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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.

It is expected that UK firms will win most, if not all, of the five Singapore joint-venture licences on offer. The successful candidates will be announced on July 30.

Deacons and Graham & James have called an end to their 10-year association. As of July 1 Deacons Graham & James will cease to exist. They are parting company after coming to a "crossroad in [their] respective strategies", said Mark Roberts, Deacons' managing partner, in a statement to the press.

The London office of White & Case has secured the services of Maurice Allen, the founder of Weil, Gotshal & Manges’ London practice. Allen arrives with another three partners from Weil Gotshal: Martin Hughes, Rachel Hatfield and Mark Western.

Uzbekistan adopts single currency exchange rate The Uzbekistan government has taken the long-awaited first step towards liberalizing the country's harsh currency controls. In typical Uzbek fashion, this first step — contained in Resolution No. 171 of the Cabinet of Ministers "On the Improvement of the Procedure for Accounting and Reporting with Respect to Currency and Export-Import Operations," April 28 2000 — is extremely limited and, in some respects, even secretive. Nonetheless, the fact that the government has taken any action at all is likely to be welcomed by foreign investors and multilateral financial institutions, which have pressured the government for some time to lift its controls and make the local currency — the soum — freely convertible.

New capital market initiative launched The New Capital Market (NCM) is an initiative by the New Zealand Stock Exchange designed primarily to assist small and medium-sized companies in raising capital for new growth-oriented businesses. It is envisaged that strong incentives – in particular simplified disclosure and reduced listing and brokerage fees – will encourage companies to enter the NCM and eventually graduate to full listing on the main board of the stock exchange.

European Energy Exchange and the Swiss Stock Exchange Act With the deregulation of the European energy markets, prices for energy have become increasingly volatile. This has led power companies to use financial instruments to offset price risks (hedging). While energy exchanges in the Netherlands and Scandinavia have already emerged, the evolution of the European Energy Exchange (EEX) is a fairly recent development.