Turkey—cross border banking and finance guide Loan market and developments Please provide a brief overview of the current state of the loan markets in your jurisdiction and any significant recent market developments. International financial institutions such as the International Finance Corporation, European Bank for Reconstruction and Development and Islamic Development Bank have been showing a great interest and taking a leading role in the Turkish market in recent years. They are still in a more significant position compared to commercial banks’ lending in Turkey. Similarly, Turkey has been in the spotlight for Chinese investments since 2018 and we expect this trend to continue for the following years. Infrastructure and public financing are in a stronger position than private financing in Turkey. In particular, the public private partnership (PPP) model has developed into a favoured method for structured projects. In line with this new trend, for a long time now, the Turkish economy has been functioning at a peak level of performance. However, according to the IMF Country Report No.19/395, Turkey’s growth depends on foreign credit and demands stimulus, which leads to large numbers of deficit and high inflation, and triggers depreciation in Turkish Lira. Turkish officials highly encourage the market to go for equity rather than foreign currency loan borrowings. In line with this discourse, a score of changes have happened in terms of foreign exchange legislation and through
Hong Kong—powers of the court to order interim measures in support of arbitration and how to apply to the court The Hong Kong court has the power under the Arbitration Ordinance, Chapter 609 (AO) to grant a range of interim measures in support of arbitration proceedings. These are primarily designed to ensure the arbitral process is respected, the award is not frustrated, regulate the conduct of the parties and preserve assets or evidence. It is important to note the corresponding powers of the arbitral tribunal to grant interim measures under AO, s 35. Note: Hong Kong judgments below are not reported by LexisNexis® UK. Power of the court to stay court proceedings in favour of arbitration The court has the power to stay its proceedings and refer the parties to arbitration if a party so requests and the action is brought in a manner which is the subject of an arbitration agreement, unless the arbitration agreement is invalid, inoperative, or incapable of being performed (AO, s 20). In deciding whether to grant the stay, the court may apply the four-staged test prescribed in Tommy CP Sze v Li & Fung (Trading)  1 HKC 418 (as approved in Polytec Overseas Ltd v Grand Dragon International Holdings  HKCFI 604), namely: • is there an arbitration agreement between the parties. Note: the court need only be satisfied on a prima facie
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Banking and finance analysis: The banking and finance experts of Schoenherr Attorneys at Law have compiled a comprehensive Central and Eastern European overview of the practical legal implications to be considered in finance transactions in the context of the ongoing coronavirus (COVID-19) pandemic.
This week’s edition of Dispute Resolution weekly highlights includes analysis of various key decisions including the Court of Appeal’s decisions in Constandas v Lysandrou (findings of fact and costs) and Best Friends Group v Barclays Bank (limitation and amending the claim form) as well as analysis of the 96th Making Document which, among other things, extended the e-working pilot scheme (Practice Direction 51O) and opened up the online court pilot scheme (Practice Direction 51R). It also includes detail of our new content together with dates for your diaries and the latest Q&As.
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