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As part of its new social security structure, the Indian government has announced in the budget of 2003-2004 a slew of measures the highlights of which are outlined below:

Japanese companies face a growing threat from hostile takeovers. Andrew Crooke asks whether US-style corporate defence techniques can be applied in Tokyo

Claire Robinson of Moody's explains why the ratings agency is re-examining how trustees affect securitizations in the wake of problems on deals like National Century

The Hungarian Parliament has approved substantial amendments to the Companies Act as part of the harmonization of Hungarian company law with EU requirements. Most of the changes relate to companies limited by shares (Rt). Changes include new simplified rules on contribution in kind. They also give a general pre-emption right for all shareholders for newly issued shares irrespective of the public or private nature of the issue, implement the EU rules regarding own shares and introduce the redeemable share. The main thrust, however, of the amendments is the introduction of stricter and broader rules in two areas: protection of the net assets of an Rt (where a payments to shareholders on whatever title will be subject to tests, such as the ordinary course of business or the ability of the Rt lawfully to pay dividends) and financial assistance (where the scope of what may constitute financial assistance will be expanded to include any security, loan or early payment with the aim of facilitating the acquisition of shares by a third party). The above amendments enter into force as of January 1 2004.

SINA Corporation last month closed the first of a series of convertible bond deals from China's best-known internet portals.

After more than two-and-a-half years of preparation, Bank Mandiri has launched Indonesia's largest initial public offering since Asia's 1997 financial crisis.

Lovells and Gide Loyrette Nouel have advised on the first whole business securitization in France to use lease receivables, in a €400 million deal for Xerox.

Sidley Austin Brown & Wood and Linklaters have advised on a sale and leaseback deal for the British Broadcasting Corporation (BBC), the largest transaction of its type in Europe.

US firms Hogan & Hartson and White & Case helped close the first project financing for wind power in July. The deal, valued at $380 million, will finance a portfolio of wind farms and is expected to open the market for similar deals.

HBOS has become the first UK issuer to sell covered bonds in Europe, in a transaction that promises the beginning of a new market. But regulators seem unsure of the law on risk weightings for such deals. By Michael Evans