Retrofitting and reuse of existing buildings, as opposed to their demolition and rebuild, is a more environmentally sustainable approach to development in most (but not all) cases, in terms of lower carbon emissions.   However, there is currently no standardised approach to calculating and assessing the non-operational carbon or ‘embodied carbon’ impacts of a development over its lifetime. Neither are there clear national planning polices or guidance on how these emissions should be taken into account in planning decisions. This contrasts to ‘operational carbon’, being the carbon emi ..read more

This article contains some links which are only accessible by PLC subscribers. Today, Singapore is one of the most solar-dense cities globally. According to the Singapore Green Plan 2030, it aims to achieve at least 2 gigawatt-peak (GWp) of installed solar capacity by 2030, meeting the annual electricity needs of around 350,000 households. However, solar energy projects are not without their challenges and a major point for negotiation in this type of project is the delay damages regime. This area is complex and disputes are rife. Therefore, the recent judgment from the Singapore High Court in ..read more

Potential Benefits to US Issuers from the Issuance of Reverse Yankee Bonds US issuers may elect to issue Reverse Yankee bonds for a number of reasons.  Of significant importance is likely to be favorable pricing and coupon rates that may be available (particularly for very large US issuers), which may result, in part, from the implementation of differing central bank monetary policies from the Fed, the ECB and the Bank of England, respectively, in response to global inflationary trends. In the first quarter of 2024, there was rising optimism about the state of the eurozone economy, allowi ..read more

New York may lead the charge on implementation of data excise taxes (i.e., “data mining taxes”) which will impose taxes on businesses that collect personal data.  These data excise taxes primarily target large tech companies like Google and Amazon and other large corporations given the thresholds set forth in the proposed bill.  Presently under review by the New York Senate is NY Senate Bill S2012 (the “Bill”) which, if enacted, would “raise revenue to fund state services by imposing a tax on the collection of New Yorkers’ consumer data by businesses for commercial purposes.”  T ..read more

Change in Control of Oil and Gas Licensees The Energy Act 2023 (the “Act”) (in force as from 26 October 2023) amends[2]model clauses contained in exploration and production licences[3]to introduce requirements for consent to be obtained from the North Sea Transition Authority (“NSTA”) to change control of the licence holder prior to the transaction completing and to enable the NSTA to obtain information in relation to a change of control. A change of control of the licensee is defined as any event by which a person who did not have control of a licensee when that licence was granted ..read more

FTSE Russell Comments on UK Listing Rule Reform On 15 March 2024, FTSE Russell provided insight on its provisional changes to the FTSE UK Index Series Ground Rules in light of the proposed changes to the UK listing regime.  In effect, the Equity Share Commercial Companies (ESCC) and the Closed Ended Investment Fund categories will replace the Premium segment as the eligible index universe for the FTSE UK Index Series. Companies listed on the proposed Transition category (existing Standard segment listed companies) and International Secondary Listing category (non-UK incorporated companies ..read more

By 2050 rising sea levels will exacerbate episodic storm surges and inundate an estimated 87,000 square kilometers (21.5 million acres) of coastal areas worldwide, exposing $1.7 trillion of real estate to catastrophic damage.[1]While 2050 might seem like the distant future, it is within the time span of a 30-year mortgage issued today. The 20 top major metropolitan areas at greatest risk (ranked by the value of their exposed real estate assets) are Miami (USA), Guangzhou (China), New York–Newark (USA), Calcutta (India), Shanghai (China), Mumbai (India), Tianjin (China), Tokyo (Japan), Hong Kon ..read more

On March 27, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to narrow its rule permitting certain internet investment advisers to register with the SEC (the “internet adviser exemption”).  See Rule 203A-2(e) under the Investment Advisers Act of 1940, as amended. The internet adviser exemption permits an adviser that conducts its business over the internet to register with the SEC, rather than with applicable state regulatory authorities, regardless of the amount of such adviser’s regulatory assets under management. Before the amendments, the exemption con ..read more

A distinct asset class? Operational real estate is often spoken about as if it is a distinct real estate type or as if the term is only applicable to certain more operationally intensive real estate types such as hotels or care homes. Whilst the latter has been the case historically, all real estate has become to a greater or lesser extent more operationally intensive and more focussed on occupational needs as a result of a change in tenant requirements and in order to drive income, the sustainability of income and the return on investment. In addition to the ubiquitous presence of service and ..read more

Can an actor be dismissed for strict and publicly held religious beliefs The claimant is an actor and a committed Christian. Her religious beliefs had in the past led her to refuse to play certain parts. In January 2019, the claimant was cast in the lead role of Celie in a stage production of The Colour Purple. Celie is seen as an iconic lesbian role and the production is recognised as being at least in part about the physical lesbian relationship between Celie and another female character. In 2014 the claimant published on Facebook her general beliefs on homosexuality stating that, “…I do not ..read more