The Freshfields Podcast

Essential Antitrust #24: Cartel enforcement is back: dawn raids in Europe and new targets in the US

Over the past several years, cartel enforcement actions appear to have been on the decline. Despite this, antitrust enforcers have made clear that they have no intention to ease up enforcement efforts and, in fact, have indicated a renewed commitment to aggressive enforcement – as illustrated by a recent spike in dawn raids, including of private homes, in Europe and several initiatives by the Biden Administration in the US.

In this latest episode of our Essential Antitrust podcast our host Jenn Mellott is joined by Ramya Arnold, senior associate in London, Dominic Divivier, senior associate in Duesseldorf, and Angela Landry, counsel in Washington DC and Silicon Valley, to discuss what enforcers in Europe and the US are focused on in their pursuits.

MedTech - A Conversation with Gloria Seibert

In this episode of our MedTech podcast series, Freshfields partners Vinita Kailasanath and Theresa Ehlen sit down with Gloria Seibert – Founder and CEO of Temedica – to discuss the future of digital health innovations and to reflect on Gloria’s own experiences as a founder and entrepreneur in the MedTech industry.

Tax Matters podcast: How will the UK Autumn Statement 2022 affect your business?

The UK Chancellor Jeremy Hunt has delivered the much anticipated Autumn Statement 2022 following a period of political and economic instability in the UK.

The Autumn Statement 2022 comes at a difficult time for the UK economy with inflation at its highest rate for decades and a significantly increased budget deficit forecast. In view of this, the Chancellor has made clear that both spending cuts and increased tax revenues are required to reduce the “fiscal black hole”.

In our latest podcast, London Tax partners Paul Davison and Jill Gatehouse and London Tax senior associate Josh Critchlow discuss the business tax measures they found the most noteworthy in the Autumn Statement 2022, including: 

• Changes to the Energy Profits Levy – the windfall tax on oil and gas companies enacted in Summer 2022;
• The introduction of a new Electricity Generator Levy – a temporary 45% tax to be levied on extraordinary returns from low-carbon UK electricity generation;
• Confirmation that the UK will introduce the OECD Pillar 2 proposals, including further detail on the structure of these rules and when the rules will take effect;
• Reforms to rebalance R&D tax reliefs – involving proposals to increase the rate of the Research and Development Expenditure Credit and decrease the SME additional deduction and credit rate;
• Confirmation that both the reduction in the bank corporation tax surcharge rate to 3% and the increase in the diverted profits tax rate to 31% will go ahead as planned in April 2023;
• The new share-for-share exchange anti-avoidance measure that has immediate effect; and
• Reflections on tax measures that were not introduced.

Essential Antitrust #23: Merger challenges in US courts: deciphering US antitrust agencies’ recent string of defeats

US antitrust authorities have taken a more aggressive stance on merger enforcement, suing to block deals rather than looking for tailored fixes. After facing several defeats in US courts during September 2022, what does this new trend really mean for deal strategy?

In this latest episode of our Essential Antitrust podcast our host Jenn Mellott is joined by Jamillia Ferris and Julie Elmer, antitrust partners in Washington DC, and Martin McElwee, antitrust partner in London and Brussels, to discuss the implications of merger challenges brought by US agencies for both US-focused deals and deals that face broader international scrutiny. 

Great (stakeholder) expectations: Episode 4 - Activists all around

“Activists are not creatures of trends or habits, necessarily, but are reactive to the market, society and where they fit in.”

In this episode of our Great (stakeholder) expectations series, Freshfields’ Elizabeth Bieber and Pamela Marcogliese and FTI Consulting’s Patrick Tucker and Garrett Muzikowski discuss the shareholder activism developments coming out of the past proxy season, expectations for future activism levels, new vulnerability points for companies, the potential impact of universal proxy, and ESG activism.

The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

FTI Consulting, Inc., including its subsidiaries and affiliates, is a consulting firm and is not a certified public accounting firm or a law firm.

Great (stakeholder) expectations: Episode 3 - A bastion of support for social issues

“Choose one carefully articulated path and hang with it, even under pressure.”

In this episode of our Great (stakeholder) expectations series, Freshfields’ Elizabeth Bieber and Pamela Marcogliese and FTI Consulting’s Patrick Tucker and Garrett Muzikowski discuss the bastion of support for social issues coming out of the past proxy season, the implications for the engagement season, and the different pressures companies face on the broadest ESG category with potentially the most reputational risk.

The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

FTI Consulting, Inc., including its subsidiaries and affiliates, is a consulting firm and is not a certified public accounting firm or a law firm.

Great (stakeholder) expectations: Episode 2 - Unpacking the status of climate disclosures

“If this risk is more worth taking than running afoul of investor expectations, take the risk.”

In this episode of our Great (stakeholder) expectations series, Freshfields’ Elizabeth Bieber and Pamela Marcogliese and FTI Consulting’s Patrick Tucker and Garrett Muzikowski unpack the status of climate disclosure, predictions for upcoming SEC rulemaking, and how to prepare for potentially significant changes on the horizon. 

The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

FTI Consulting, Inc., including its subsidiaries and affiliates, is a consulting firm and is not a certified public accounting firm or a law firm.

State of play on Pillar Two

"It is still difficult to predict when the new world of corporate taxation will materialise and what it will eventually look like."

In this podcast, tax partner David Beutel and principal consultant for EU Regulatory and Public Affairs Léa Bareil discuss the current status of the OECD’s Pillar Two proposals for a global minimum rate of tax. They look at the OECD’s current view on Pillar Two, the latest position in the EU - including what happens if unanimity can’t be reached, as well as considering recent developments in the US.

Great (stakeholder) expectations: Episode 1 - A turning point for ESG

“It’s going to get weirder and harder before it gets better.”

In this episode of our Great (stakeholder) expectations series, Freshfields’ Elizabeth Bieber and Pamela Marcogliese and FTI Consulting’s Patrick Tucker and Garrett Muzikowski discuss ESG trends coming out of the past proxy season, the so-called “anti-ESG” movement, implications for the engagement season, the root causes behind them, and where companies should really be focusing their attention in the short-term.

The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

FTI Consulting, Inc., including its subsidiaries and affiliates, is a consulting firm and is not a certified public accounting firm or a law firm.

Essential Antitrust Asia #7: Key antitrust issues in Japan

In this episode of our Essential Antitrust Asia series, Freshfields’ senior associate Laurent Bougard speaks to Kaori Yamada, a partner of the firm’s Tokyo office and Head of the Antitrust, Competition and Trade practice in Asia.

The topics discussed by Kaori and Laurent include:

• Key merger control considerations for Japan-bound investors;
• The JFTC’s increasingly informal approach to enforcement in behavioural cases; and
• Other practical tips when doing business in Japan.