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The government of India has launched Phase II of providing FM radio services for 336 broadcasting stations across 90 cities. To encourage private FM industry, the government of India has permitted players to migrate from the current licence fee structure to a 4% revenue-sharing regime. New participants would pay a one-time entry fee through a closed bidding process.

The central challenge of China's corporations is to deliver results that will satisfy an ownership base that is increasingly comprised of institutional investors. Unlike most of the OECD, China has to reconcile from the outset the twin demands of corporate managerial risk-taking, which is the essence of robust economic growth, and institutional investor prudence, the main pillar of which is liquidity of investment (at least in the same currency).

The House of Lords has reversed Siebe Gorman, the landmark case on establishing a fixed charge, meaning that there is no longer a simple way for a clearing bank to take an effective fixed charge on book debts. By Geoffrey Yeowart

Simon Tortell explains the reforms Malta must make to ensure compliance with the Directive

On June 24 2005, the Electricity Generating Authority of Thailand (EGAT) was converted into a public limited company. Two royal decrees were published:

Representatives of Turkey's Capital Markets Board foresee that the amendments on primary and secondary capital markets legislation for purposes of integration with the EU legislation will be completed by the end of 2005.

Recent foreign exchange regulations inadvertently dampen foreign investment in China. Filip Moerman, Niping Wu and Bian Hao explain

A consortium of international and Indonesian investors completed a $1 billion leveraged buyout of PT Adaro Indonesia, Indonesia's biggest coal mine. The deal comprised senior debt of $600 million and $400 million of mezzanine financing. Allen & Overy Shook Lin & Bok advised the arrangers. KhattarWong & Partners, Freehills, Erriah & Uteem Chambers, Melli Darsa & Co Law Offices and Fenech & Fenech Advocates also advised. Milbank Tweed Hadley & McCloy advised the consortium and Latham & Watkins acted for the Indonesian investors.

Gaz de France IPO largest this year The part privatization of Gaz de France (GdF) represents the world's largest initial public offering (IPO) so far this year. France's stake in GdF will diminish to 79.45% on completion of the IPO. The deal values GdF at €23 billion, based on proceeds of €2 billion. Cleary Gottlieb Steen & Hamilton advised Gaz de France and Gide Loyrette Nouel represented the French State. Linklaters advised the underwriters and global coordinators.

John White and Andrew Pitts take a first look at the SEC's revised securities offering rules and some of the comments that might have influenced the changes