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In India there were several regional firm developments. Phoenix Legal closed its Chennai office after the branch head left to launch Calibre Legal. In Bangalore, firms Mundkur Law Offices and Bharucha & Partners merged, keeping the latter's name.

IFLR's John Crabb talks to the retiring Cleary Gottlieb partner about his time at the firm, career highlights, and the advice he would give to others

In Lithuania, Dominas Levin merged with Walless, with the two firms now operating under the Walless brand.

As a recent decision by the Swiss Federal Tribunal has shown, written stipulations are not always what they seem

Tatsuo Yamashima and Saori Hanada, Atsumi & Sakai

Capital gains realised through a disposal of shares held for private investment purposes by Swiss resident individuals are generally exempt from Swiss income taxes. In certain circumstances, such capital gains are assimilated to dividends, salary or compensation payments for the renouncing of a right, in which case they become subject to income tax.

Increased pay supplements have been introduced for night work, weekends, and holidays. The increase was split into two phases, with the first increase implemented as of May 1 2018 and the second increase slated to come into force on May 1 2019. The existing 30% supplement for night work for non-hazardous occupations will increase to 40%, and the existing 35% pay supplement for hazardous occupations will go up to 50%. The supplement for work on Saturdays will go up from 25% to 50%, and up from 50% to 100% for work on Sundays. Calculation of all the supplements is based on the existing minimum hourly wage, which on January 1 2019 was raised from €2.759 ($3.10) to €2.989. The supplement for work on holidays will increase from the existing rate of 50% of the employee's average hourly wage to 100% of the employee's average hourly wage.

Discrepancies between local regulators makes it significantly more difficult for international banks, but in many areas local rules are necessary to cater to local needs

Join IFLR and Morrison & Foerster on May 14 to talk Emir, Benchmarks Regulation, initial margin and more

While the EU regulation has had a clear and sweeping influence on activity in Europe, the extent to which it has affected the US divides the industry