The Czech economy has gathered steam. The GDP rose by 2% in 2014 and economists expect a further growth by 2.5% this year. However, there are still some factors which might hamper the positive momentum, in particular geopolitical developments. Miroslav Dubovsky (Weinhold Legal, Prague) and Dr. Ruediger Theiselmann (WELLENSIEK, Frankfurt) show what German companies should be aware of when it comes to restructurings in the Czech Republic.
The global surge in commodities prices is over – leading to a slowdown in economic growth in Australia, especially showing in a significant decrease of the GDP growth of about 2.5 % in 2014. Irre-spective of this, the fifth continent faces big shifts in the automotive sector. Against this backdrop, Arthur Davis (Addisons, Sydney) and Dr. Ruediger Theiselmann (WELLENSIEK, Frankfurt) talk about what foreign companies doing business in Australia need to know now.
Japan’s economy has stalled over the last years. A low GDP rise of only 1.35% coincides with a steep rise in public debt. The old and new government of prime minister Shinzo Abe is still hesitant to im-plement any serious structural reforms. Our experts Toshiaki Nakada, Ulrich Kirchhoff, LL.M. (ARQIS Foreign Law Office, Tokyo) and Dr. Ruediger Theiselmann (WELLENSIEK, Frankfurt) discuss the impacts this situation has on German international groups and their companies in Japan.
Boom on the Bosphorous – that is how the Turkish economy has mainly been described over the last decade. In the meantime, however, this state of seemingly endless dynamic growth has slowed down significantly: Turkey’s GDP rose only 1.5 % in the first quarter of 2015. Our experts, Yalın Akmenek (AKOL, Istanbul) and Dr. Ruediger Theiselmann (WELLENSIEK), talk about the outlook for Turkey’s economy and what foreign companies need to be aware of when restructuring their local businesses.
The Brazilian economy is in deep water: after years of prosperity on the back of high commodity Prices combined with an ever growing middle class leading to high domestic consumer demand, GDP flatlined in 2014 (+0.1%). Especially the propensity to invest was on a very low level, with less than 18% of GDP. At the same time, the scandal involving Petrobras, its suppliers and the political establishment unsettles not only Brazil and its entrepreneurs and the population but the whole region and international Investors as well. Christian Moritz (Felsberg Advogados, São Paulo) and Dr. Alexander Verhoeven (WELLENSIEK) comment on the relevance of these recent developments for German companies.
India has faced dynamic economic developments over the last couple of years with double-digit growth rates. Even if the GDP growth is still relatively strong (6.9 % in 2013/14), certain industries are losing steam. This might lead to restructuring needs for international companies being active in India. Karan Singh (Trilegal Mumbai) and Dr. Ruediger Theiselmann (WELLENSIEK) give more color on how to master these challenges.
With GDP rising 2.4% in 2014, the US-economy is showing strong signs of a full recovery after the financial crisis. This positive development is mainly driven by a steep rise in consumer spending (about 4.3%) and at the same time an unemployment rate at a record low (for the last decade) of 5.6%. However, with a lifting of the interest rates looming on the horizon and the appreciation of the US-Dollar weighing heavy on the export oriented industry, the need for restructuring and new chances for distressed M&A-transactions might wait just around the corner. Our experts Dr. Christoph Lange (Baker Hostetler) and Dr. Ruediger Theiselmann (WELLENSIEK) will give insight on what you need to know about restructuring projects under US-law.
Albeit France is the second largest economy in the European Union, the general business environment for French subsidiaries of international companies is currently anything but favorable. In our interview Anja Droege Gagnier (BMH Avocats, Paris) and Dr. Ruediger Theiselmann (WELLENSIEK) outline possible ways to cope with this situation.
A rise of only 0.4 percent was a sign for difficulties in the Austrian overall economy in 2014. Even with a slightly better forecast for 2015, restructurings with relation to the ca. 6,000 German companies in Austria could become a relevant factor in the strategic planning of international holding companies. Dr. Sonja Kerschbaum (Kerschbaum Partner) and Dr. Rüdiger Theiselmann (WELLENSIEK), give insight on what are specific aspects to keep in mind in a restructuring scenario under Austrian jurisdiction.