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Funds need to change tack in China

China has taken promising steps with its new property law but recent regulations provide another obstacle for foreign investors. By Warren Hua and Marianne Ramel of Gide Loyrette Nouel

How lenders can address Kyoto risks

Downturn breaks US innovation

Europe James Black joins White & Case Kate Lamburn leaves Ashurst for McDermott Hugh Verrier, also off to W&C Amjad Hussain has joined Eversheds in Qatar Gabor Molnar leaves Paul Weiss White & Case has hired US capital markets partner James Black. Black joins the firm's Frankfurt office from Linklaters where he worked for three years as an associate on both domestic and international equity and debt transactions, as well as mergers and acquisitions, advising both German and international clients. The move is part of White & Case's expansion of its European capital markets practice. So far this year, the firm has seen the addition of partner Lutz Krämer and local partner Benedikt Gillessen in Frankfurt, as well as partners Andrew Caunt, Andrew Croxford and Carter Brod in London.

Regulation 06-02, introduced onSeptember 24 2006, has not changed the procedure for incorporating a bank or financial institution, but does make changes to applying for approval to open a bank or financial institution, and a banking licence.

Foreign lenders have become more active in commercial real estate financing in Kuwait, either through traditional commercial lending or through vehicles using Islamic sukuk bonds.

After a planning process spanning years and a parliamentary debate lasting 11 months, Indonesia has on May 2 2007 passed a new investment law (Law 25/2007). The Law replaces the two separate laws which dealt with domestic and foreign investment respectively and covers capital investment in all sectors. The Law is an attempt to boost Indonesia's investment climate and give teeth to the drive to accelerate the development of the national economy. Indonesia is yet to fully recover from the 1998 Asian financial crisis: investment last year was 3% of total gross domestic product, well below the 10% of GDP realized before the crisis.

The Cyprus House of Representatives has unanimously approved a law capping stamp duty on transactions with a value over CY£5 million (€8.5 million).

There is a problem in the legal profession to mirror the dysfunctionality in structured finance. So far lawyers have escaped the vitriol reserved for the current villains, the supposed predatory lenders and casual money mangers. But the fallout from the US subprime mortgage market has exposed the inadequacy of investor education and representation. Lawyers have a part to play, as buyers of complex collateralized debt obligations, derided as toxic in the financial press, do not understand the risks they are taking.