bluuebunny/crossref_metadata_2025 huggingface dataset:
evolSOM: An R package for analyzing conservation and displacement of biological variables with self-organizing maps
Authors: Prochetto Santiago , Reinheimer Renata , Stegmayer Georgina
Published: August 2024

Motivation

Unraveling the connection between genes and traits is crucial for solving many biological puzzles. Ribonucleic acid molecules and proteins, derived from these genetic instructions, play crucial roles in shaping cell structures, influencing reactions, and guiding behavior. This fundamental biological principle links genetic makeup to observable traits, but integrating and extracting meaningful relationships from this complex, multimodal data present a significant challenge.

Results

We introduce evolSOM, a novel R package that allows exploring and visualizing the conservation or displacement of biological variables, easing the integration of phenotypic and genotypic attributes. It enables the projection of multi-dimensional expression profiles onto interpretable two-dimensional grids, aiding in the identification of conserved or displaced genes/phenotypes across multiple conditions. Variables displaced together suggest membership to the same regulatory network, where the nature of the displacement may hold biological significance. The conservation or displacement of variables is automatically calculated and graphically presented by evolSOM. Its user-friendly interface and visualization capabilities enhance the accessibility of complex network analyses.

Availability and implementation

The package is open-source under the GPL (≥3) and is available at https://github.com/sanprochetto/evolSOM, along with a step-by-step vignette and a full example dataset that can be accessed at https://github.com/sanprochetto/evolSOM/tree/main/inst/extdata.
scDiffusion: conditional generation of high-quality single-cell data using diffusion model
Authors: Luo Erpai , Hao Minsheng , Wei Lei , Zhang Xuegong
Published: August 2024

Motivation

Single-cell RNA sequencing (scRNA-seq) data are important for studying the laws of life at single-cell level. However, it is still challenging to obtain enough high-quality scRNA-seq data. To mitigate the limited availability of data, generative models have been proposed to computationally generate synthetic scRNA-seq data. Nevertheless, the data generated with current models are not very realistic yet, especially when we need to generate data with controlled conditions. In the meantime, diffusion models have shown their power in generating data with high fidelity, providing a new opportunity for scRNA-seq generation.

Results

In this study, we developed scDiffusion, a generative model combining the diffusion model and foundation model to generate high-quality scRNA-seq data with controlled conditions. We designed multiple classifiers to guide the diffusion process simultaneously, enabling scDiffusion to generate data under multiple condition combinations. We also proposed a new control strategy called Gradient Interpolation. This strategy allows the model to generate continuous trajectories of cell development from a given cell state. Experiments showed that scDiffusion could generate single-cell gene expression data closely resembling real scRNA-seq data. Also, scDiffusion can conditionally produce data on specific cell types including rare cell types. Furthermore, we could use the multiple-condition generation of scDiffusion to generate cell type that was out of the training data. Leveraging the Gradient Interpolation strategy, we generated a continuous developmental trajectory of mouse embryonic cells. These experiments demonstrate that scDiffusion is a powerful tool for augmenting the real scRNA-seq data and can provide insights into cell fate research.

Availability and implementation

scDiffusion is openly available at the GitHub repository https://github.com/EperLuo/scDiffusion or Zenodo https://zenodo.org/doi/10.5281/zenodo.13268742.
GGC repeat expansions in NOTCH2NLC cause uN2CpolyG cerebral amyloid angiopathy
Authors: Bao Lei , Li Xiaowen , Tian Jin , Wang Lulu , Ji Ying , Cui Yingying , Sun Wen , Zhang Jing , Xia Man , Zhu Pinyi , Cui Guiyun , Chen Hao
Published: August 2024

The expansion of GGC repeats within NOTCH2NLC leads to translation of the uN2CpolyG protein, the primary pathogenic factor in neuronal intranuclear inclusion disease (NIID). The aim of this study was to explore the deposition of uN2CpolyG as an amyloid in the vessel wall, leading to uN2CpolyG cerebral amyloid angiopathy-related cerebral microbleeds (CMBs).

A total of 97 patients with genetically confirmed NIID were enrolled in this study. We analysed the presence of CMBs using susceptibility-weighted imaging sequences and compared general clinical information, cerebrovascular risk factors, stroke history, antiplatelet medication use and MRI features between NIID patients with and without CMBs. We also performed haematoxylin and eosin, Perl’s, Congo red and Thioflavin S staining, ubiquitin, p62 and uN2CpolyG immunostaining on brain tissue obtained from four NIID patients.

A total of 354 CMBs were detected among 41 patients with NIID, with nearly half located in the deep brain, one-third in the lobes and ∼20% in the infratentorial area. No significant differences in cerebrovascular disease risk factors or history of antiplatelet drug use were observed between patients with and without CMBs. However, patients with CMBs had suffered a higher incidence of previous ischaemic and haemorrhagic stroke events. This group also had a higher incidence of recent subcortical infarcts and a higher proportion of white matter lesions in the external capsule and temporal pole. Conversely, patients without CMBs showed higher detection of high signals at the corticomedullary junction on diffusion-weighted imaging and more pronounced brain atrophy.

Haematoxylin and eosin staining showed blood vessel leakage and haemosiderin-laden macrophage clusters, and Prussian blue staining revealed iron deposition in brain tissue. CMBs occurred more frequently in small vessels lacking intranuclear inclusions, and extensive degeneration of endothelial cells and smooth muscle fibres was observed mainly in vessels lacking inclusions. Congo red-positive amyloid deposition was observed in the cerebral vessels of NIID patients, with disordered filamentous fibres appearing under an electron microscope. Additionally, the co-localization of Thioflavin S-labelled amyloid and uN2CpolyG protein in the cerebral vascular walls of NIID patients further suggested that uN2CpolyG is the main pathogenic protein in this form of amyloid angiopathy.

In conclusion, we reviewed patients with GGC repeat expansion of NOTCH2NLC from a new perspective, providing initial clinical, neuroimaging and pathological evidence suggesting that uN2CpolyG might contribute to a distinct type of cerebral amyloid angiopathy.
Structure comparison of heme-binding sites in heme protein predicted by AlphaFold3 and AlphaFold2
Authors: Kondo Hiroko X , Takano Yu
Published: August 2024

AlphaFold3 can predict protein–ligand complex structures. In this study, we examined the accuracy of prediction of heme–protein interactions by AlphaFold3. AlphaFold3 succeeded in predicting heme–protein interactions for most heme proteins except for those without homologous proteins in the Protein Data Bank. Our comparison of predictions by AlphaFold3 and AlphaFold2 suggests that heme–protein structures can be predicted from amino acid sequences of proteins alone using AlphaFold2.
Comparative Effectiveness of Licensed Influenza Vaccines in Preventing Influenza-related Medical Encounters and Hospitalizations in the 2022–2023 Influenza Season Among Adults ≥65 Years of Age
Authors: Ku Jennifer H , Rayens Emily , Sy Lina S , Qian Lei , Ackerson Bradley K , Luo Yi , Tubert Julia E , Lee Gina S , Modha Punam P , Park Yoonyoung , Sun Tianyu , Anderson Evan J , Tseng Hung Fu
Published: August 2024

Background

Influenza causes substantial morbidity, particularly among older individuals. Updated data on the effectiveness of currently licensed vaccines in this population are needed.

Methods

At Kaiser Permanente Southern California, we conducted a retrospective cohort study to evaluate comparative vaccine effectiveness (cVE) of high-dose (HD), adjuvanted, and standard-dose (SD) cell-based influenza vaccines, relative to the SD egg-based vaccine. We included adults aged ≥65 years who received an influenza vaccine between 1 August 2022 and 31 December 2022, with follow-up up to 20 May 2023. Primary outcomes were: (1) influenza-related medical encounters and (2) polymerase chain reaction (PCR)-confirmed influenza-related hospitalization. Adjusted hazard ratios (aHR) were estimated by Cox proportional hazards regression, adjusting for confounders using inverse probability of treatment weighting (IPTW). cVE (%) was calculated as (1—aHR) × 100 when aHR ≤1, and ([1/aHR]—1) × 100 when aHR >1.

Results

Our study population (n = 495 119) was 54.9% female, 46.3% non-Hispanic White, with a median age of 73 years (interquartile range [IQR] 69–79). Characteristics of all groups were well balanced after IPTW. Adjusted cVEs against influenza-related medical encounters in the HD, adjuvanted, and SD cell-based vaccine groups were 9.1% (95% confidence interval [CI]: .9, 16.7), 16.9% (95% CI: 1.7, 29.8), and −6.3 (95% CI: −18.3, 6.9), respectively. Adjusted cVEs against PCR-confirmed hospitalization in the HD, adjuvanted, and SD cell-based groups were 25.1% (95% CI: .2, 43.8), 61.6% (95% CI: 18.1, 82.0), and 26.4% (95% CI: −18.3, 55.7), respectively.

Conclusions

Compared to the SD egg-based vaccine, HD and adjuvanted vaccines conferred additional protection against influenza-related outcomes in the 2022–2023 season in adults ≥65 years. Our results provide real-world evidence of the comparative effectiveness of currently licensed vaccines.
Variable success in linking micro- and macroevolution
Authors: Schluter Dolph
Published: August 2024

Attempts to predict macroevolution from microevolution, and microevolution from macroevolution, when natural selection is the main cause have met with varying success. Explanations for failure are numerous, but the reasons are uncertain even when a link is found. Here, I discuss possible explanations for outcomes of three efforts and ways to test them. First, quantitative genetic variation within populations often predicts directions of species divergence with surprising accuracy. Natural selection probably contributes to this pattern, but the evidence suggests that even long-term phenotypic evolution is influenced by enduring genetic biases. Second, the rate of evolution of reproductive isolation repeatedly fails to predict species diversification rates for unknown reasons. Suspicion falls on the influence of ecological and population demographic processes that might play a dominant role in the net rate of accumulation of species, an idea as yet little tested. Third, macroevolutionary patterns in the distribution of phenotypes of species in clades can in principle predict selection coefficients in diverging populations. I use the concept of adaptive landscape to suggest why the macroevolutionary signal of divergent selection is strongest at the time of splitting and why little information about selection coefficients from phylogenetic methods remains in the long run. Estimating adaptive landscapes from first principles would facilitate further efforts to link microevolution and macroevolution.
Inhibition of OLR1 Reduces SASP of Nucleus Pulposus Cells by Targeting Autophagy-GATA4 Axis
Authors: Gao Jia-Wei , Shi Hang , Gao Fu-Ping , Zhou Zhi-Min , Peng Xin , Sun Rui , Cabral Vladmir Lenine Ferreira , Li Jian , Wang Yun-Tao , Wang Xiao-Hu , Wu Xiao-Tao
Published: August 2024

Targeting cellular senescence and senescence associated secretory phenotype (SASP) through autophagy has emerged as a promising intervertebral disc (IVD) degeneration (IDD) treatment strategy in recent years. This study aimed to clarify the role and mechanism of autophagy in preventing IVD SASP. Methods involved in vitro experiments with nucleus pulposus (NP) tissues from normal and IDD patients, as well as an in vivo IDD animal model. GATA4’s regulatory role in SASP was validated both in vitro and in vivo, while autophagy modulators were employed to assess their impact on GATA4 and SASP. Transcriptomic sequencing identified oxidized low-density lipoprotein receptor 1 (OLR1) as a key regulator of autophagy and GATA4. A series of experiments manipulated OLR1 expression to investigate associated effects. Results demonstrated significantly increased senescent NP cells (NPCs) and compromised autophagy in IDD patients and animal models, with SASP closely linked to IDD progression. The aged disc milieu impeded autophagic GATA4 degradation, leading to elevated SASP expression in senescent NPCs. Restoring autophagy reversed senescence by degrading GATA4, hence disrupting the SASP cascade. Moreover, OLR1 was identified for its regulation of autophagy and GATA4 in senescent NPCs. Silencing OLR1 enhanced autophagic activity, suppressing GATA4-induced senescence, and SASP expression in senescent NPCs. In conclusion, OLR1 was found to control autophagy-GATA4 and SASP, with targeted OLR1 inhibition holding promise in alleviating GATA4-induced senescence and SASP expression while delaying extracellular matrix degradation, offering a novel therapeutic approach for IDD management.
Association of conventional cigarette smoking, heated tobacco product use and dual use with hypertension
Authors: Hu Huan , Nakagawa Tohru , Honda Toru , Yamamoto Shuichiro , Mizoue Tetsuya
Published: August 2024

Background

Heated tobacco products (HTPs) have emerged as alternatives to conventional cigarettes. However, their health effects remain largely unknown. This study aimed to prospectively explore the association between the use of cigarettes and HTPs and the risk of hypertension.

Methods

This cohort study analysed data from 30 152 workers (82.0% men, mean age 42.9 ± 11.0 years) who were initially free of hypertension, participating in the Japan Epidemiology Collaboration on Occupational Health Study. Participants were categorized into five groups based on their self-reported tobacco product use: never smokers, past smokers, exclusive cigarette smokers, exclusive HTP users and dual users of cigarettes and HTPs. Hypertension cases were identified using three data points from annual health checkup data collected between 2019 and 2021. Cox proportional hazards regression models were used to investigate the association between tobacco product use and hypertension.

Results

During a mean follow-up of 2.6 years (range: 0.1–4.0 years), 3656 new cases of hypertension were identified. Compared with never smokers, the risk of hypertension was higher among exclusive cigarette smokers [hazard ratio (HR) 1.26, 95% confidence interval (CI) 1.13–1.41] and exclusive HTP users (HR 1.19, 95% CI 1.06–1.34). There was also a suggestion of increased risk of hypertension among dual users (HR 1.16, 95% CI 0.98–1.38). Furthermore, the risk of hypertension increased with the intensity of cigarette/HTP use in all tobacco product users.

Conclusions

Similarly, both cigarette smoking and HTP use elevate the risk of hypertension. HTPs should not be regarded as less harmful alternatives to traditional cigarettes for preventing hypertension.
When the Rain Stops Falling. Effects of Droughts on the Tunisian Labour Market
Authors: Alfani Federica , Pallante Giacomo , Palma Alessandro , Talhaoui Abdelkader
Published: August 2024

We investigate the effects of severe drought shocks in Tunisia’s agricultural sector during the period 2000-2019. Using labour force surveys aligned with granular weather data, we calculate Standardized Potential Evapotranspiration Index (SPEI) to detect moderate-to-severe drought shocks occurred at the governorate level and frame the analysis in a staggered difference-in-differences setting with repeated negative events. We find that shocked areas experience a maximum of 7.4 to 10.6 percentage point drop in agricultural employment compared to the untreated or not-yet-treated governorates. We observe a contemporaneous opposite dynamic in the employment rate of low-skill and less climate-sensitive sectors, as well as a modest and transient increase in unemployment. The effects are largely heterogeneous across workers' groups, with women, young individuals and low-educated workers paying the highest toll. Urban non-agricultural workers are temporarily crowded out from the labour market due to the increase in the informal labour supply.
Large-Dimensional Portfolio Selection with a High-Frequency-Based Dynamic Factor Model
Authors: Bodilsen Simon T
Published: August 2024

This article proposes a new predictive model for large-dimensional realized covariance matrices. Using high-frequency data, we estimate daily realized covariance matrices for the constituents of the S&P 500 Index and a set of observable factors. Using a standard decomposition of the joint covariance matrix, we express the covariance matrix of the individual assets similar to a dynamic factor model. To forecast the covariance matrix, we model the components of the covariance structure using a series of autoregressive processes. A novel feature of the model is the use of the data-driven hierarchical clustering algorithm to determine the structure of the idiosyncratic covariance matrix. A simulation study shows that this method can accurately estimate the block structure as long as the number of blocks is small relative to the number of stocks. In an out-of-sample portfolio selection exercise, we find that the proposed model outperforms other commonly used multivariate volatility models in extant literature.
New insight into the molecular mechanism of TCM Bufei Huoxue formula for chronic obstructive pulmonary disease based on network pharmacology and experimental verification
Authors: Zhu Yuanying , Hao Shengyuan , Wu Yan , Lin Yuxian , Liu Xuecun , Luo Ting , Zhou Yubing , Yang Xin , Xu Hui
Published: August 2024

Objectives

To unveil the mechanism of the Bufei Huoxue formula (BHF) for chronic obstructive pulmonary disease (COPD) through integrated network pharmacology (NP) and experimental verification.

Methods

LC-MS was first applied to the analysis of both in vitro and in vivo samples from BHF for chemical profiling. Then a ligand library was prepared for NP to reveal the mechanism of BHF against COPD. Finally, verification was performed using an animal model related to the results from the NP.

Key findings

A ligand library containing 170 compounds from BHF was obtained, while 357 targets related to COPD were filtered to construct a PPI network. GO and KEGG analysis demonstrated that bavachin, paeoniflorin, and demethylation of formononetin were the major compounds for BHF against COPD, which mainly by regulating the PI3K/Akt pathway. The experiments proved that BHF could alleviate lung injury and attenuate the release of TNF-α and IL-6 in the lung and BALF in a dose-dependent manner. Western blot further demonstrated the down-regulated effect of BHF on p-PI3K.

Conclusion

BHF provides a potent alternative for the treatment of COPD, and the mechanism is probably associated with regulating the PI3K/AKT pathway to alleviate inflammatory injury by bavachin, paeoniflorin, and demethylation of formononetin.
Olfactory neuroblastoma with orbital protrusion arising in the background of maxillary carcinoma
Authors: Wadhwani Nikhar , Bhola Nitin
Published: August 2024

An uncommon entity in the class of malignant neuroectodermal nasal tumors is the olfactory neuroblastoma, which originates in the roof of the nasal cavity from the olfactory epithelium. It is often mistaken by clinicians for a nasal polyp because it presents with indistinct features such as nasal obstruction and secondary sinus disease. Olfactory neuroblastoma has been observed to cause morbidity by distant metastasis, invasion through the cribriform plate, and secondary meningitis in most instances. It exhibits a range of biologic activities, from slow growth accompanied by long-term patient survival to a very aggressive malignancy with extensive metastases. We report the incidence of a rare case in which a patient, previously operated on and irradiated for squamous cell carcinoma of the maxilla, developed an olfactory neuroblastoma with orbital protrusion.
Primary multistep phosphorelay activation comprises both cytokinin and abiotic stress responses: insights from comparative analysis of Brassica type-A response regulators
Authors: Nicolas Mala Katrina Leslie , Skalak Jan , Zemlyanskaya Elena , Dolgikh Vladislav , Jedlickova Veronika , Robert Helene S , Havlickova Lenka , Panzarova Klara , Trtilek Martin , Bancroft Ian , Hejatko Jan
Published: August 2024

Multistep phosphorelay (MSP) signaling integrates hormonal and environmental signals to control both plant development and adaptive responses. Type-A RESPONSE REGULATOR (RRA) genes, the downstream members of the MSP cascade and cytokinin primary response genes, are thought to mediate primarily the negative feedback regulation of (cytokinin-induced) MSP signaling. However, transcriptional data also suggest the involvement of RRA genes in stress-related responses. By employing evolutionary conservation with the well-characterized Arabidopsis thaliana RRA genes, we identified five and 38 novel putative RRA genes in Brassica oleracea and Brassica napus, respectively. Our phylogenetic analysis suggests the existence of gene-specific selective pressure, maintaining the homologs of ARR3, ARR6, and ARR16 as singletons during the evolution of Brassicaceae. We categorized RRA genes based on the kinetics of their cytokinin-mediated up-regulation and observed both similarities and specificities in this type of response across Brassicaceae species. Using bioinformatic analysis and experimental data demonstrating the cytokinin and abiotic stress responsiveness of the A. thaliana-derived TCSv2 reporter, we unveil the mechanistic conservation of cytokinin- and stress-mediated up-regulation of RRA genes in B. rapa and B. napus. Notably, we identify partial cytokinin dependency of cold stress-induced RRA transcription, thus further demonstrating the role of cytokinin signaling in crop adaptive responses.
Molecular dialogue between light and temperature signalling in plants: from perception to thermotolerance
Authors: Sharma Aishwarye , Samtani Harsha , Laxmi Ashverya
Published: August 2024

Light and temperature are the two most variable environmental signals that regulate plant growth and development. Plants in the natural environment usually encounter warmer temperatures during the day and cooler temperatures at night, suggesting both light and temperature are closely linked signals. Due to global warming, it has become important to understand how light and temperature signalling pathways converge and regulate plant development. This review outlines the diverse mechanisms of light and temperature perception, and downstream signalling, with an emphasis on their integration and interconnection. Recent research has highlighted the regulation of thermomorphogenesis by photoreceptors and their downstream light signalling proteins under different light conditions, and circadian clock components at warm temperatures. Here, we comprehensively describe these studies and demonstrate their connection with plant developmental responses. We also explain how the gene signalling pathways of photomorphogenesis and thermomorphogenesis are interconnected with the heat stress response to mediate thermotolerance, revealing new avenues to manipulate plants for climate resilience. In addition, the role of sugars as signalling molecules between light and temperature signalling pathways is also highlighted. Thus, we envisage that such detailed knowledge will enhance the understanding of how plants perceive light and temperature cues simultaneously and bring about responses that help in their adaptation.
Update to Chapter 18: Brussels and Lugano: Grounds for Refusal of Recognition and Enforcement of Judgments
Authors: Hartley Trevor C
Published: August 2024

This chapter assesses the reasons why some judgments from other Member States or Lugano States under Brussels and Lugano should not be recognized. The grounds for refusal set out in the instruments apply to both recognition and enforcement of a judgment. However, in the case of enforcement, the judgment debtor may also invoke grounds that apply under national law for the non-enforcement of national judgments-for example, that the judgment has been satisfied. This is not possible with regard to recognition: recognition may be refused only on the grounds set out in the instruments. The principal grounds are set out in Brussels 2012, Article 45, and Lugano 2007, Articles 34 and 35. They are similar (though not entirely the same) under both instruments.
Non-Legal Indicators and Risks
Authors: Wood Philip R
Published: August 2024

This chapter discusses various non-legal indicators relevant to a choice of governing law and courts, including familiarity with the governing law and courts, language, location of financial centres, and legal infrastructure, including the rule of law and efficiency. The goodwill attached to a governing law that is often used, such as English and New York law, generally makes it unnecessary to investigate the detail of the legal system each time, which in many cases would be impracticable. This reduces transaction costs. The choice of law ceases to be something that has to be negotiated each time. As to legal infrastructure, such as political risks, a distinction must be made between the written law of a jurisdiction and how the law is applied, if at all. A jurisdiction may have a sound legal system on paper, but the political risks are too great. There appears in most cases to be a striking correlation between the wealth of a country and its ranking on political risks.
Market Power
Authors: Niels Gunnar , Jenkins Helen , Kavanagh James
Published: August 2024

The chapter deals with market power, a core economic concept for competition law. Market power is not usually prohibited as such, since in competitive markets the prospect of achieving market power drives competitive effort and attracts entrants. Rather, competition law tries to prevent the abuse of market power. Market power is a matter of degree. This chapter discusses the assessment of market power with reference to market shares, concentration measures, and entry and exit barriers (such as economies of scale, sunk costs, and network effects). It explores the role of profitability as an indicator of market power, and discusses buyer power and bidding markets. The chapter also deals with the insights from behavioural economics into the interaction between consumers and suppliers, and resulting market power. Finally, the chapter considers market power in dynamic, innovative markets.
Abuse of Dominance
Authors: Niels Gunnar , Jenkins Helen , Kavanagh James
Published: August 2024

The chapter deals with the economics of abuse of dominance. It discusses form-based and effects-based approaches to unilateral conduct, and explains the economic criteria that can be used, including the degree of foreclosure, the as-efficient competitor test, and cost benchmarks. The chapter then addresses specific types of exclusionary abuse, including predatory pricing, price discrimination, rebates, margin squeeze, bundling and tying, and refusal to supply and essential facilities. As each of these practices may reflect normal competition and have beneficial efficiency and welfare effects, this chapter sets out how economic tests can be applied to identify instances where the practices produce significant anti-competitive effects. While interventions under the abuse of dominance rules tend to focus on exclusionary behaviour, competition laws also deals with exploitative conduct. This chapter sets out the economic principles of excessive pricing as a specific form of exploitative abuse.
The Use of Economic Evidence in Competition Cases
Authors: Niels Gunnar , Jenkins Helen , Kavanagh James
Published: August 2024

Competition lawyers and economists routinely work alongside each other as complements (not substitutes). This chapter explores best practice in presenting economic evidence. Various competition authorities have issued guidance on this. It also looks at how courts can assess what weight and credibility to attach to the evidence of economic experts, especially in situations where two experts reach different conclusions. Useful criteria for dealing with these situations have been developed in the United States (the Daubert test), the United Kingdom (the ‘duty to help the court’), and Australia (the ‘hot tub’). The chapter discusses some of the themes that have arisen in court cases with regard to economic evidence and how it can be interpreted—do economists in court always get a fair hearing? It concludes with some, mostly optimistic, observations about future trends in the use of economics in competition law.
Conclusion
Authors: Secomb Matthew
Published: August 2024

This chapter concludes that international arbitrators do not yet take a uniform approach to the granting of interest on awards. However, the law and practice of international arbitration seem to have converged, or be converging, on certain aspects of interest. An example of this is respecting any agreement by the parties on interest. By contrast, on other aspects, there remains some significant variance in the way the issues are dealt with. An illustration of this is whether interest should be simple or compound. The chapter argues that there should be convergence between the law and practice of international arbitration with regard to interest on a three-step uniform approach. First, the parties' agreement should be respected if it determines the rate, calculation method, or dates over which interest should be granted. Second, absent such agreement, the claimant should be able to claim the losses it incurred because it did not have the use of the money in question. The rate, calculation method, and period over which interest is granted should reflect those losses. Third, if the claimant cannot, or does not, prove its actual losses, then it should be granted interest at a commonly used commercial rate, augmented appropriately, for the relevant currency at the place of payment; compounded, with the rests corresponding to the rate used; and running from the date the payment should have been made, or the date of the loss, until the date of payment. It is the third step that is most important in practice. While the first two steps can sometimes be important, in the majority of cases, they do not apply.
The Harmonization of Costs Practices in International Arbitration
Authors: O’Reilly Michael
Published: August 2024

This chapter examines the prospects for harmonizing cost practices in international arbitration. It argues that the prospects look extremely positive. There is a growing consensus that costs should generally reflect success, but that conduct is also important. Article 28.3 of the LCIA Arbitration Rules further provides that the arbitral tribunal shall ‘decide the amount of Legal Costs on such reasonable basis as it thinks appropriate’. Even in investment arbitrations, where there has been a marked reluctance by some tribunals to shift costs, it is becoming the norm to award costs to the successful party unless there is some other overriding interest, such as the access of individuals to justice. However, growing confidence about these general propositions-that costs awards should reflect success and that conduct should be taken into account-should not obscure the reality that there are still many details and nuances that need to be worked through.
United States of America
Authors: Rutledge Peter Bowman , Kent Rachael D , Henel Christian F
Published: August 2024

This chapter deals with the arbitration system of the United States. It first provides a short history of US arbitration law before discussing the current status of the law, the distinction between national and international arbitration, and the practice of arbitration in the country. It then examines the jurisdiction of the arbitral tribunal, focusing on the arbitration agreement itself (eg, requirements as to the contents of the arbitration agreement, law applicable to the interpretation of arbitration clauses) and the issue of arbitrability in the context of international arbitration (‘personal arbitrability’, ‘objective arbitrability’). The chapter also describes the composition of the arbitral tribunal, and especially how arbitrators are appointed, as well as the extent of party autonomy to determine the arbitral procedure, how an arbitral award is rendered, and the question of liability of arbitrators. Finally, it analyses the enforcement of national and foreign awards in the United States.
Regional Aid
Authors: Bacon Kelyn
Published: August 2024

This chapter covers the regional aid exemption contained within the General Block Exemption Regulation (GBER), and the application of the Regional Aid Guidelines to regional aid that falls outside the scope of the GBER. It explains the demarcation of Article 107(3)(a) and Article 107(3)(c) regions under the 2014–2020 Regional Aid Guidelines, before going on to address the scope of and conditions for the three types of regional aid measure exempted by the GBER: regional investment aid, regional operating aid, and regional urban development aid. The compatibility assessment of aid under the Regional Aid Guidelines is then discussed in detail.
Comparative Regulation of Corporate Governance in the Insurance Sector
Authors: van den Hurk Arthur , Siri Michele
Published: August 2024

This chapter focuses on corporate governance in the insurance sector. Insurers fulfil an essential role in the economy as managers of insurable risk over potentially long periods of time. This role requires a corporate culture and environment of shared values and respect of sound ethical principles. Overall, this is a system which is composed of corporate structures and related governing policies. EU prudential regulation has to deal with the specificities of the insurance sector and to have sufficient flexibility to take into account the characteristics of each type of insurance activity and various forms of corporate structure. There are also expectations to shape corporate governance frameworks of financial institutions in a comparable and similar way for all types of financial institutions, often using banking regulation as the underlying template.
State-Owned Financial Institutions
Authors: Adolff Johannes , Langenbucher Katja , Skinner Christina
Published: August 2024

This chapter assesses whether State-ownership of financial institutions can further systemic stability and allocative efficiency. State-owned financial institutions are not common in most Western developed and capitalist economies. However, the United States and Germany may be seen as partial exceptions among their peer Western economies, with the United States' Government-Sponsored Enterprises (GSEs) and Germany’s State-owned banks. In the United States, the State-ownership conversation has been framed largely in terms of public utility regulation. Likewise, in Germany, where almost half of banking activities are carried out by ‘alternative banks’, there is a certain level of support for the notion that such ‘alternative’ ownership structures have their merits and that, therefore, a good mix of private and non-private ownership structures may well be the most promising approach for pursuing allocative efficiency and overall system stability.
Cooperative Banking—A Dutch Experience
Authors: van Olffen Martin , van Solinge Gerard
Published: August 2024

This chapter focuses on cooperative banks. Although smaller in number, cooperative banks are significant players in the financial market. All cooperative banks have in common the fact that they are key players in local communities and provide access to finance at a local level. The purpose of cooperative banks is value creation for their members as opposed to the profit maximization that defines other types of banks. Each member of a cooperative bank has a vote in the strategy and the governance of their cooperative bank. The governance structures and strategies that guide cooperative banks today have their roots in ethical principles that were developed in the nineteenth century. Studying the history and recent developments taking place at Rabobank — one of the major Dutch banks — the chapter then addresses whether cooperative banking makes a difference in terms of governance, financial stability, conduct, and social responsibility.
Managing Conduct Risk
Authors: Alibrandi Antonella Sciarrone , Frigeni Claudio
Published: August 2024

This chapter examines the concepts of conduct risk and misconduct risk. Despite the attention paid to this subject by regulators, commentators, and others, there is some confusion about what conduct risk specifically is. Conduct risk is generally viewed as the risk associated with illegal or unethical conduct engaged in by financial firms and their employees. Beyond this broad definition, different institutions have focused their attention on specific areas or activities in which misconduct may occur and attempted to understand the drivers of conduct risk in these areas or activities. Taking into account that the main objective should be the prevention — rather than punishment — of misconduct, the international debate on conduct risk has begun stressing the importance of fostering robust firm cultures, in which customer satisfaction and ethical behaviour would become widespread among financial firms and their employees.
Concluding Remarks
Authors: Cox Johanne M
Published: August 2024

This concluding chapter discusses certain principles on expropriation that are settled as well as the fundamental tensions in the case law that continue to exist. The settled principles include the following: expropriation is not per se unlawful under international law; a wide array of property rights, including tangible and intangible assets, can be expropriated; the customary international law remedy for unlawful expropriation is the principle of full reparation. On the other hand, some of the tensions that exist relate to the legality requirements for expropriation; whether omissions or acts can constitute expropriatory acts; the role of legitimate expectations and proportionality in the test for indirect (regulatory) expropriation; the concept of partial expropriation; and whether the HULL standard represents customary international law today. The chapter concludes by revisiting the question of whether any of the settled principles in the case law translate into — or otherwise manifest themselves — in customary international law.
Legal Framework to Govern Electronic Payment and Electronic Presentation of Documents
Authors: Goldby Miriam
Published: August 2024

This chapter focuses on the legal framework to govern electronic payment and electronic presentation of documents. Because of the significant role that is played by banks in international trade transactions and the greater efficiency with which they could perform this role if they were able to receive and process trade data electronically—particularly where a documentary credit or supply chain finance arrangement is in place—it is important to examine whether presentation of a document set to a bank under a documentary collection, or a documentary credit agreement, may be made electronically. The chapter also looks at electronic alternatives to negotiable financial instruments such as bills of exchange, drafts, and promissory notes, which remain important financing tools, especially for small and medium-sized enterprises.
Supervising Due Administration
Authors: Clarry Daniel
Published: August 2024

This chapter examines how the Court facilitates the ongoing performance of trusts by supervising internal matters of trust administration. Traditionally, the Court undertook the general administration of trusts in Equity by receiving trust property and directing accounts to be taken before a Chancery Master, with a report issued thereafter and further judicial intervention in trust administration as required. Whilst the Court still supervises the taking of accounts in trust administration where necessary, the disclosure of trust information has evolved as a prominent aspect of the supervisory jurisdiction over trust administration that is expedient in enabling extrajudicial auditing of trust administration, thereby facilitating the performance of trusts without paralysing trust administration in the process or causing unnecessary delay and expense.
Breach of Contract: The CISG
Authors: Zeller Bruno
Published: August 2024

This chapter details the remedial provisions of the United Nations Convention on Contracts for the International Sale of Goods (CISG). The CISG has two articles, namely articles 45 and 61, which provide an overview of the remedies available to the buyer or the seller in the event of a breach. Article 45(2) for the buyer and article 61(2) for the seller make it clear that damages provide the most important and all-embracing remedy, as both the buyer and seller never lose the right to damages even if they choose another remedy. In addition, parties to a sale are relieved of liability for a breach of contract only by article 79, which indicates that only an impediment beyond the control of the party will excuse non-performance. The CISG allows for three broad categories of remedies: specific performance, avoidance, and substitutionary relief.
Special Damages: Interest Rates
Authors: Zeller Bruno
Published: August 2024

This chapter assesses the right to claim interest under article 78 of the United Nations Convention on Contracts for the International Sale of Goods (CISG). The advantage of relying on article 78 is obviously the fact that losses do not need to be proven and that the limitation of article 79 also does not apply. The problem is that article 78 may not provide full compensation, but a claim pursuant to article 78 may still be the fastest and cheapest way to get an award. In summary, article 78 is to be understood in two ways. First, the interest rate issue is not governed by the convention, and therefore the conflict of laws rules will determine the applicable domestic law. Second, it appears that the majority of courts follow this suggestion; in other words, jurisprudence supports the view that the rate of interest has to be set via domestic law.
The Doctrine of Anticipatory Repudiation
Authors: Zeller Bruno
Published: August 2024

This chapter addresses how the United Nations Convention on Contracts for the International Sale of Goods (CISG) governs anticipatory repudiation of a contract. Under the CISG, anticipatory breach does not pose any problems but is different from the common law position. The differences are in the application and in the terminology. A party under the CISG can resolve a potential unease whether the other party will perform in a two-step approach unlike under common law where repudiation is the only approach. Importantly, the CISG governs two situations. First, a party can suspend its own performance once it suspects that the other party will not perform. Secondly, the innocent party can avoid the contract without having to wait until the contract is actually breached, thereby allowing the applicability of the principles of fundamental breach.
Conclusion and Observations
Authors: Zeller Bruno
Published: August 2024

This concluding chapter argues that two important factors need to be taken into account at a time when the pace of globalisation and internationalisation of trade has quickened. First, an understanding of the problems of devising and implementing uniform and harmonised laws is necessary. Second, existing international conventions, such as the United Nations Convention on Contracts for the International Sale of Goods (CISG), that offer practical solutions to harmonisation must be recognised and adopted by the legal profession when drafting international contracts. Ultimately, unification of laws will depend on internationalisation and respect for other systems' decisions. As such, the uniform European laws must be replaced by uniform international laws as trade spans international borders.
Cryptocurrencies as Property in Civilian and Mixed Legal Systems
Authors: Carr Daniel
Published: August 2024

This chapter examines how the forms of property analyses in civil law and mixed legal sytems would need to be adapted to accommodate the cryptocurrency as an object of property (res). It first considers whether cryptocurrencies would count as objects of property, whether it is appropriate to treat them as ‘currency’ or ‘money’, and how they could be accommodated in a legal regime that categorises res as either tangible things or intangible rights. It then asks whether the incorporeal form of cryptocurrencies should be subordinated to their function and purpose, whether the law of possession will be directly applicable to cryptocurrencies, and how the civil law requirement of specificity could be satisfied by the cryptographic uniqueness of cryptocurrencies. The chapter concludes with a discussion of the implications of recognising cryptocurrencies as res, focusing on questions of ownership, vindication and possessory actions, acquisitive prescription and original acquisition.
Delivery, Acceptance, and Payment
Authors: Bridge M G
Published: August 2024

This chapter deals with the law on delivery, acceptance, and payment, covering the seller's duty to deliver and the buyer's duty to pay. The seller is required to deliver the goods to the buyer at the time and in the mode and quantity required by the contract. The buyer is bound to accept and pay for the goods. According to section 28 of the Sale of Goods Act, there is a presumption that subject to a retention, delivery and payment are mutual and concurrent conditions. Outside the law of sale of goods, the presumption of concurrency does not apply where one party's performance is a condition precedent to the other's performance, as where the former party has to perform in order to earn entitlement to the other's performance.
EU Equivalence Regime
Authors: Srivastava Arun , Moffatt Nina
Published: August 2024

This chapter examines the EU equivalence regime, the different pieces of EU legislation that contain equivalence provisions, and the process for determining equivalence. EU legislation has tended to focus on activities carried on within the territory of the EU. However, in recent years, reflecting the internationalisation of financial services and the expanding competencies of the EU, EU laws have increasingly come to set out the terms on which firms operating from outside the EU can transact with and provide services to parties in the EU. This has resulted in equivalence regimes being written into EU laws. Following the 2016 Brexit referendum result, commentators suggested that such equivalence regimes could provide a composite basis for UK-based firms to continue to provide services into the EU, on a similar basis to how firms use their existing passports. In reality, however, the equivalence framework under EU law is fragmented and does not support such a composite approach to market access.
The EU Approach to Authorisation
Authors: Carall-Green Daniel
Published: August 2024

This chapter assesses the EU approach to granting authorisation to UK-authorised financial services firms that wish to continue or establish operations in the EU after EU law ceases to apply in the UK. The EU approach to authorisation is driven by two authorities: the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA). The chapter evaluates the EBA opinions on Brexit that addresses a number of relevant policy topics relating to authorisation: prudential regulation and the supervision of banks; internal models; outsourcing; internal governance; and risk transfers via back-to-back and intragroup operations. The chapter alos evaluates ESMA’s published opinion setting out general principles aimed at fostering consistency in the authorisation and supervision of investment firms in the EU27, as well as ESMA’s sector-specific opinions in the areas of investment firms, investment management, and secondary markets.