Global Top 100 companies bounce back from March 2020 lows

Global equity markets have seen a strong bounce back from the low points seen in March 2020, but volatility remains elevated, according to a new quarterly update to the Global Top 100 companies by market capitalisation rankings, released today by PwC.

The report notes that, most immediately, a disappointing reporting season for H1 2020 earnings could cause a re-evaluation of recession risks and associated stock valuations.

Having decreased by 15% ($3,905bn) from December 2019 to March 2020, the market capitalisation of the Global Top 100 as at June 2020 was only 1% ($335bn) behind December 2019.

By comparison as at 30 June 2020 the MSCI World Index (representing large and mid-cap equity performance across 23 developed markets) was 7% behind December 2019, having recovered most of the ground lost in the first quarter of 2020.

Ross Hunter, IPO Centre Leader at PwC says ‘With the significant volatility in financial markets, the world’s largest companies provide relative security for investors. The concentration of Technology and Consumer Services companies is a key driver of the Global Top 100 outperforming the wider market index.

‘This is a challenging environment for all companies, but there are clear distinctions in the relative performance of different regions and sectors. I hope this quarterly review will provide interesting insights into how the markets are viewing the world’s largest businesses as they adapt to this uncertain landscape.’

Regional analysis:

  • Global Top 100 companies from the US and China and its regions recovered first quarter losses in March to June 2020 – Europe and the rest of the world did not recover the lost ground.
  • Technology companies contributed to a 21% market capitalisation increase for US companies from March to June 2020.
  • The performance in China and its regions since December 2019 benefitted from a combination of being further advanced in recovering from the effects of COVID-19 and a strong Technology and eCommerce (Consumer Services) component.

Companies highlights:

  • Eighty seven of the Global Top 100 companies as at June 2020 saw an increase in market capitalisation from March to June 2020, compared with just ten from January to March 2020
  • 10 companies included in the Global Top 100 as at March 2020 have dropped out and did not qualify for the June 2020 list.

Deloitte announces 2019 Technology Fast 500™ EMEA rankings

A company from the UK tops Deloitte’s Technology Fast 500™ rankings for Europe, the Middle East, and Africa (EMEA), which was released today. The list is compiled by Deloitte’s regional Technology, Media & Telecommunications (TMT) industry group.

Overall, this year’s Technology Fast 500 list for the region features winners from 22 countries, with an average growth rate of 1,258 percent in 2019, compared to 969 percent in 2018.

Revolut is the number-one ranked company on the 2019 EMEA Technology Fast 500 list.

“When Revolut was founded in 2015, we had a vision to build a sustainable, digital alternative to traditional big banks. Our mission now is to help our customers improve their financial health, empower them to have more control, and promote financial cohesion across the communities in which we operate” says Nik Storonsky, Founder & CEO of Revolut.

“We’re delighted to top the ranking. 12 million people now use Revolut to manage and improve their finances, and our growth reinforces the point that people are looking for alternative ways to manage their money.”

Nikolaas Tahon, EMEA Fast 500 Lead Partner commented “This year’s Fast 500 list is led by organisations demonstrating unprecedented growth, reflecting the continuing evolution in technology. We are aware that the current environment is a complex one for many organisations, particularly as leaders work out their future strategy. Deloitte congratulates Revolut as well as all other winners and we’re excited to see their continued achievements in the next year.”

Norton Rose Fulbright bolsters Riyadh office with new partner

Global law firm Norton Rose Fulbright today announced that Zayd Alathari, an intellectual property lawyer with experience in the Middle East and the US, has joined its Riyadh office as a partner.

Alathari joins the Mohammed Al-Ghamdi Law Firm in association with Norton Rose Fulbright US LLP from Saudi Basic Industries Corporation (SABIC), where he led the company’s IP initiatives as its Senior Manager & IP Counsel in the Middle East and Africa.

In eight years at SABIC, Alathari led a team that supported SABIC’s Middle East and Africa manufacturing teams and the company’s global technology & innovation teams for the chemical, agri-nutrients and metal business in the US, Europe, Middle East, China and India. Alathari also helped develop and implement SABIC’s global IP strategies and policies, and he provided legal and IP advice and contract support to protect and enhance the value of the company’s technology.

Additionally, Alathari and his team drafted and negotiated a wide range of technology agreements; prepared and prosecuted patent applications; managed and maintained patent portfolios; conducted due diligence; and handled freedom to operate (FTO) opinions.

Before his in-house career in Saudi Arabia, Alathari practiced at Venable LLP in Washington, DC. As an associate and registered patent attorney, he advised US-based and international clients on IP litigation, transaction and patent prosecution matters.

Tim Kenny, Norton Rose Fulbright’s Global Head of Intellectual Property, said: “Zayd possesses a broad range of IP experience with more than two decades split between a multinational corporation and a large law firm. When combined with Norton Rose Fulbright’s global platform, Zayd’s versatility and perspective will benefit our clients and their businesses worldwide.”

Mohammed Al-Ghamdi, Partner-in-Charge of Norton Rose Fulbright’s Riyadh office, commented: “Zayd is an accomplished leader who excelled in managing SABIC’s comprehensive intellectual property portfolio. He is well connected to major corporations in Saudi Arabia and respected throughout the Middle East.”

Alathari, who is also a member of the Gulf Petrochemical and Chemical Association’s (GPCA) research and innovation committee, said: “Saudi Arabia’s ambitious economic growth and diversification efforts are transforming the region as it heavily invests in technology, digitalisation, localisation, data protection and management, and a circular economy. Strong IP rights are critical to protecting these initiatives, and Norton Rose Fulbright’s global presence will help my clients realise and commercialise their maximum potential.”

Alathari earned his JD at American University Washington College of Law, his MS at Johns Hopkins University and his BS in biology from The George Washington University. A registered patent attorney with the United States Patent and Trademark Office (USPTO), he is licensed to practice in the District of Columbia and Virginia.

Eversheds Sutherland advises Ball Corporation on VPPAs

Eversheds Sutherland is pleased to announce that it represented client Ball Corporation (Ball) in two virtual power purchase agreements (VPPAs) to further the company’s progress in achieving 100% renewable energy in Europe.

The two VPPAs were for wind developments in Sweden and Spain, specifically for the Corral Nuevo project with wpd and for the Brattmyrliden project with Falck Renewables – for a total of 93.4 megawatts (MW) of additional wind energy. They will allow the company to address approximately 63% of the European electricity load utilised in its aluminium beverage packaging plants (excluding Russia) with new renewable energy.

Eversheds Sutherland Global Energy Partner Ram C. Sunkara (US) and Counsel Joshua L. Belcher (US) led the transaction. They were assisted in Europe by a team led by Partner Jean-Pascal Boutin (UK), Counsel Marta Vizcaíno Martín (Spain) along with Senior Associate Ben Brown (UK).

The transaction highlights Eversheds Sutherland’s ability to seamlessly negotiate and execute VPPAs and PPAs for corporate off takers across multiple domestic and international jurisdictions.

The two developments will collectively enable Ball to reduce its Scope 2 greenhouse gas emissions generated in Europe by approximately 60% compared to 2019, equivalent to the carbon reduction that would be provided by removing more than 47,000 passenger vehicles from the road annually. Scheduled to come online in 2021, Ball’s share of the Corral Nuevo and Brattmyrliden wind projects will generate nearly 308,000 megawatt hours (MWh) of renewable electricity in Europe each year—equivalent to the electricity load of approximately 10 Ball beverage packaging plants.

About Eversheds Sutherland’s Global Energy Group

For more than four decades, Eversheds Sutherland’s Global Energy Group has been counselling energy clients in guiding their businesses through an ever-changing landscape. With more than 300 energy and infrastructure lawyers located in business, financial and policy capitals throughout Africa, the Americas, Asia, Europe and the Middle East, Eversheds Sutherland has the in-depth industry knowledge, deep resources and expansive reach necessary to compete in today’s global energy markets.

Eversheds Sutherland’s clean energy and sustainability lawyers work daily in the industry, and are leading the way on the energy transition dialogue. From the 20% renewable energy target set by the European Council, to federal tax incentives in the US, to global corporations’ sustainability initiatives, to the government-imposed bidding process for Chinese wind projects, the market is always changing, and we can advise on this ever-evolving landscape.

Duane Morris launch Meals for Healthcare Heroes program

Duane Morris’ Meals for Healthcare Heroes program provided meals for more than 20,000 medical professionals in 16 cities. Duane Morris’ COVID-19 Strategy Team established the initiative, funded by donations from Duane Morris attorneys and staff, to honour healthcare workers and support local restaurants.

The medical facilities and restaurants included:

  • Atlanta: Piedmont Hospital, Kale Me Crazy
  • Austin: St. David’s Medical Center, Rudy’s
  • Baltimore: University of Maryland Medical Center, Miss Shirley’s
  • Boca Raton: Boca Raton Regional Hospital, Shake Shack
  • Boston: Beth Israel Deaconess Medical Center, Saltie Girl
  • Chicago: Saint Anthony Hospital, Wishbone Chicago
  • Houston: Ben Taub Hospital, Los Tios
  • Los Angeles: Memorial Hospital of Gardena, Panda Express
  • Miami: Doctors Hospital – Baptist Health South Florida, Chick-fil-A
  • Newark: Saint Michael’s Medical Center, SuzyQue’s BBQ & Bar
  • New York: Mount Sinai West, Shake Shack
  • Philadelphia: Children’s Hospital of Philadelphia, Murray’s Deli
  • Pittsburgh: UPMC Shadyside, Market Street Grocery
  • San Diego: Stepping Stone of San Diego, Sisters Pizza
  • San Francisco: Laguna Honda Hospital, West of Pecos
  • Wilmington: ChristianaCare, Olympic Subs and Steaks

About the Duane Morris COVID-19 Strategy Team

The Duane Morris COVID-19 Strategy Team advises clients on all aspects of the legal issues and implications of the COVID-19 pandemic including contractual, employment, insurance and healthcare issues. Duane Morris attorneys are fielding inquiries and providing advice in a wide range of areas, including human resources, travel and transportation, immigration and border entry, hospital and healthcare operations, medical and pharmaceutical supply, FDA, food handling and preparation, OSHA, ADA compliance, data privacy, HIPAA, environmental and EPA, international transactions, shipping, supply chain and logistics, financial reporting, insurance liability, real estate issues, including landlord and tenant matters, and all types of contracts and quasi-contracts. Duane Morris has established a blog dedicated to COVID-19 issues and is distributing Alerts and sharing information via webinars and media interviews.

Dentons appoints three partners to European leadership roles

Global law firm Dentons has announced the appointment of three partners to European practice and sector leadership roles. Anita Horváth will co-lead the Europe Energy sector group, Christopher Rose will lead the Global Private Services sector group within Europe, and Thomas Schubert will lead the Europe Venture Technology and Emerging Growth Companies group.

Anita Horváth

As Co-head of the Europe Energy sector group, Anita Horváth will serve alongside fellow co-head, Arkadiusz Krasnodębski, to further develop Dentons’ transactional offering within the energy sector. Based in Budapest, she is among the premier lawyers advising on complex domestic and cross-border M&A, joint ventures and private equity transactions in Hungary, and frequently leads multi-jurisdictional deals. In addition to her regional appointment, Anita was also recently named Co-head of the Corporate and M&A practice in Hungary, alongside partner Rob Irving. She has been a partner at Dentons since 2015.

”Having advised most of the premier energy players on their strategic projects in Hungary and CEE, I look forward to replicate our Energy team’s success on a European level. As Dentons is home to the largest energy-focused team of lawyers in the world, in my new role, I plan to further enhance our strength in advising developers, investors, contractors, financiers, governments and regulators on their energy sector related projects.” commented Anita Horváth.

Christopher Rose

In his newly created role, Christopher Rose will establish and lead the Global Private Services group within continental Europe to provide cross-sector and cross-practice legal advisory services to ultra-high-net-worth individuals and family offices around the world. Rose has been a partner and Head of the Europe Venture Technology and Emerging Growth Companies group at Dentons since 2017. He advises on cross-border venture and growth capital investments, as well as mergers, acquisitions and joint ventures. An emerging markets specialist, he has advised on over 250 transactions in Russia, the Middle East, Central and Eastern Europe, Asia and Africa. He regularly represents emerging growth companies in all stages of development, with a particular focus on e-commerce, food and beverage, technology and entertainment.

“Over the past several years, I have worked extensively with high-net-worth individuals and family offices, advising them primarily on their investments and acquisitions. This new role goes far beyond that,” said Christopher Rose. “Whether our clients need support with their venture capital, private equity or real estate deals, tax issues, estate planning, dispute resolution, or regulatory matters, our Global Private Services group will act as their ‘concierge’ to our global firm. We will pull together the right team of Dentons professionals, provide them with transparent fee quotes and manage their projects from beginning to end to ensure the best results.”

Thomas Schubert

Thomas Schubert, a partner in the Berlin office, will take over as Europe Head of the Venture Technology and Emerging Growth Companies practice from Christopher Rose. Schubert has significant experience in technology M&A and in assisting aspiring growth companies on the implementation of innovative digital business models, including blockchain technology. A well-regarded transactional lawyer, he advises on M&A deals, private equity investments, venture capital transactions and joint ventures. He is also respected for his work in the energy and renewable energy sector, and he will continue in his role as Co-Head of the Energy section of the Europe Regulatory group. He has been a partner at Dentons since 2015.

Thomas Schubert commented, “Digitisation is fundamentally changing about every industry sector. This calls for a totally new approach of doing business. Continued investments in new innovative business models by VC funds as well as corporate investors will be key for a successful transition. I am honoured to taking over the coordination and lead of Dentons’ European Venture Technology Group with the goal of further growing our interaction with and impact on the global ecosystem.”

Tomasz Dąbrowski, CEO of Dentons Europe, commented on the appointments, “Dentons remains strongly committed to our strategy to enhance our offering in key sectors and practices across the European continent. I am therefore delighted that three talented partners – Anita, Chris and Thomas – will use their experience and creativity to further develop quality, innovative solutions for our clients.”