Search results for

Foreign investments

The Economic Expansion Incentives (relief from income tax) Act provides a range of income tax incentives to encourage investment and industry in Singapore, particularly in the engineering and technology sectors. Since the Act was passed in 1967, it has been amended from time to time to clarify and broaden the tax incentives available to various industries.

The Hong Kong Monetary Authority (HKMA) has proposed guidelines for the establishment of a government-owned Hong Kong Mortgage Corporation (HKMC) that will purchase residential mortgage loans from banks in Hong Kong. The objective of this new corporation will be to provide necessary mortgage funding for an anticipated shortfall of HK$788 billion (US$102 billion) by 2005. The HKMC will be structured as a limited liability company with a financial secretary as the chairman of the Board of Directors responsible for appointing other directors of the Board.

Decree 2343 of 1996 establishes new terms and conditions for the trunking of telecommunications services. The aspects of these terms are:

In response to the sluggishness of the Czech capital markets, the government has launched a series of legislative initiatives with the aim of creating a more stable and transparent environment for investors. Accordingly, the Czech capital markets have been undergoing major changes. However, whether the hoped-for results will materialize remains to be seen.

The Provisional Regulations Banning Entrance into the Securities Industry were promulgated on March 3 1997. The Regulations outline various securities violations for professionals working in the securities industry, including the following:

US insurance company Cigna Corporation agreed to acquire managed care concern Healthsource for US$1.4 billion. The deal boosts Cigna's position as a leading provider of healthcare and is part of a trend towards consolidation in the health-insurance industry.

US firm Milbank, Tweed, Hadley & McCloy is rebuilding its project finance practice in London after the departure of four project finance partners to rival firm Shearman & Sterling last year. Partner Thomas Siebens has returned to London from a three-year residency in the firm's Singapore office. He will develop the global capital markets reach of the firm's project finance and emerging markets group.

The last 18 months have seen an explosion in the number and size of US firms with English law capability in their London offices. Other firms are steadfastly following their own strategy. Paul Lee reports

Costly asset management failures are dramatic evidence of the need for third party audits of advisers’ practices, says Marcia MacHarg of Debevoise & Plimpton, New York