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If there were a phrase to sum up market sentiment in 2013, 'cautious optimism' would be it.

South Africa is the continent’s guiding light on competition matters

One risk that banks are now willing to take Corporates in the Asia-Pacific have traditionally used banks to finance acquisitions. With the implementation Basel III set to significantly curtail banks ability to lend, local counsel have outlined the alternative funding sources they expect to emerge in the region this year. Panelists at February's IFLR-IPBA M&A Forum predicted more innovative financing across the region this year, with leveraged buyouts (LBOs) expected in Thailand, Indonesia, Malaysia and the Philippines.

The comment letter process needs to be taken more seriously

China’s asset management industry is seeing a drive towards expansion and unification. But will it benefit all parties?

Paris was a hive of activity last month with the biggest news being WHITE & CASE's capture of five lawyers from Linklaters' capital markets team, including some of the firm's leading lights. Three partners – Cenzi Gargaro, Philippe Herbelin and Séverin Robillard – are joined by consultant and former market star lawyer Gilles Endréo, and associate Thomas Le Vert who joins as a partner.

Asia’s securities regulators are firmly focused on protecting retail investors. But there are limits to what they can achieve

Law number 228, of December 24 2012 (the 2013 Stability Law) has introduced provisions regarding a new financial transactions tax (FTT) as part of the austerity measures and tax hikes recently implemented.

Mian Muhammad Nazir Most of Islamic finance products and services, particularly financing transactions, necessitate procuring an insurance cover (Takaful). This is to mitigate certain inherent risks in underlying contracts or structures that cannot otherwise be excluded or mitigated in a Sharia compliant manner. The Takaful model for insurance is based on the principle of mutual cooperation and indemnification. Therefore, Takaful cover can easily be used to mitigate market and credit risks in many Sharia nominate financing contracts, without breaching the mandatory Sharia principles which prohibit exclusion or mitigation of certain risks in such contracts. In some commonly used structures for sukuk and investment products, the proceeds of Takaful cover are the only source of payment for the investors in the event of total loss of the underlying assets. Takaful has a critical role in the growth and success of the Islamic banking and finance industry. Therefore, it is very important that the Takaful industry is capable of satiating the increasing demand for Takaful products that are compatible with the profile of risks intended to be mitigated under various Sharia nominate contracts.

Daniel Futej Rudolf Sivak This article provides a brief overview of important legislative changes in Slovak tax legislation which have recently come into effect. Based on the amendment to the Income Tax Act, as of January 1 2013, Slovakia no longer has a flat rate tax for companies (legal persons) and individuals. The tax rate for companies increased from 19% to 23%. As regards individuals (natural persons), two tax rates exist, and these will be applied in the following way: