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Celebrating five consecutive years as one of BC’s Top Employers

Dentons has been recognised as one of BC’s Top Employers for the fifth consecutive year, reinforcing its status as an employer of choice for exceptional talent. Dentons is proud to have created an environment where its people can develop new skills, create a unique career path, explore and be supported in leadership opportunities, and collaborate with team members across its global platform, in addition to having a positive impact in local communities.

BC’s Top Employers is an annual competition organised by the editors of Canada’s Top 100 Employers. This special designation recognises British Columbia employers who lead their industries in offering outstanding places to work.

“Being recognised as one of BC’s Top Employers for five consecutive years is a huge accomplishment. Our continued success is a result of the commitment, enthusiasm and support for each of our team members,” said John Sandrelli, managing partner of Dentons’ Vancouver office. “We are proud to celebrate 40 years of being a part of the Vancouver community. Providing exceptional client service, taking action to improve our communities and supporting the success of both global clients and local businesses is what makes Dentons a great place to grow a career.”

The focus on its people is just one of the ways that Dentons is doing things differently. The diverse and unique strengths of Dentons’ exceptional talent help define its forward-thinking and inclusive culture. Here are some of the ways Dentons has come together to build the law firm of the future in Vancouver:

  • Participate in a number of activities that promote a healthy lifestyle, including the Rotary Club of Vancouver Bike-A-Thon, Ride to Conquer Cancer, Lawn Bowling, the annual Sun Run and a Healthy Habits Walking Club.
  • Help lead the fight for justice, opportunity and equality in our communities through pro bono and philanthropic commitments, including a week-long campaign in support of the United Way of the Lower Mainland, and pro bono services to the Vancouver Pride Society, assisting with the transition of their annual Pride Parade to VanVirtualPride, an online week-long celebration due to COVID-19.
  • Take time to celebrate success and recognise accomplishments as one team through team celebrations, social events and barbeques.
  • Advance shared commitment of building an inclusive firm by developing diverse learning programs and community-focused initiatives, such as an Indigenous business student summer placement program in collaboration with a client.
  • Foster an eco-conscious environment that promotes wellness though sustainable practices in the workplace through its grassroots Workplace Improvement Sustainability and Health (WISH) Committee, like working with local restaurants to enable Dentons’ people to use reusable containers in lieu of using paper, Styrofoam or plastic to-go lunch boxes.

To learn more about our Vancouver office, career opportunities and how we are connecting BC to the world, visit our Dentons – Vancouver page.

Norton Rose advises consortium of banks on $500m bond issuance

Global law firm Norton Rose Fulbright has advised Australia and New Zealand Banking Group Limited, Citigroup Global Markets Limited, Emirates NBD Bank PJSC, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, J.P. Morgan Securities plc and Société Générale as joint lead managers on a US$500 million bond issuance by Emirates NBD Bank PJSC.

The notes are due February 2025 and were issued off Emirates NBD Bank PJSC’s $12,500,000,000 Euro Medium Term Note Programme, which was updated in July 2019 and on which Norton Rose Fulbright also advised.

The Dubai-based Norton Rose Fulbright team was led by head of debt capital markets for the Middle East, Gregory Man, with assistance from senior associate, Ganna Vlasenko.

Gregory Man commented: “We are proud to have been involved in this transaction. This deal builds on Norton Rose Fulbright’s track record of advising on notable bond transactions in the region and once again provided us with the opportunity to represent many of our leading financial institutions clients.”

About Norton Rose Fulbright

We provide the world’s preeminent corporations and financial institutions with a full business law service. We have more than 3,700 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, the Middle East and Africa.

Recognised for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through our global risk advisory group, we leverage our industry experience with our knowledge of legal, regulatory, compliance and governance issues to provide our clients with practical solutions to the legal and regulatory risks facing their businesses.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg.

Global brochure

Norton Rose names Andrew Robinson as its new Global Chair

Global law firm Norton Rose Fulbright today announced that Andrew Robinson has become its Global Chair, effective January 1, 2020.

Andrew is also the firm’s South African Chair and, until recently, the head of its Cape Town office. He has practiced transport law for more than 30 years and has a diverse practice which encompasses both the commercial and litigation aspects of transport and logistics, including: shipping, rail, claims recovery, admiralty, marine insurance, charterparty, oil and gas, international trade, maritime casualty response, subrogated recoveries and marine environmental law. In that time, he has been involved in some of the largest and most complex shipping litigation matters on behalf of both local and foreign clients.

The Global Chair position is for a period of one year. Andrew takes over from Walied Soliman, whose term as Global Chair expired by rotation on December 31, 2019. Walied continues as Chair of Norton Rose Fulbright in Canada.

Peter Martyr, Norton Rose Fulbright’s Global Chief Executive, said: “The appointment of Andrew Robinson to the role of Global Chair for Norton Rose Fulbright demonstrates the importance of our African business to the development of the global firm.

In addition, Andrew is an internationally recognised leader in shipping and marine insurance, and this experience will be invaluable as we look to grow our transport practice this year.

I would like to thank Andrew’s predecessor, Walied Soliman, for his contribution to the firm during his year as Global Chair.”

Andrew Robinson, Norton Rose Fulbright’s Global Chair, said: “I am honoured to be appointed to the Global Chair role. The firm has ambitious and exciting plans for this year, and I look forward to playing an active role in the delivery of these.”

Bitbuy and Cred launch High-Yield Crypto lending platform

Bitbuy, one of Canada’s leading cryptocurrency trading platforms, and Cred, a licensed San Francisco based leader in cryptocurrency lending and borrowing, today announced a strategic partnership that will accelerate the growth of the cryptocurrency economy and open finance in Canada.

Through this partnership, Bitbuy will become the first Canadian cryptocurrency trading platform to allow their users to earn interest on their cryptocurrency holdings. Canadians that hold Bitcoin, Ethereum, Bitcoin Cash, among others, will be eligible to earn up to 10% annualised interest on their holdings through a trusted and dependable provider.

“Enabling Canadians to earn from cryptocurrency is a natural step for Bitbuy. Identifying an experienced partner with an existing protocol in Cred allows us to expedite this process. We’re excited to instantly provide Canadians with this service offering,” said Adam Goldman, Bitbuy president, and founder.

The offering will be made available immediately through a co-branded microsite, with plans to develop a fully customised integrated solution in early 2020. No account minimums will be required, and interest will be paid every three months. Each initial term will be for six months, with the ability to roll over the cryptocurrency assets.

“It’s great to add Canada to the 179 countries we serve, and we’re excited that we found the right partner in Bitbuy to help Canadians earn money on their cryptocurrency simply by loaning it out,” said Dan Schatt, co-founder, and president of Cred.

The partnership comes as savings, lending and earning have emerged as some of the most popular new offerings within the cryptocurrency industry worldwide.

“There is an increasing number of Canadians who own cryptocurrencies and plan to hold these assets for the long-term. Lending will allow them to keep their assets safe while earning interest. Why not earn money while you HODL?” said Goldman.

Cred, founded by former executives of PayPal and Goldman Sachs, has taken numerous steps to ensure that its investments are always secure and fully compliant. The company, which has secured more than $300 million in lending capital, has implemented the industry’s most comprehensive set of risk management, information security, and insurance protection.

“At the end of the day, people should trust what happens in the world of cryptocurrency as much, if not more, as they do in the world of fiat,” Schatt said. “That’s why we’ve spent a lot of time and effort making sure your investments are safe with us.”

Bitbuy and Cred are equally committed to ensuring that Canadians have easy access to industry-leading products and services. As the cryptocurrency economy continues to evolve, the two companies plan to collaborate on more initiatives and offerings.

Canaccord Genuity acquires UK advisory firm McCarthy Taylor

Canaccord Genuity Wealth Management, the UK and Europe wealth management arm of Canada’s Canaccord Genuity Group, has bolstered its national presence by taking over Worcester-based financial advisory business McCarthy Taylor.

McCarthy, set up in 1998, offers bespoke financial planning and discretionary investment management services. The firm services clients across the Midlands.

Canaccord Genuity Wealth Management CEO David Esfandi said: “The acquisition of McCarthy Taylor represents an opportunity to expand our Midlands presence and creates a regional financial planning centre of excellence, which will be fully supported by our broader UK team.

“Together we share an unwavering commitment to expanding our offering of best-in-class fully integrated investment management and wealth planning services to discerning investors across the UK.”

The acquisition, whose financial terms were not disclosed, adds around £171m to Canaccord’s books.

McCarthy CEO Paul Taylor said: “Today marks an exciting chapter in the evolution of our business, and I am confident that joining Canaccord Genuity Wealth Management will bring significant benefits for our clients and our employees as we expand our services and opportunities.”

Paul Taylor will remain actively involved in the business to ensure a smooth transition.

In 2017, Canaccord Genuity Wealth Management snapped up British wealth manager Hargreave Hale.

For more information about Canaccord Genuity Wealth Management, please visit https://www.canaccordgenuity.com/wealth-management-uk/

Ebay paid UK corporation tax of £1.6m in 2016

The UK arm of eBay paid only £1.6m in corporation tax last year, even though its US parent had total revenues from its UK operations of $1.32bn (£1bn).

Ebay’s UK accounts record only £200m in revenues, which came entirely from a Swiss parent firm, seemingly for acting as its advertising agency.

The company declined to explain how its UK revenues were not booked though its UK business. However, an eBay spokesman said its tax affairs were entirely legal.

“In all countries and at all times, eBay is fully compliant with national, EU and international tax rules including those of the OECD, including the remittance of VAT to the appropriate authorities,” he said.

The pre-tax profit eBay UK made on its revenues in 2016 was £7.7m, according to the accounts, and it was on this figure that the UK corporation tax was levied.

Ebay is a huge international business that makes money mainly from advertisers and the commission on sales made through its auction site.

The total revenues of $1.32bn that the parent US business generated from the UK included those from subsidiaries such as the Stubhub ticket exchange and Gumtree classifieds site.

Within the group, the UK arm of eBay is wholly owned by eBay International, which is based in Switzerland and is itself owned by eBay in the US.

The firm’s UK accounts describe the role of eBay UK as providing “services to eBay International by recommending market penetration and advertising strategies for the UK internal marketplace and related third party advertising sales in the UK, Germany, Italy, Belgium and Australia”.

The seeming ability of the company to shelter most its UK profits from the UK tax authorities raises again the ability of big international companies to route their revenues to the countries with the most favourable tax regimes.

This has led in the past few years to intense scrutiny of the tax practices of big firms such as Apple, Amazon, Google and Starbucks.

Ebay in the US, whose international revenues hit $9bn last year, acknowledged that its tax affairs were under scrutiny in several countries, which may leave it with more tax to pay.

“The material jurisdictions where we are subject to potential examination by tax authorities for tax years after 2002 include, among others, the US (Federal and California), Germany, Korea, Israel, Switzerland, United Kingdom and Canada,” its US accounts said.