Buy-to-let landlords could be forced to join a national registration scheme under new Government proposals. The new rules would require every private landlord to apply for a licence before they were allowed to let out residential properties. Licences would cost around £50 and cover all rental properties. There are estimated 1m buy-to-let investors in England and Wales and about 2.5m properties that are rented out privately. A licensing scheme has already been launched, which all members will need to adhere to a strict code of practice and hold a professional qualification. (Source: This is Money)

Ireland is creating an organisation tasked to ensure banks provide ample credit to businesses. The "Credit Supply Clearing Group" will identify cases where the flow of fresh funds to business appears blocked and will look for solutions and report back to the government on the issues addressed. The establishment of the Credit Supply Clearing Group will stabilise the banking sector and ensure that the banks meet their commitments under the recapitalisation package. (Source: Reuters)

India has been ranked as the country with the world's most consumer friendly IP laws since its copyright regulations allow citizens great freedom to access and utilise information for educational and development purposes. This emerged in a study of 16 countries, undertaken by Consumers International. The List focused on copyright. In the listing, the other countries with good ratings were South Korea, China, the US and Indonesia. At the bottom of the list were Britain, Thailand, Argentina, Brazil and Chile. (Source: The Economic Times)

A local court in Munich gave a ruling which orders Okai, a German food import and export company, to stop pirating of trademark of Wangzihe, a renowned Chinese food brand. The court also demands that Okai should withdraw the Wangzhihe trademark and logos. According to German judicial practice, for this case, the second ruling is the final one. In November 2007, the first ruling ordered Okai to stop pirating, which some media dubbed as the first case for Chinese company has ever won in protecting IP rights overseas. (Source: Xinhua News)

Qualcomm Inc., the world's biggest maker of mobile-phone chips, agreed to pay Broadcom Corp. $891 million in cash over four years to end a global dispute over handset-technology patents. The companies will license each other's patents and pledged not to sue each other again. The deal doesn't affect Qualcomm's revenue model of licensing its technology to handset manufacturers and phone- service providers. The settlement may save Qualcomm about $100 million in annual legal costs, and about $50 million for Broadcom. (Source: Bloomberg)

In a move to stop suspected misuse of the preferential treatment given to venture capital (VC) funds, India proposes to tighten the norms regarding inflow of foreign direct investment (FDI) into trusts registered as VCs. The proposal aims to introduce a lock-in period and a minimum capitalisation stipulation for such inflows. The foreign investor will also have to comply with the know-your-customer guidelines. India would make FDI in trusts subject to foreign investment promotion board's clearance. (Source: The Economic Times)

Retail master trusts have been outperforming industry funds over the past few months. The median growth fund returned 3.4 per cent in April; the median master trust outperformed the median industry fund. This reflected a further downward valuation of the unlisted assets to which master trusts had a much lower exposure than industry funds as well as strong performances in listed markets. However, industry funds continued to hold a sizeable advantage over their commercial rivals in terms of historical performance. (Source: Money Management)

Thirteen East and Southeast Asian countries agreed to set up a $120 billion emergency fund for use in an economic downturn, the first independent move by Asia to shield itself from financial crisis. China and Japan have each committed to provide 32 percent of the regional fund. South Korea has committed to 16 percent, with the rest coming from the 10-member Association of South East Asian Nations. The fund will offer emergency balance of payments support to any country hit by capital flight. The fund will be launched by the end of the year. (Source: Reuters)

China is permitting mutual fund management companies to sell wealth management products to multiple clients, effectively giving them access to China's private wealth management market. Mutual fund companies can raise funds from at least two investors for each private wealth management product. The minimum investment from each private wealth management investor is RMB1 million. The new guidelines take effect from 1 June and put China's 61 mutual fund companies on a level playing field with local trust funds and banks. (Source: WealthBriefing)

State-run Korea Development Bank plans to set up a private equity fund to buy the corporate assets of troubled South Korean conglomerates' non-core business units to assist corporate restructuring. The bank intends to set up the new fund with an initial size of KRW1 trillion, but plans to expand the size with contributions from foreign investors and domestic institutional investors. It is expected to be set up by June 2009. The bank also has plans to acquire a commercial bank in Asia to secure deposit base before its privatization by 2014. (Source: Banking Business Review)

A research found that 62% of people with liquid assets of more than £250,000 are planning to spend their money or sink their wealth into charitable organisations. Wealthy philanthropists are adamant their children are given the incentive to work hard by limiting their inheritance. Only ten years ago, 75% of The Sunday Times Rich List was inherited wealth. Notable philanthropists that have chosen to limit their children's inheritance include: Duncan Bannatyne, Peter Jones, Bill Gates, Warren Buffet, and Barron Hilton. (Source: Wealth Bulletin)

A recent judgement in the Scottish Land Court has removed some of the obstacles hindering the succession of young tenants into their family farms. In the case of James Forrest Fleming v Ladykirk Estates Ltd, the Land Court has ruled that a Borders tenant is allowed to assign his tenancy to his nephew despite various objections raised by his landlord. A landlord is entitled to object on reasonable grounds. The recent decision in that case makes clear that succession on death issues are not reasonable grounds of objection to an assignation. (Source: Land Gazette)

China has issued rules on the tax treatment of corporate restructurings. Under the new rules, taxpayers will be able to elect to temporarily defer gains or losses arising from the restructuring if they satisfy certain conditions. Certain cross border restructurings will also be eligible for tax deferral. The laws were released on May 7. The rules take retroactive effect from January 1 2008. This could cause problems for companies that carried out restructurings over the last 16 months. The deadline for 2008 tax returns is the end of May so companies have only a few weeks to factor the new rules into their documentation. (Source: International Tax Review)

Pakistan has decided to provide ten-year tax holidays for Gwadar Export Processing Zone. The zone would be established over 46,000 acres areas where industrial units, hotels, warehouses and others would be established. There would be zero percent sales tax on construction materials and stamp duty will also be exempted. It would enhance Pakistan's trade with China, Russian States, Middle East, Afghanistan, Iran and others. (Source: Daily Times)

Shanghai would extend the tax break for foreign-registered ships until June 30, 2011. The Yangshan Port will allow shipping companies registered there to be exempt from business tax meted on their international shipping revenue. The exemption also includes tax from revenues of logistics companies and warehouse operators. Registered companies will be allowed to open offshore bank accounts in addition to taking out the business tax for transport companies located in the port. (Source: China Briefing)

In a report published by the Financial Times on Foreign Direct Investment, Dubai has for the first time been classified as the top destination city in the world. Dubai is one of the seven emirates of the UAE. The UAE lead the way in the Middle East and Africa accounting for 50 per cent of total projects in the region. Dubai attracted a total of 342 projects, had $21b of capital investment and created over 58,000 new jobs. The UAE was the leading destination for FDI in the region with 480 projects, capital expenditure of $35b and the creation of over 87,000 new jobs in 2008. (Source: Khaleej Times)

Taiwan and mainland China are planning to permit trading of each others' shares for the first time. As many as 30 stocks from each market may be tradable. Taiwan is also trying to draw as many as 37 Taiwan-owned companies listed in Hong Kong back to its exchange. An agreement on the dual-listing of exchange-traded funds is also expected this year. The two economies agreed to double weekly flights and lift restrictions on investments in banks. China Mobile became the first state-owned company to invest directly in Taiwan. (Source: China Economic Review)

A Chinese economic delegation to London, headed by vice-premier Wang Qishan, said it would open the door to UK companies wishing to list on the Shanghai stock market though no deadline was specified. HSBC is expected to be among the first foreign companies to list in Shanghai should regulations permit. The British government is also expected to lift restrictions against Chinese companies listing in the UK. After many years of blocking attempts to give China more voting rights at IMF, the UK has thrown its weight behind reforms of IMF governance from 2010. (Source: China Economic Review)

Malaysia moved to boost foreign investment in financial services. Foreign ownership caps for insurers and investment banks would be raised to 70 percent from 49 percent and that new foreign-owned Islamic banks and trade banks would be licensed. However, a cap on foreign ownership of Malaysian commercial banks was kept at 30 percent. A single foreign investor is prevented from owning a stake of more than 20 percent in a Malaysian commercial bank. (Source: Reuters)

Switzerland is the most attractive location to set up residency for the international wealthy, according to a survey from Scorpio Partnership. The research, the Mobile Wealthy Residency Index, found that Switzerland's appeal was due to its overall "rounded offer". London, second on the index, was marked down because of the recent tax increases. Singapore was third. Scorpio used eleven criteria to construct the index, including economic and political stability; legal considerations; education for children; proximity; and culture/infrastructure. (Source: Wealth Bulletin)

The Panama Canal Authority has announced a temporary plan that will provide short-term cost reduction and greater flexibility to its Reservation System. The temporary measures will take effect on June 1, 2009 and continue through September 30, 2009.The two primary components are: A redefinition of ballast (ships without cargo) for full container vessels transiting the Canal; and Modifications to the Reservation System to increase flexibility and reduce fees. (Source: LawAndTax-News.com)

China replaced the US to become Brazil's biggest trading partner. The sum of Brazil's exports and imports with China reached $3.2 billion in April, over the $2.8 billion in its trade with the US. The US has been Brazil's biggest trading partner since the 1930s. The bilateral trade volume between Brazil and China reached $36.44 billion in 2008, increasing 55.9 percent from 2007. Brazil's exports to China are mainly soya, cellulose, fuel, and manufactured products. (Source: China Daily)

China elaborated on plans to build Shanghai into an international financial and shipping center. The country would steadily work to allow foreign companies to issue yuan-denominated bonds in Shanghai, and would let some foreign firms list in Shanghai "at a suitable time." The nation would improve infrastructure at the Shanghai port while integrating neighboring resources in the Yangtze River Delta, promoting shipping services by lowering transfer costs for containers from across the world, while striving to enhance the competitiveness of domestic shipping firms. (Source: Xinhua News)

Rising oil wealth and government initiatives have turned Islamic banking and insurance into an industry with $1 trillion in assets globally. Singapore encourages financial institutions to introduce more products that comply with Shariah law. Singapore-based banks may now enter into Musharaka financing and Murabaha transactions. The central bank will ensure equal tax, regulatory and liquidity treatment of Singapore-dollar Islamic bonds with government securities. About $1.5 billion of sukuk bonds may be issued in Indonesia, Malaysia and Singapore this year. (Source: Bloomberg)

The European Commission approved an Italian framework temporarily adapting certain existing risk-capital schemes to increase companies' financing possibilities during the current economic crisis. The measure will allow five risk-capital investment schemes to increase, until 2010, the maximum investment tranches from USD 2.1 million to USD 3.5 million over each 12-month period. The minimum private participation is temporarily reduced from 50 percent to 30 percent. (Source: Xinhua News)

【Chief Editors: Cynthia & Lillian 】

Advertisement