Latest news with #BakerHostetler
The Star
4 days ago
- Business
- The Star
Integrated Asean supply chain key to tackling US trade policies, says Liew
KUALA LUMPUR: An integrated Asean supply chain, combined with a standardised legal framework, is essential for addressing the recent and constantly changing tariff policies of the United States, says Liew Chin Tong. The Deputy International Trade and Industry Minister said the previous competitive economic policies between Asean countries had become no longer sustainable due to the US. 'We grew rich by exporting to the US, expecting them to be ready as the consumer of both first and last resort. 'But this old model of over-reliance on trade and the competition between Malaysia and other Asean members to manufacture as cheaply as possible is no longer reliable due to President Donald Trump's policies. 'It is time for us to move away from the mindset of competing with each other through low wages and instead work together to build an integrated regional supply chain and a vibrant consumer base of our own,' he said in a speech at a forum here on Tuesday (July 15). He added that through a more integrated Asean and improved middle class, Asean will be able to get better engagement with major powers to engage and attract interest from other emerging economies. To help achieve this, Liew said it was vital for Asean to diversify its markets collectively by exploring more opportunities not directly tied to or reliant on American consumerism. 'We must also ensure that we maintain our neutral position and begin shaping our own regional legal landscape. 'The law is not just a set of technical rules but ensures order and creates a level playing field. 'This will enable us to develop a more resilient and adaptive supply chain that is fair for everyone in Asean,' he added. The forum Liew spoke at, titled 'Staying Ahead Of The Curve: Legal Appetite For Sanctions And Tariffs Risks', focused on the current legal challenges faced by Asean businesses due to Trump's tariffs and what can be done. American law firm BakerHostetler partner Artie McConnell, advised Asean businesses to begin adopting compliance programmes into their operations to reduce the likelihood of targeted retaliation or investigation from the US's Department of Justice (DOJ). 'They should look to build from previous cases of investigations into tariff evasion by the DOJ and build those findings into their compliance programmes. 'This way, these businesses can show that they are taking active steps to address tariff evasion and thus receive a more lenient punishment,' he said during the forum.
Yahoo
5 days ago
- Sport
- Yahoo
Sham Yankees: MLB Suit Targets Alleged Counterfeiter With 5 Names
A man who goes by as many as five different names is accused in a new federal lawsuit of repeatedly selling counterfeit New York Yankees merchandise around Yankee Stadium. MLB Advanced Media and MLB Properties contend that Jemal Dortch—who is also called Jamal Dortch, Jamal Wiggins, Jemal Wiggins and Jamaal Wiggins—is liable for trademark counterfeiting, trademark infringement and related claims. The case is detailed in a 34-page complaint filed on Tuesday in the Southern District of New York. Advertisement More from MLB Advanced Media and MLB Properties (hereinafter MLB) own and officially license various apparel and other products that feature among the more than 1,000 trademarks of MLB and its teams. As MLB tells it, Dortch has been a serial counterfeiter and infringer who has ignored 'repeated warnings' to stop the distribution and selling of baseball caps, headwear and other products bearing MLB trademarks. The complaint, authored by Robertson D. Beckerlegge and other attorneys from BakerHostetler, refers to undercover investigators hired by MLB to pose as buyers of merchandise outside of Yankee Stadium. MLB cites 18 separate examples of Dortch running afoul of the law between September 2022 and last month by selling counterfeit and infringing goods. Despite being arrested or caught in the act by private investigators, Dortch doesn't appear deterred by the consequences. He's accused of simply trying again months, weeks, days or even hours after being caught. Advertisement For example, on Sept. 23, 2022, Dortch was arrested for trademark counterfeiting in connection with his distributing, offering for sale, and/or selling infringing goods. On April 1, 2023, Dortch was arrested again for the same offense. On July 7, 2024, Dortch was observed selling caps bearing Yankees logos. MLB then served Dortch with a cease-and-desist letter and he agreed to surrender 56 counterfeit Yankees caps. But a couple of weeks later, he was observed engaged in the same activity, leading to another cease-and-desist letter and him surrendering more than two dozen counterfeit Yankees caps and hats. MLB cites still other incidents that occurred closer in time. On Aug. 24, 2024, Dortch surrendered 18 counterfeit Yankees caps and hats. A day later there were two separate incidents. In the first one he surrendered counterfeit Yankees caps, hats and t-shirts and later in the day he was spotted again. He then turned over more caps, hats and t-shirts. The complaint's inventory of incidents is extensive and includes surveillance photos. Advertisement MLB highlights that the sale of counterfeit goods is likely to 'cause confusion and mistake in the minds of the purchasing public.' Some consumers might wrongly believe they're buying officially licensed products. MLB also points out its intellectual property and goodwill are harmed since its trademarks stand for 'the reputation for quality' that officially licensed products demand. Among the demanded remedies, MLB wants a permanent injunction to block Dortch from selling any 'any reproduction, counterfeit, copy or colorable imitation of the MLB Trademarks to identify any goods or the rendering of any services not authorized.' The league also demands that Dortch be barred from 'making any statement or representation whatsoever' that could induce consumers into believing he's selling legit items. The destruction or 'otherwise dealing with the unauthorized products' is also demanded, as is a requirement that Dortch supply MLB 'with the name and address of each person or entity from whom or from which it has purchased any item bearing the MLB Trademarks.' In addition, MLB wants Dortch's profits and other financial compensation as well as total sales figures for any sales of unauthorized MLB items. The case has been assigned to U.S. District Judge Loretta A. Preska, who has presided over several high-profile cases over the years. In the late 1990s, Preska was the judge for the defamation lawsuit brought by wrongly accused Olympic Park bombing suspect Richard Jewell against the New York Post. That litigation settled out of court. Best of Advertisement Sign up for Sportico's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
The Hindu
09-06-2025
- Business
- The Hindu
Wall Street, Main Street push for foreign tax rethink in U.S. Budget bill
Industry groups representing sectors including real estate, finance and multinational companies are pushing for the reduction or exclusion of a retaliatory tax targeting foreign investors in the U.S. in the Republican tax bill, as they see it as a threat to their businesses and to the broader markets and economy. The proposed tax, known as Section 899, applies a progressive tax burden of up to 20% on foreign investors' U.S. income as pushback against countries that impose taxes the U.S. considers unfair, such as digital service taxes. It could raise $116 billion in taxes over 10 years. Some individual companies are also pushing for action, according to two lawyers familiar with their clients' plans, who did not name specific companies due to client confidentiality. 'Lobbying surrounding Section 899 is at peak levels,' said Jeff Paravano, a former Treasury Department official who is now chair of law firm BakerHostetler's tax group. The move comes as Senate Finance Committee Chairman Mike Crapo, the Republican in charge of the chamber's tax writing provisions, and other Republicans are in close coordination with President Donald Trump on the tax bill, having met on Wednesday. The White House declined to comment. Mr. Crapo said he would not comment on ongoing discussions about the bill. Global investors hold almost $40 trillion in U.S. assets, such as securities, loans and deposits, according to the U.S. Treasury International Capital Reporting System. This raises concerns about the ripple impact of the bill. "It has the potential to be a very negative impact on the free flow of capital from the U.S. and through businesses that are multinational," said Gabriel Grossman, a U.S. tax partner at Linklaters, adding he has seen some clients put planned investments in the U.S. on pause until they have more clarity on the new levies. The broader bill itself is also creating much debate as it is forecast to add about $2.4 trillion to the U.S. debt and has sparked an explosive feud between Trump and his erstwhile key ally Elon Musk, the billionaire CEO of Tesla. Collateral damage Industries across different sectors are on high alert. The new levy could increase taxes from rents and real estate investment trusts, gains from property sales and securitized products. "There is a legitimate fear among investors that, if this goes through, it could impact investments, and that it would create higher costs for real estate in terms of getting financing," said David McCarthy, managing director at the CRE Finance Council, a nonpartisan trade group. "It could depress the value of real estate if you don't have as much money to finance property purchases." The asset management industry is concerned about outflows. "We encourage the Senate to make this provision more targeted to respond to unfair foreign taxes and other concerning measures rather than disincentivizing beneficial foreign investment in the U.S.," a spokesperson for the Investment Company Institute said. The investment community is also working to clarify whether Treasuries and corporate bonds will remain exempt as they are currently subject to a portfolio interest exception that applies no taxation, lawyers and industry sources said. "There's reason to believe that fixed-income assets wouldn't be in scope, but there's still considerable uncertainty about this point," Morgan Stanley strategist Michael Zezas said in a note to clients. A footnote part of the Budget Committee report, which provides direction to taxpayers, courts and the Treasury in interpreting the statute, says that Section 899 "does not apply to portfolio interest." Foreigners' equity investments, however, do not count with the portfolio interest protection and could be taxed, lawyers and banks said. Multinational companies could face a new tax burden on dividends and inter-company loans, potentially reducing profit, according to Section 899. Jonathan Samford, president of the Global Business Alliance, a lobbying group for international companies in the U.S., said many multinationals could decide to shut down operations in the U.S., risking 8.4 million jobs in the country. "Those companies will not be paying U.S. tax whatsoever because they will not be able to operate in that punitive, high-tax environment," he said. Morgan Stanley said in a note to clients a repatriation of profits out of the U.S. and pressure on the U.S. dollar. Corporate loans could also become more expensive, as loans extended by foreign banks might be subject to the new tax burden if section 899 overrides current treaties, lawyers said, adding that companies could end up paying more for the debt to make up for the tax increase. Senate passage Investors are hoping for some changes in the Senate. Senator Steve Daines, a Montana Republican on the Finance Committee, said it may be necessary to clarify the language in Section 899. 'We want to make sure we don't have tax policies that in some way would diminish the fact that we are the gold standard in the world,' Daines said. Morgan Stanley said in a note that it expects "sufficient Senate Republicans to take notice and clarify the policy to mitigate this risk" of increasing the cost of capital for the U.S. "It actually is pretty much of a nuclear bomb," said Pascal Saint-Amans, partner at Brunswick Group, who is also the former tax chief of the Organization for Economic Cooperation and Development, who led the 2021 global tax treaty. "The coverage (of Section 899) seems extremely broad and the terms are not extremely well-defined."
Reuters
09-06-2025
- Business
- Reuters
Wall Street, Main Street push for foreign tax rethink in US budget bill
NEW YORK/WASHINGTON, June 9 (Reuters) - Industry groups representing sectors including real estate, finance and multinational companies are pushing for the reduction or exclusion of a retaliatory tax targeting foreign investors in the U.S. in the Republican tax bill, as they see it as a threat to their businesses and to the broader markets and economy. The proposed tax, known as Section 899, applies a progressive tax burden of up to 20% on foreign investors' U.S. income as pushback against countries that impose taxes the U.S. considers unfair, such as digital service taxes. It could raise $116 billion in taxes over 10 years. Some individual companies are also pushing for action, according to two lawyers familiar with their clients' plans, who did not name specific companies due to client confidentiality. 'Lobbying surrounding Section 899 is at peak levels,' said Jeff Paravano, a former Treasury Department official who is now chair of law firm BakerHostetler's tax group. The move comes as Senate Finance Committee Chairman Mike Crapo, the Republican in charge of the chamber's tax writing provisions, and other Republicans are in close coordination with President Donald Trump on the tax bill, having met on Wednesday. The White House declined to comment. Crapo said he would not comment on ongoing discussions about the bill. Global investors hold almost $40 trillion in U.S. assets, such as securities, loans and deposits, according to the U.S. Treasury International Capital Reporting System. This raises concerns about the ripple impact of the bill. "It has the potential to be a very negative impact on the free flow of capital from the U.S. and through businesses that are multinational," said Gabriel Grossman, a U.S. tax partner at Linklaters, adding he has seen some clients put planned investments in the U.S. on pause until they have more clarity on the new levies. The broader bill itself is also creating much debate as it is forecast to add about $2.4 trillion to the U.S. debt and has sparked an explosive feud between Trump and his erstwhile key ally Elon Musk, the billionaire CEO of Tesla (TSLA.O), opens new tab. Industries across different sectors are on high alert. The new levy could increase taxes from rents and real estate investment trusts, gains from property sales and securitized products. "There is a legitimate fear among investors that, if this goes through, it could impact investments, and that it would create higher costs for real estate in terms of getting financing," said David McCarthy, managing director at the CRE Finance Council, a nonpartisan trade group. "It could depress the value of real estate if you don't have as much money to finance property purchases." The asset management industry is concerned about outflows. "We encourage the Senate to make this provision more targeted to respond to unfair foreign taxes and other concerning measures rather than disincentivizing beneficial foreign investment in the U.S.," a spokesperson for the Investment Company Institute said. The investment community is also working to clarify whether Treasuries and corporate bonds will remain exempt as they are currently subject to a portfolio interest exception that applies no taxation, lawyers and industry sources said. "There's reason to believe that fixed-income assets wouldn't be in scope, but there's still considerable uncertainty about this point," Morgan Stanley strategist Michael Zezas said in a note to clients. A footnote part of the Budget Committee report, which provides direction to taxpayers, courts and the Treasury in interpreting the statute, says that Section 899 "does not apply to portfolio interest." Foreigners' equity investments, however, do not count with the portfolio interest protection and could be taxed, lawyers and banks said. Multinational companies could face a new tax burden on dividends and inter-company loans, potentially reducing profit, according to Section 899. Jonathan Samford, president of the Global Business Alliance, a lobbying group for international companies in the U.S., said many multinationals could decide to shut down operations in the U.S., risking 8.4 million jobs in the country. "Those companies will not be paying U.S. tax whatsoever because they will not be able to operate in that punitive, high-tax environment," he said. Morgan Stanley said in a note to clients a repatriation of profits out of the U.S. and pressure on the U.S. dollar. Corporate loans could also become more expensive, as loans extended by foreign banks might be subject to the new tax burden if section 899 overrides current treaties, lawyers said, adding that companies could end up paying more for the debt to make up for the tax increase. Investors are hoping for some changes in the Senate. Senator Steve Daines, a Montana Republican on the Finance Committee, said it may be necessary to clarify the language in Section 899. 'We want to make sure we don't have tax policies that in some way would diminish the fact that we are the gold standard in the world,' Daines said. Morgan Stanley said in a note that it expects "sufficient Senate Republicans to take notice and clarify the policy to mitigate this risk" of increasing the cost of capital for the U.S. "It actually is pretty much of a nuclear bomb," said Pascal Saint-Amans, partner at Brunswick Group, who is also the former tax chief of the Organization for Economic Cooperation and Development, who led the 2021 global tax treaty. "The coverage (of Section 899) seems extremely broad and the terms are not extremely well-defined."
Yahoo
09-06-2025
- Business
- Yahoo
Analysis-Wall Street, Main Street push for foreign tax rethink in US budget bill
By Carolina Mandl and Bo Erickson NEW YORK/WASHINGTON (Reuters) -Industry groups representing sectors including real estate, finance and multinational companies are pushing for the reduction or exclusion of a retaliatory tax targeting foreign investors in the U.S. in the Republican tax bill, as they see it as a threat to their businesses and to the broader markets and economy. The proposed tax, known as Section 899, applies a progressive tax burden of up to 20% on foreign investors' U.S. income as pushback against countries that impose taxes the U.S. considers unfair, such as digital service taxes. It could raise $116 billion in taxes over 10 years. Some individual companies are also pushing for action, according to two lawyers familiar with their clients' plans, who did not name specific companies due to client confidentiality. 'Lobbying surrounding Section 899 is at peak levels,' said Jeff Paravano, a former Treasury Department official who is now chair of law firm BakerHostetler's tax group. The move comes as Senate Finance Committee Chairman Mike Crapo, the Republican in charge of the chamber's tax writing provisions, and other Republicans are in close coordination with President Donald Trump on the tax bill, having met on Wednesday. The White House declined to comment. Crapo said he would not comment on ongoing discussions about the bill. Global investors hold almost $40 trillion in U.S. assets, such as securities, loans and deposits, according to the U.S. Treasury International Capital Reporting System. This raises concerns about the ripple impact of the bill. "It has the potential to be a very negative impact on the free flow of capital from the U.S. and through businesses that are multinational," said Gabriel Grossman, a U.S. tax partner at Linklaters, adding he has seen some clients put planned investments in the U.S. on pause until they have more clarity on the new levies. The broader bill itself is also creating much debate as it is forecast to add about $2.4 trillion to the U.S. debt and has sparked an explosive feud between Trump and his erstwhile key ally Elon Musk, the billionaire CEO of Tesla. COLLATERAL DAMAGE Industries across different sectors are on high alert. The new levy could increase taxes from rents and real estate investment trusts, gains from property sales and securitized products. "There is a legitimate fear among investors that, if this goes through, it could impact investments, and that it would create higher costs for real estate in terms of getting financing," said David McCarthy, managing director at the CRE Finance Council, a nonpartisan trade group. "It could depress the value of real estate if you don't have as much money to finance property purchases." The asset management industry is concerned about outflows. "We encourage the Senate to make this provision more targeted to respond to unfair foreign taxes and other concerning measures rather than disincentivizing beneficial foreign investment in the U.S.," a spokesperson for the Investment Company Institute said. The investment community is also working to clarify whether Treasuries and corporate bonds will remain exempt as they are currently subject to a portfolio interest exception that applies no taxation, lawyers and industry sources said. "There's reason to believe that fixed-income assets wouldn't be in scope, but there's still considerable uncertainty about this point," Morgan Stanley strategist Michael Zezas said in a note to clients. A footnote part of the Budget Committee report, which provides direction to taxpayers, courts and the Treasury in interpreting the statute, says that Section 899 "does not apply to portfolio interest." Foreigners' equity investments, however, do not count with the portfolio interest protection and could be taxed, lawyers and banks said. MULTINATIONALS Multinational companies could face a new tax burden on dividends and inter-company loans, potentially reducing profit, according to Section 899. Jonathan Samford, president of the Global Business Alliance, a lobbying group for international companies in the U.S., said many multinationals could decide to shut down operations in the U.S., risking 8.4 million jobs in the country. "Those companies will not be paying U.S. tax whatsoever because they will not be able to operate in that punitive, high-tax environment," he said. Morgan Stanley said in a note to clients a repatriation of profits out of the U.S. and pressure on the U.S. dollar. Corporate loans could also become more expensive, as loans extended by foreign banks might be subject to the new tax burden if section 899 overrides current treaties, lawyers said, adding that companies could end up paying more for the debt to make up for the tax increase. SENATE PASSAGE Investors are hoping for some changes in the Senate. Senator Steve Daines, a Montana Republican on the Finance Committee, said it may be necessary to clarify the language in Section 899. 'We want to make sure we don't have tax policies that in some way would diminish the fact that we are the gold standard in the world,' Daines said. Morgan Stanley said in a note that it expects "sufficient Senate Republicans to take notice and clarify the policy to mitigate this risk" of increasing the cost of capital for the U.S. "It actually is pretty much of a nuclear bomb," said Pascal Saint-Amans, partner at Brunswick Group, who is also the former tax chief of the Organization for Economic Cooperation and Development, who led the 2021 global tax treaty. "The coverage (of Section 899) seems extremely broad and the terms are not extremely well-defined."
