Asia-Pac leads growth in power, utilities deals
There was a 13 per cent rise in deal activity in the power and utilities sector in 2015 compared to the previous year. Figures from EY show that global deals totalled US$200 billion, with investment in renewables accounting for 50 per cent of the deals. The six-year high for the sector comes as companies seek to comply with regulations and reduce exposure to volatile commodities.
Asia-Pacific led transaction activity with domestic and outbound deals in China and energy reforms resulting in a 100 per cent increase in regional deal value over 2014. Deal activity in China is expected to remain strong despite the economy showing signs of a slowdown. The country accounted for US$51.7b and 69 per cent of total regional deal value in 2015.
Currency variations hits revenue at KWM
King & Wood Mallesons’ revenue from Australia and China was hit by variations in currency and overall global revenue was down 1 per cent to US$1.02 billion in 2015. The Australian dollar was down 17 per cent against the US dollar last year and the firm says global revenue would have been up 8 per cent on a constant currency basis. Global managing partner Simon Fuller has said that one of the firm’s priorities is a full-service US presence which may involve a merger.
Global co-chair to retire at DLA Piper
Sir Nigel Knowles is to retire as senior partner global co-chairman of DLA Piper after almost 40 years at the firm. For the past two decades Knowles has been part of the firm’s management and is credited for his role in expanding the UK-based firm into an international law brand. He will remain links with the firm in a consultancy capacity.
France considers ‘right to ignore work emails’ law
Employment laws in France are set to include a right for workers to ignore emails outside of their normal working hours. The standard working week is 35 hours in France but figures show an increase in the number of managers working unpaid hours in the evening for fear of losing their jobs. The government is keen to ensure that a work-life balance has protection under the law.