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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

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

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

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

Colombia

To carry out proper due diligence as required by Colombian law, the following general guidelines on corporate duties, government permits, labour matters and taxation should be followed.

August 31 1997

Burlington Resources and Louisiana Land combine

Burlington Resources and Louisiana Land and Exploration have combined. The deal is valued at US$3 billion. The combined company will be one of the leading independent energy exploration and production companies worldwide.

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

JP Morgan to purchase 45% of American Century

JP Morgan, the fifth largest US bank by tier one capital, is buying 45% of American Century in a deal valued at US$900 million. American Century is the fourth largest US manager of no-load mutual funds (funds whose shares are sold without commission or sales charges).

August 31 1997

Talking points

International Bar Association

August 31 1997

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