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It may not have the highest headline value for a deal this year, but the sale of Rover car group to the UK's Phoenix consortium for a symbolic £10 by BMW has certainly generated a great deal of publicity. The transaction was notable both for the enormous public and political pressure on participants to close a deal that would save thousands of jobs in the UK and the complexity of putting together a package that could work.

Howard Davies, chairman of the Financial Services Authority, explained the rationale behind the changes to the UK listing authority during a speech at this month's annual IOSCO conference in Sydney (for a more detailed conference commentary see page 6).

Japan’s lawyers have never had it so good. The market for their services is booming as overseas investors pump money into the country and Japanese companies look to the international markets for funds. But there aren’t enough lawyers to do the job. And foreign practitioners say they can’t offer the service their clients want. Things need to change. Ralph Cunningham reports from Tokyo

Internet IPOs, privatizations, and the delights of the hostile takeover made 1999 a year to remember for Italian law firms. But managing partners are facing some difficult decisions, and a wrong move could lead to their firms being shut out of booming markets. Rufus Jones reports from Rome and Milan

Philip McBride Johnson of Skadden, Arps, Slate, Meagher & Flom looks at themove of the US futures markets towards electronic trading and argues that the implications for self-regulation are wider than have been recognized so far

Japan’s lawyers have never had it so good. The market for their services is booming as overseas investors pump money into the country and Japanese companies look to the international markets for funds. But there aren’t enough lawyers to do the job. And foreign practitioners say they can’t offer the service their clients want. Things need to change. Ralph Cunningham reports from Tokyo

Tax modifications in the pipeline Colombia's minister of finance has presented a draft bill to congress "by which new taxes are established, the Tax Code is amended and other regulations are issued". The bill proposes an important new tax reform and includes, among other things: (i) the extension of the 2/1000 tax on financial transactions; (ii) a progressive reduction of the corporate income tax rate down to 32%, as well as a reduction of the income tax rate applicable to individuals; (iii) some restrictions on the income tax deductibility of gifts; (iv) a modification of the withholding tax rate on consulting services, commissions, independent services and services in general; (v) anti-avoidance measures; (vi) measures relating to improving the collection of taxes; and (vii) the introduction of a new substitutive tax (impuesto sustitutivo) that would apply to certain small taxpayers developing commercial, industrial or services activities.

After-hours trading now permitted on the Italian Stock Exchange Trading on the Italian Stock Exchange is now permitted after regular trading hours. Changes have been made to the existing regulations and as of May 15 2000, two new markets were introduced: TAH and TAHnm. After-hours trade may be made 5.50 pm - 6.00 pm for cross-order book modalities, and between 6.00 pm - 10.00 pm for continuous dealing.

E-commerce — Irish Senate approves Electronic Commerce Bill 2000 The determination of the Irish government to ensure that Ireland is well positioned to act as a hub for e-commerce business was evidenced in the publication on April 7 of the Electronic Commerce Bill 2000 (the eBill). The government has announced its intention to fast track the eBill through the legislative process with the intention of its becoming law as soon as possible. The eBill made swift progress through the Irish Senate which passed the eBill on April 19. It is expected to receive its next reading in the Irish parliament on May 23.

A number of UK firms have gained the mandate to work on German travel company Preussag's recommended bid for Thomson Travel Group. The bid values Thomson at £1.8 billion ($2.7 billion) and was announced in mid-May.