their procurement processes,” Buery said. “It has to work hand-in-hand with ambitious procurement goals around minority and women-owned businesses. All these things have to work together in lock-step. And again, if we had all these tools … that’s how you unleash opportunity.”

The city spends $15 billion to $17 billion on procurement annually, officials said. Of that, roughly a third is subject to the city’s MWBE targets (for example, contracts for nonprofits don’t count). The administration aims to contract out 30% of the value of that work to MWBEs by 2021, up from about 19% today. It contracted $696 million of work to MWBEs, about 14%, in fiscal 2016, and 8% in the previous year.

The Building Trades Employers Association, which released a study earlier this week describing a shortage of MWBEs that can fulfill city construction contracts, opposes the bill. The industry group cited the legislation’s low-bidder provision and prequalification list components, and said the measure should apply to all city and state agencies. BTEA does support the mentoring program piece.

“We look forward to working with the city on having this legislation passed with respect to the mentoring language as we believe that is a key to increasing the capacity of MWBE companies to win contracts, and working to amend the bill in the ways we outlined in our report,” BTEA President and CEO Louis Coletti said in an email.

The Senate bill is sponsored by Marisol Alcantara and Diane Savino, two city members of the Independent Democratic Conference, which caucuses with the Republicans. That affiliation enhances the chances of the bill passing the Senate but is a source of rising tension in the city.

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Five South Korean firms received government approval to carry out their voluntary corporate restructuring through fast-track legal and administrative procedures, the industry ministry said Thursday.

The Ministry of Trade, Industry and Energy said a government panel chose five companies, including LG Siltron Inc., which manufactures wafers for semiconductors; ITC Co., a cable supplier; and Shin Pung Textile Co. to endorse their proposed restructuring efforts to boost competitiveness.

(Yonhap)

With the latest addition, there are now 37 companies subject to the “one-shot” act, as part of the Seoul government’s efforts to speed up corporate restructuring in struggling industries, including shipbuilding, steel and petrochemicals.

LG Chem, the country’s largest chemicals manufacturer, and Hanwha Chemical have also been included on the government-backed list.

The ministry said LG Siltron will sell its old lines and expand facilities for high-end semiconductors, while ITC and other selected companies will take steps to diversify their business portfolios.

The law came into effect in August last year to help businesses conduct intracorporate mergers and spinoffs through simplified procedures that included exemptions from strict antitrust laws and financial market regulations. They will also be given tax benefits and subsidies for research and development on corporate restructuring.

Local companies that want to benefit from the fast-track corporate restructuring procedures are required to win government approval. (Yonhap)

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June 7, 2017 /AccessWire/ —

NEW YORK, NY / ACCESSWIRE / June 7, 2017 / Pomerantz LLP is investigating claims on behalf of investors of John Wood Group PLC (“John Wood” or the “Company”) (OTC PINK: WDGJF). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether John Wood and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here to join a class action]

On May 23, 2017, in a prospectus concerning the Company’s proposed acquisition of Amec Foster Wheeler (“Amec”), John Wood disclosed details of the Company’s internal probe into its past dealings with Unaoil, a Monaco-based oil business under criminal investigation by the U.K.’s Serious Fraud Office (“SFO”). John Wood further disclosed that the SFO had requested that Amec produce information related to the agency’s investigation into Unaoil.

On this news, John Wood’s share price fell $0.38, or 3.93%, to close at $9.30 on May 25, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

ReleaseID: 465115

Source URL: http://marketersmedia.com/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-john-wood-group-plc-wdgjf/205926

Source: AccessWire

Release ID: 205926

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At least four major law firms backed away from talks with the White House to help defend President Trump in the escalating federal Russia probe, citing worries that the headstrong commander-in-chief would not listen to their counsel, Yahoo News reported Tuesday.

Among the lawyers and firms that weren’t interested in representing Trump were Brendan Sullivan of Williams & Connolly, Ted Olson of Gibson, Dunn & Crutcher, Paul Clement and Mark Filip of Kirkland & Ellis, and Robert Giuffra of Sullivan & Cromwell, Yahoo reported.

Olson worked as the solicitor general under former President George W. Bush and served as the judicial committee chair for Rudy Giuliani’s 2008 presidential campaign. Clement followed Olsen as solicitor general under Bush in 2004 Sullivan represented Oliver North during the 1987 congressional hearings regarding the Iran-Contra scandal.

“The concerns were, ‘The guy won’t pay and he won’t listen,’” one of the lawyers familiar with the talks told the outlet.

James Comey to testify before Senate next week about Russia

The number of firms that declined invitations even just to talk about taking on the work signals the overwhelming task of defending the President amid a rapidly expanding probe being run by Special Prosecutor Robert Mueller, as well as concerns some of the nation’s top lawyers appeared to have about the commander-in-chief’s propensity for tweeting.

Trump’s search for an outside attorney ended last month after he announced he was bringing in Marc Kasowitz, one of his longtime personal lawyers, to lead his outside counsel team during the investigation.

Kasowitz has represented Trump several times in the past, including for his divorce proceedings, against fraud allegations for Trump University and in multiple real estate transactions. The New York-based lawyer, however, is notorious for his aggressive and loud style and has raised concerns among Republicans that he could do more harm than help in such a high-profile investigation.

Trump had been advised to seek outside counsel after the Justice Department brought in former FBI Director Robert Mueller as a special prosecutor last month to resume investigating whether members of Trump’s campaign and transition team coordinated with Russian efforts to meddle in the election.

Putin speculates Americans faked election hacking evidence

Former FBI Director James Comey had been leading that investigation until he was fired in May by Trump, who reportedly told Russian diplomats inside the Oval Office that he cut the agency chief explicitly to relieve himself of the “great pressure” he was facing from the probe.

Comey will testify before the Senate Intelligence Committee Thursday, and is expected to divulge further details about the situation.

But the investigation has already touched various members of the Trump administration, including former National Security Adviser Michael Flynn, top aide and son-in-law Jared Kushner and Attorney General Jeff Sessions.

All three had discussions with Russian diplomats before Trump took office.

Trump lawyer Michael Cohen is new focus of Russia investigation

Trump’s decision to bring in Kasowitz won’t limit his ability to rely on White House Counsel Don McGahn, but McGahn’s own involvement in the controversies surrounding Flynn and Comey has raised even more questions.

Former Acting Attorney General Sally Yates, whom Trump fired in January after she refused to defend his first travel ban, testified earlier this month before the Senate Intelligence Committee that she’d warned McGahn on Jan. 26 — three weeks before Flynn resigned — that Flynn’s ties to Russia could put him in a compromising position.

Specifically, she said she told McGahn that Flynn had put himself in a situation where he could be “blackmailed by the Russians” by lying publicly about his private conversations with Russia’s ambassador to the U.S.

It isn’t clear what McGahn did with that information, although White House Press Secretary Sean Spicer has repeatedly claimed that McGahn immediately told Trump of what Yates said and then concluded no criminal activity had occurred.

Russia claimed it had ‘derogatory’ intelligence on Trump

Meanwhile, Trump has also ditched the idea of creating a “war room” staffed with former allies to help defend his administration, Politico reported late Monday.

As recently as last week, talks were still underway to bring in former campaign manager Corey Lewandowski and former deputy campaign manager David Bossie to lead an internal effort to help contain the fallout from the Russia probe and get the White House back on message.

White House officials, however, decided that Kasowitz was best positioned to handle the entire effort, Politico reported.

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“Top lawyers with at least four major law firms rebuffed White House overtures to represent President Trump in the Russia investigations, in part over concerns that the president would be unwilling to listen to their advice,” Yahoo News reports.

“The unwillingness of some of the country’s most prestigious attorneys and their law firms to represent Trump has complicated the administration’s efforts to mount a coherent defense strategy to deal with probes being conducted by four congressional committees as well as Justice Department special counsel Robert Mueller.”

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