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Japan gives green light to employee share options

A major reform of Japanese regulations, allowing companies to award share options to directors, moves regulation closer into line with the US and Europe. By Junko Mori of Asahi Law Offices, Tokyo

August 31 1997

Bates Report plans to revive PFI

In line with the recently published recommendations on the Private Finance Initiative (PFI), the UK government is to set up a Treasury Taskforce to help get projects off the ground. By Nicholas Bliss of Freshfields, London

August 31 1997

Singapore

New tax incentives in the 1997 Budget approved by Parliament in July focused mainly on the financial sector. Effective for five years from assessment year 1998, they will be:

August 31 1997

Commonwealth courts diverge on valuation losses

A recent case reaffirms the Australian principle that lenders are entitled to calculate losses on a no-transaction basis after some negligent valuations, despite conflicting English decisions. By Francesca Rush of Corrs Chambers Westgarth, Brisbane

August 31 1997

Italy

Legislative Decree No. 124 of April 21 1993 introduced the concept of pension funds which could be established in addition to the national compulsory pension system.

August 31 1997

Sweden

Under Swedish legislation (12:2 of the Companies Act), a Swedish company may not pay a dividend to its shareholders exceeding the free equity as shown in the most recent balance sheet adopted. Even within the free equity, a dividend may not be paid if it contravenes good business practice as dictated by the company's or group's capitalization, cash position or general financial situation.

August 31 1997

Switzerland

Audit reports are a common source of information for investors. Many rely on the balance sheet and the audit report to assess a corporation's worth. Some investors go as far as considering an audit a reliable guide to a corporation's financial health. With this kind of expectation, litigation against auditors after an unsuccessful investment is not uncommon.

August 31 1997

Cyprus

Cyprus has attracted offshore enterprises from almost 100 countries, and in the past few years Europe has been the main source of new company registrations. In the first half of 1997, 79.2% of the registrations originated from Europe, 12.9% from America, 5.5% from Asia, 1.7% from Africa and 0.7% from Australia.

August 31 1997

Uruguay

On June 3 1997, as part of a comprehensive effort to encourage the development of the securities market, the Uruguayan Central Bank (BCU) issued Circular No. 1,549 implementing the Investment Funds Act passed by Congress on September 17 1996.

August 31 1997

United States

A major federal appeal court in the US has ruled that Hong Kong is not a foreign state for the purposes of deciding whether a Hong Kong company is entitled to sue an American firm in US courts. Because Hong Kong is not considered a state, a company organized under Hong Kong law lacks the ability to sue in US courts on the basis of diversity or 'alienage' jurisdiction.

August 31 1997

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