As the first Chinese-made international standard of its kind in the software industry, the Unstructured Operation Markup Language has been approved by the Organization for the Advancement of Structured Information Standards. UOML realizes mutual read and write between documents in different formats. At present, seven Chinese software companies have jointly set up a UOML Alliance and software products and application solutions supporting the UOML standard have also been launched. (Source: chinatechnews.com)

The changes made to the Consumer Credit Act mean that debtors in an individual voluntary arrangement will be sent information regarding their outstanding balance and charges by the creditors. The information is not a request but insolvency practitioners fear they are set to be inundated with calls from IVA holders who have not had any correspondence with their creditors. The confusion continues as the government has stated that regular information about the IVA has to be sent to the last known address of the debtor even if they have moved or died. (Source: financialdirector.co.uk)

After years of patent litigation, Tessera Technologies announced that it has come to an agreement with archrival Motorola. Through an options deal, Motorola will license Tessera's chip scale packaging technology; if Motorola decides to exercise the options and take the permit, it will pay royalties to Tessera. The license would settle all pre-existing litigation between the two companies. Tessera develops and licenses technology that allows buyers to make quicker and smaller chips by shrinking the semiconductor package. (Source: forbes.com)

The Indian Cabinet has approved modifications to the Trade Marks (Amendment) Bill, 2007. The amended Bill is designed to provide better protection to Indian trademarks in designated member countries, and to afford reciprocal protection to trademarks from member countries. The new legislation is hoped to encourage transfer of technology through trademark licensing and franchising and generally promote overall business confidence in the Indian IP rights system globally. (Source: LawAndTax-News.com)

The German sporting goods giant Puma sued a shop in Zhongshan (Guangdong) for distributing counterfeit sneakers. The trial court recently affirmed Puma's claim and ordered the defendant to indemnify 40,000 yuan to Puma in damages. In addition, it rejected Puma's claims in injunction and public apology in the press. (Source: sipo.gov.cn)

HMRC announced changes to tax rules on gains made from a life assurance policy that had been held in a bare trust. Therefore the beneficiary will always pay the tax charge, unless it is the parents of the beneficiary who set the trust up where it is taxed on the parents. Previously, any chargeable gains were taxed on the adult beneficiaries or in the case of someone aged fewer than 18 the settlor. However problems could arise in tax returns that have already been completed. (Source: ftadviser.com)

In the U.S., many consumers using mutual funds cannot understand the documents that fund firms are required to publish, detailing what will be done with their money. U.S. securities regulators adopted rules that requiring them to make their prospectuses easier. The rules require mutual funds to include key information at the front of its statutory prospectus, which also needs to include brief information about the investment advisers and portfolio managers, as well as the fund's purchase and sale procedures and tax consequences. The new rules will go into effect in 2010. (Source: reuters.com)

Many foreign investors are returning to the mainland real estate market. UK property company Grosvenor has launched a USD 600m private equity fund to invest in shopping malls in China. Another PE giant Carlyle Group is speeding up expansion in second-tier Chinese cities. Financial Street statistics show that foreign PE real estate investment in China gained 48 percent in the third quarter than the previous quarter. (Source: nanfangdaily.com)

Hedge funds represent some risk because their operations and the identity of investors are generally not very transparent. But one of the reasons for the Treasury to delay in requiring hedge funds to adopt money-laundering measures is that, the risk that a terrorist group might use a hedge fund to launder money is deemed relatively small. For many terrorists, hedge funds may be too risky or require too large an initial investment to be useful. They also place strict limits on how frequently investments can be withdrawn. (Source: washingtonpost.com)

Under the reforms, de facto partners together for two years, including same sex couples, will be given the same rights as married couples to seek "spousal maintenance". Currently in New South Wales there is no general right to maintenance, while disputes over property are sorted out in the state courts. Maintenance may be ordered to be paid by an ex-partner when the other party is "unable to support her or himself adequately". Experts warn that the Act opens the definition of a de facto couple to wide interpretation. (Source: telegraph.co.uk)

Former Prime Minister Thaksin Shinawatra's divorce from his wife, Khunying Potjaman, would not free the frozen 76 billion baht assets of the Shinawatra family in Thailand, lawyers said. The divorce cannot attribute the money to any one side - they would both need to prove how the money was earned. Moreover, it is said that Potjaman could soon appeal to Britain over the withdrawal of her visa on the grounds that she no longer has anything to do with the political conflicts related ex-husband. (Source: bangkokpost.com)

The pornography tycoon and property magnate Paul Raymond has bequeathed almost his entire fortune to his two favourite granddaughters – but his son will receive nothing. The fortune includes an estate in the UK worth £75m, all the shares in Paul Raymond Publications Holdings and Soho Estates Holdings. The only other beneficiary in the will was his loyal secretary, who was left £10,000. But it is believed that a large part of his wealth may have been held in trusts or companies that did not feature in his personal estate. (Source: dailymail.co.uk)

China's new tax reform will ease the tax burden for the country's small and medium enterprises, and revive and enhance their healthy development. Under the tax reform, companies will no longer pay VAT for equipment purchases. It would save them an estimated $17.59 billion a year, the biggest cut ever. VAT exemptions for exempted imported equipment and VAT rebates for foreign companies buying made-in-China would be both abolished. (Source: chinadaily.com)

Russia announced a series of tax reforms. Corporate tax will be cut by 4% to 20%, and companies will pay tax on their actual profits as opposed to the "paper profits" displayed in company accounts. Regions will also be able to reduce their share of the total by up to 10%, currently set at 4%, therefore allowing a lowest possible overall rate of 10%. The rate of profit tax for small firms is to be lowered to 5% from 15%. Also, the investment depreciation allowance will be increased to 30% from 10% of the cost of fixed assets. These changes will take effect from January 1, 2009. (Source: Tax-News.com)

Ukraine has unveiled a wealth tax for affluent property and landowners. The tax was imposed from 1 November 2008. The levy would apply on large villas and plots of land and the revenue would help significantly boost local budgets. Ukraine is an important real estate market for wealth managers, and the country has been almost unaffected by the credit squeeze. About $500 million poured into the commercial real estate market in 2007. Private placements and IPOs by newly established real estate funds raised $664m last year. (Source: wealthbriefing.com)

HK has amended guidelines to exempt open-ended collective investment schemes offered to the public and listed locally as corporations from disclosure of 'material interest' requirements. The exemption came into effect on Oct.31. It takes into account frequent changes in the shareholding structure of open-ended CIS or funds organized as corporations, subject to subscription and redemption on a continual basis. Both Trust-form ETFs and corporate-form ETFs, not subject to the disclosure requirements, should enjoy the same disclosure treatment. (Source: investorsoffshore.com)

Switzerland's leading online broker, Swissquote, opened 25,000 new accounts last year and has already attracted more than 100,000 customers this year. Trade-net.ch has seen a 50 per cent growth in subscribers so far in 2008. However while more people are opening personal online trading accounts, most are playing safe with their money rather than attempting to play the markets for short-term profit. Investors are losing confidence in professional asset managers. They want to make their own decisions and have total control over their assets. (Source: swissinfo.ch)

China enforces a stricter registration process to monitor cross-border capital more effectively. From Nov.15, Chinese companies must report pre-payments on imported goods within 15 working days after the contract is signed. Meanwhile, they have to declare payments 15 working days before the funds are transferred. The amount of pre-payments should not be more than 10 percent of the company's combined value of imports in the previous 12 months. The updated rules were implemented from Dec. 1. (Source: shanghaidaily.com)

The amendments to the Money Laundering Order of Jersey will affect not only finance businesses but also accountants, lawyers and estate agents and any other business dealing in high-value goods. The latest changes came into force in November and would tighten up the existing legislation, which has been effective since February. The updates were particularly important in view of the International Monetary Fund assessment started on Oct.22. (Source: thisisjersey.com)

Haitong Securities Co will become the first Chinese mainland broker to try out margin trading when it arranges no more than 4 billion yuan in a trial program. Margin trading allows retail investors to pay a certain amount of money as margins and lets brokers fund the rest of the stock purchases. It enables individual investors to borrow funds from qualified brokerages to buy stocks. Margin trading is allowed in most bourses globally. (Source: shanghaidaily.com)

Lenovo is to become the sole shareholder of Fujitsu Siemens Computers, which was established in 1999, with a 50-50 capital from Fujitsu and Siemens. The joint venture has become the biggest computer manufacturer in Europe by far. As Siemens wants to pay more attention to the sectors like energy and medical treatment, Fujitsu is said to acquire Siemens's 50% stake after the maturity. And then, Fujitsu will sell the joint venture as a whole to Lenovo. (Source: tradingmarkets.com)

An online trading portal was launched Nov.25 by the Dubai Chamber of Commerce and Industry and Tejari, which could be a haven for traders to source opportunities. The portal would be available to their members, and would also be opened to international players seeking to make local contacts. The services provided include business matchmaking, training, online showrooms, tender downloads, expert consulting and robust technology portals to support transactional business activity. (Source: zawya.com)

Brazil's private banks, Itau and Unibanco, merge to create the largest financial group in the southern hemisphere, with a market capitalization among the top 20 largest in the world. The assets involved in the transaction amount to about USD263 billion. The new Itau Unibanco Holding will have 18 percent of the total branches in the country and 14.5 percent of the checking accounts. The credit volume will amount to 19 percent of the Brazilian system, and the total deposits and funds of the new group will amount to 21 percent. (Source: cri.cn)

HK and Peru have signed a co-operation arrangement. The arrangement will be instrumental in fostering closer trade and economic ties between the two sides, and have laid the foundation for future discussion of a two-way Free-Trade Agreement. The arrangement will facilitate and promote trade in exhibition and trade fairs, financial services, investment, tourism, rail, maritime and logistics transportation, and food-safety measures. Both will benefit from a possible reduction in the taxes relating to trade. (Source: LawAndTax-News.com)

The EU is set to take legal action against Germany after Berlin passed new legislation to cement state rights over Volkswagen. Berlin ruled that the state of Lower Saxony would have veto rights at shareholder meetings that normally require a share stake of at least 25 percent. Home to Volkswagen, Lower Saxony owns just over 20 percent. With the new law, Lower Saxony can block strategic decisions made by the company's primary shareholder Porsche. The European Commission claims the revised law violates EU rules on the free flow of capital. (Source: dw-world.de)

【Chief Editors: Lillian & Cynthia 】

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