‘Queen’s Counsel’ No More, ‘King’s Counsel’ Return To UK Courts After 70 Years
About 1,900 elite UK lawyers and hundreds of others in Commonwealth countries who held the rank of “Queen’s Counsel” became “King’s Counsel” when Queen Elizabeth died last week, instantly assuming a title that had gathered dust since the queen took the throne in 1952.
They must now use the shorthand KC rather than QC on letterhead and other materials, according to The Bar Council, which represents more than 16,500 barristers in England and Wales.
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- Published in Global News
Big U.S. Banks’ Prime Rate Soars To Highest Since 2008 Financial Crisis
Three major U.S. banks are raising their prime lending rates to the highest levels since the global financial crisis of 2008, following a hefty interest rate hike by the U.S. Federal Reserve.
JPMorgan Chase & Co (JPM.N), Citigroup Inc and Wells Fargo & Co (WFC.N) said on Wednesday the new rates, including the latest 75 basis point hike, would take effect on Thursday.
- Published in Global News
Turkish State Banks Set to Exit Russia’s Mir on US Warning
Turkish state banks are planning to exit a Russian payment system, a dramatic example of how US secondary sanctions are forcing countries to distance themselves from Moscow.
The three lenders, the only ones in Turkey still processing transactions made with Russia’s Mir cards, decided on Tuesday to pull out, a senior Turkish official said, asking not to be identified because the information isn’t public. The lira reversed losses to close slightly higher after the news. For detailed information, you may refer to:
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White House Hosts Lawyers For Discussion On Abortion Access
Attorney General Merrick Garland headlined a White House event Friday bringing together pro bono lawyers, bar associations and public interest groups to discuss how best to offer legal services and protections for women seeking abortions. Lawyers will work to “encourage robust legal representation of those seeking reproductive care services,” the White House said in announcing the event. For detailed information, you may see:
https://apnews.com/article/abortion-biden-health-merrick-garland-f7a104ec42514b9d64f1eab741d85485
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White House Says No Decision Made On Student Loan Forgiveness
The administration of President Joe Biden has not made a final decision on student loan cancellation, a White House spokesperson said on Friday, after a news report said it was planning to cancel $10,000 in student debt per borrower. To reach the relevant article;
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China Opens Exchange Bond Markets to Overseas Investors
China will allow foreign institutional investors to trade bonds on its smaller exchange market in order to attract more capital inflows. Qualified foreign institutional investors, which can include central banks, sovereign funds, commercial banks and pension funds, will be allowed to invest in bonds on the exchange market. For the whole article;
https://news.bloomberglaw.com/banking-law/china-opens-exchange-bond-markets-to-overseas-investors
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New York Attorney Gets 6-Month Suspension for H-1B Visa Failures
A member of the New York State bar was suspended for six month after an intermediate-level appellate court held that she had failed to file H-1B visa applications and engaged in dishonesty to conceal her failure. The attorney failed to timely file several H-1B applications, and then took a series of steps to conceal those filing failures. To read the full article;
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Law School Admission Test Would be Optional Under ABA Proposal
An ABA group on Friday took another step toward allowing schools to decide whether or not to require the test for prospective students. The Council of the ABA Section of Legal Education and Admissions voted to put the proposal out for public comment.
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Immigrant Investor Group Sues USCIS on EB-5 Restart
USCIS got sued by a California-based company, over recent guidance canceling authorization for immigrant investor enterprises. In a lawsuit filed Friday in the U.S. District Court for the Northern District of California, company argues that USCIS is in violation of the Administrative Procedure Act. For further information, you may visit:
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Indonesia’s $44 Billion of Distressed Debt Gives Investors A Chance To Consider
Govenment of Indonesia started a two-year govenmental plan in regards to the pandemic-related corporate debts of the govenments subsidiary companies, offering some investors the chance to cherry-pick cheap assets. The plan gives creditors and debtors time to resolve billions of dollars worth of loans to companies in order to prevent wholesale bankruptcies. For further information, you may visit:
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