Latest news with #PartnershipAgreement
1News
6 days ago
- Business
- 1News
Big changes for future of America's Cup in new protocol
Equal stakes for each team, a cost cap, more regular racing, and more women and influencers on board a battery-powered AC75 are all part of the protocol for the 38th America's Cup which will be held in Naples in mid-2027. The defender of the America's Cup, The Royal New Zealand Yacht Squadron, represented by Team New Zealand, and the Challenger of Record, The Royal Yacht Squadron Ltd, represented by Athena Racing, have signed the protocol for the next America's Cup after what has been described as "a complex endeavour that has required a huge amount of collaboration and goodwill from all parties", according to RYS Ltd's Bertie Bicket. "We have worked closely over the past nine months to bring about this paradigm shift to the future structure of the America's Cup." Called the "boldest change in 174 years of the Cup" central to the new Protocol is a partnership agreement that establishes equal governance for all participating teams through the America's Cup Partnership (ACP). ACP will be responsible for organising and managing the event's on and off-water format and will oversee the development, protection and commercialisation of media and commercial rights. ADVERTISEMENT Athena Racing chief executive and team principal Sir Ben Ainslie said it was "a seismic moment" for the America's Cup. "The Partnership Agreement fundamentally reshapes the governance and organisation of the event. The teams and yacht clubs share a vision to make the America's Cup more inclusive, compelling, and financially sustainable. This new model marks a unified commitment to that vision." NYYC commodore Jay Cross said as the founding trustee of the America's Cup, "we are completely supportive of the move to modernise the oldest sporting trophy in the world". Team New Zealand chief executive Grant Dalton said as the three-time successive winner of the America's Cup, "we feel the responsibility to continue to drive the growth of the America's Cup event". "Although the America's Cup is the oldest trophy in international sport and the pinnacle of sailing, its Achilles' heel has always been its lack of continuity, so this transformation now gives all teams collective stewardship, and we are introducing a new executive management team to be headed up by a new independent CEO. "This is the boldest change in 174 years of the Cup, while respecting the Deed of Gift, along with the Challenger of Record we are confident this is the best initiative to grow what is already one of the greatest sporting events in the world." Entries open for the 38th America's Cup on 19 August. ADVERTISEMENT Future focused protocol The future focused protocol also includes developments aimed at increasing inclusivity, national representation, and cost efficiency whilst ensuring the America's Cup stays at the pinnacle of design and development in sport. The 38th America's Cup will see a progression of the 37th America's Cup, with a priority to continuing to build pathways for Women and Youth, by maintaining the women's and Youth America's Cup events, but also now including at least one female crew member onboard the AC75. The crew of the AC75s will consist of five sailors, with increased function of the boat powered by battery. The nationality clause requires that two sailors plus the female sailor must be a national of the country of the competitor but will allow up to two non-nationals to sail onboard as well. Racing format revitalised to keep all teams racing for longer and maximising race time with the Louis Vuitton Cup group stage comprising of match racing as well as fleet racing to include all competitors. The results of which will determine the top 4 challengers that will race in a knockout match race Semi-Final (first to 5 wins) and Final (first to 7 wins) series to determine who the Challenger will be to race the defender Team New Zealand in the Louis Vuitton 38th America's Cup Match in the month of July 2027 in Naples. A series of up to three Preliminary Regattas are intended for 2026 and one in early 2027 to be raced in the AC40s with teams entitled to race two AC40 yachts each at each event, with one AC40 to be crewed by women and youth sailors. A final Preliminary Regatta will be raced in Naples in the AC75s immediately prior to the commencement of the Louis Vuitton Cup Challenger Selection Series. In a significant move of cost containment for all teams, a cost cap of €75m for the teams will be imposed for AC38 with refinements scheduled for AC39. Furthermore, the protocol stipulates that all existing teams will use the same AC75 hulls that were raced in the 37th America's Cup if available. New teams will only be permitted to acquire an existing AC75 or build a new hull to the design of an AC37 hull. All hulls must satisfy the specific Constructed in Country requirements as outlined in the protocol in accordance with the Deed of Gift. ADVERTISEMENT In a move to maximise commercial, media, and fan engagement, the teams will carry one guest racer onboard their AC75 during races. VIPs, sponsors, media, influencers and dignitaries will get to experience first-hand and report exactly what it is like to race onboard the most technological boats in the world, going head-to-head in the heat of battle. RNZYS commodore David Blakey said they had been "integral in the process with Team New Zealand, and the Challenger of Record, in carving this new path for the America's Cup". "Promoting pathways for young sailors and developing the sport in New Zealand is a top priority for RNZYS, which this protocol and partnership delivers on. We are immensely proud of our national team's performance on the world stage and Team New Zealand winning the America's Cup represents the very best of New Zealand's innovation, technology and culture."
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Business Standard
16-06-2025
- Business
- Business Standard
Impact on biz no valid reason to set aside injunction: HC on trademark row
The Delhi High Court has ruled that the adverse impact on business operations or plans to launch an IPO cannot be a valid reason to set aside an interim injunction in a trademark infringement dispute, LiveLaw reported. A division Bench comprising Justices Navin Chawla and Harish Vaidyanathan Shankar made this clear while hearing an appeal filed by Newgen IT Technologies. The company had challenged a district court order that restrained it from using the trademark 'Newgen', which was already in use by the respondent in the same business domain. 'In the present case, while the appellant has strenuously contended that the injunction has brought its business operations to a standstill and jeopardised its IPO plans, we are not persuaded by this line of argument,' the court held. 'The appellant cannot be permitted to continue deriving commercial benefit from a mark that, in our considered view, is similar to that of the respondent and clearly warrants restraint through injunctive relief.' Trademark dispute originated after business split The legal battle stems from a dispute between Newgen IT Technologies (the appellant) and VCARE InfoTech Solutions and Services (the respondent). Both companies operate in the field of software product development in India and had previously entered into a partnership agreement. After the agreement was terminated, the appellant adopted the name 'NewGen IT Technologies', prompting the respondent to approach the district court, alleging trademark infringement. The lower court found that the name adopted by the appellant was identical to that of the respondent and was likely to mislead or confuse consumers. Consequently, an ex-parte ad-interim injunction was issued against the appellant, the news report said. HC upholds finding of 'striking similarity' in marks In its appeal, Newgen IT Technologies argued that it had been using the mark 'NEWGEN IT' since 2017, both in India and internationally, and that the respondent had raised no objection until the dispute arose. However, the high court sided with the district court, agreeing that the two marks were 'strikingly similar' and that both companies operated in the same sector. 'Coupled with this is their association as partners under the Partnership Agreement. This similarity is capable of causing confusion in the minds of an average consumer, thereby justifying the grant of an ex-parte ad-interim injunction in favour of the Respondent/Plaintiff,' the Bench observed. The court further noted that the appellant began using the term 'NEWGEN' around the time the partnership with the respondent ended. This timing, according to the Bench, raised serious doubts about the genuineness of the adoption, LiveLaw reported. As the judgment stated, the timing 'cannot be considered as a bona fide adoption". International use no defence without local reputation On the argument that the respondent had knowledge of the appellant's use of the mark in other jurisdictions, the court emphasised the territorial nature of trademark rights. 'It must be remembered that trademark protection is territorial in nature; the use of the mark in one jurisdiction does not ipso facto lead to the generation of goodwill or protection in the other jurisdiction,' the court held. It added that protection in another country can only be extended if there is demonstrated use or transborder reputation of the mark in that jurisdiction — criteria the appellant failed to meet, the news report said. Finding no merit in the arguments advanced by Newgen IT Technologies, the Delhi high court dismissed the appeal, allowing the interim injunction granted by the district court to remain in force.
Asharq Al-Awsat
23-04-2025
- Business
- Asharq Al-Awsat
EU Official Hold Talks in Algeria on ‘New Pact for Mediterranean'
The European Commission's Director-General for the Middle East, North Africa and the Gulf, Stefano Sannino, made an official visit to Algiers on Tuesday to discuss with senior Algerian officials the reviving of their 'Partnership Agreement' and a plan to engage the partner countries of the Southern Neighborhood in the New Pact for the Mediterranean. In a statement, the European Commission said Sannino will stay in Algeria until April 24. 'This mission is firmly in line with the consultations conducted on the New Pact for the Mediterranean, which the European Commission will adopt in the coming months, with a view to promoting a more integrated and supportive approach to regional cooperation,' the statement said. During this visit, Sannino will hold talks with representatives of several Algerian ministerial departments, including Foreign Affairs, Energy, Finance, and Culture. He will also take part, on Wednesday, in the opening of a conference on 'New Investment Dynamics and Prospects for Cooperation' between the European Union in Algeria, jointly organized by the Delegation of the European Union in Algeria and the Algerian Investment Promotion Agency (AAPI), in the presence of representatives of the Algerian Economic Renewal Council (CREA) and the business community in Algeria. The visit will provide a valuable opportunity to reaffirm the EU's commitment to revitalizing bilateral cooperation with Algeria, within the broader and strategically articulated framework of the New Pact for the Mediterranean, the Commission said. It added that the EU 'aspires to a partnership that goes beyond the very strong existing relations, particularly in the energy sector, to build other strategic complementarities for sustainable and inclusive growth, in a changing geopolitical context and facing shared challenges such as reindustrialization, economic competitiveness, and the green transition.' The visit comes as Algeria's Foreign and Commerce ministries hold talks with the North Africa Unit at the Directorate-General for Neighborhood and Enlargement Negotiations of the European Commission, aimed at reviving their 'Partnership Agreement' signed in 2002. The new Agenda for the Mediterranean was launched by the European Union in 2021 to strengthen the strategic partnership with its Southern Neighborhood partners in trade and renewable energies, upgrading facilities and infrastructure, and managing migration and counter-terrorism issues.
The Independent
28-01-2025
- Business
- The Independent
First Minister signs agreement with City of London to bolster finance sector
Scotland's First Minister has signed a new agreement with the City of London to bolster the nation's financial sector. John Swinney signed an updated version of the Partnership Agreement between the Scottish Government and the City of London Corporation on Monday. The deal focuses on shared priorities and opportunities to secure investment in Scotland, develop new technologies, fund nature projects and promote the Scottish financial sector internationally. The agreement was signed during a biennial visit to Edinburgh by the corporation's lord mayor and policy chair Chris Hayward. The document forms the basis for future financial services collaboration, including the delivery of the lord mayor's proposed Scottish Investment Summit this autumn. The First Minister said: 'The Scottish Government has built a close working relationship with the corporation over the last five years to support our financial centres and promote their strengths internationally. 'We have strong financial and professional business services sectors, and the signing of the updated agreement reflects our ongoing commitment to working on shared priorities and opportunities.' Mr Swinney said he was 'fully focused' as First Minster on 'grasping every opportunity awaiting Scotland'. It is not an exaggeration to say that every ambition of my government depends on the success of Scotland's economy, its businesses and industry First Minister John Swinney He added: 'I want to make the most of our skills and expertise, ensuring we continue to enhance Scotland's reputation on the global financial stage. 'That will help us grow our economy, which in turn will help us eradicate child poverty, improve public services including Scotland's NHS and tackle the climate emergency. 'It is not an exaggeration to say that every ambition of my government depends on the success of Scotland's economy, its businesses and industry. 'After renewing our partnership, we will look ahead to the summit planned for later this year, which will showcase Scotland as an attractive destination for investment in priority sectors including financial and professional services, renewable energy and life sciences.'
