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To improve competitiveness with its neighboring countries, Indonesia is now in the process of amending its income tax law. If implemented, these amendments would boost tax revenues in the long run. A downside to this effort is that reduced income tax revenues will be incurred in the short term. The finance department of Indonesia has calculated that almost Rp5 trillion ($557 million) would be lost if the amendment were effected immediately. Because of this unpopular short-term result, the government is not expected to pass this law until the presidential election is complete in September 2004.

Five US law firms have landed roles on the $3.65 billion sale of energy company Texas Genco Holdings.

A civil lawsuit against the former chairman of the New York Stock Exchange is the latest US suit to grab the business headlines. Henry Morgenbesser discusses the case and its implications for the market

US securities regulators have set down plans affecting the ability of banks to act as brokers. Winthrop Brown and Naomi Beard report

In June 2004, an advisory board of the Financial Services Agency (FSA) proposed that foreign issuers in Japan be permitted to file certain disclosure documents in English. It aims to attract foreign issuers to the Japanese market by reducing their costs of preparing disclosure documents in Japanese.

The Danish Companies Act allows payment of interim dividends to the shareholders of Danish public or private limited companies (A/S and ApS companies) from July 1 2004.

Bernd Singhof and Michael Schlitt look at how Lufthansa used an auction of underwriters to get better pricing on its recent rights offer

Changes to the construction and design regimes are needed if China wants to attract more foreign investment into the industry and increase its own standing in the global market. By John Cole, Philip Nunn and Michael Hickman of Simmons & Simmons

Patrick Lines, Thomas E Jones and Susan Finder of Freshfields Bruckhaus Deringer explain China's new financial derivatives regulations and the opportunities they provide for institutions allowed to trade in these products for the first time

Foreign banks have to overcome many regulatory challenges to introduce new products to the China market. Robert Chen of King & Wood explains