The Ministry of Commerce (“MOFCOM”) promulgated the Provisional Measures for the Administration of Processing Trade in Export Processing Zones on 22 November 2005. The Measures replace regulations of the same name with effect from 1 January 2006. Definitions The Provisional Measures define an export processing zone (“Zone”) as a specified area subject to closed supervision by the Customs ...
The Ministry of Commerce (“MOFCOM”) promulgated the Measures for the Administration of International Freight Forwarding Enterprises with Foreign Investment on 19 October 2005. The Measures, which entered into force on 11 December 2005, repeal regulations of the same name and their supplementary regulations issued in 2003 ...
The State Administration of Foreign Exchange (SAFE”) issued the Notice on Issues Relating to the Improvement of the Administration of Foreign Debt on 21 October 2005. The Notice entered into effect on 1 December 2005 and governs various aspects of the PRC regime for the control of foreign debt ...
The Supreme People’s Court promulgated the Regulations of the Supreme People's Court on Several Issues in the Hearing of Cases Involving Disputes over Letters of Credit on 14 November 2005. The Regulations entered into effect on 1 January 2006 and provide clearer guidance not only on how PRC courts should deal with cases involving disputes over letters of credit (“LC disputes”) but also on the general operation of letters of credit (“LCs”) in China ...
The General Administration of Customs (“GAC”) issued the Measures of the Customs of the People’s Republic of China on Duty free Shops and Duty Free Goods on 28 November 2005. The Notice, which became effective on 1 January 2006, governs the establishment of duty free shops and the import and sale of duty free goods ...
The Guangdong Provincial Development and Reform Commission (“GDRC”) promulgated the Provisional Measures for the Administration of the Verification of Foreign Investment Projects on 18 February 2006. The Provisional Measures are the local implementing rules for the Provisional Measures for the Administration of the Verification of Foreign Investment Projects promulgated by the State Development and Reform Commission (“SDRC”) on 9 October 2004 (“SDRC Measures”) ...
In April last year, companies were given greater flexibility in protecting their directors against certain liabilities as a result of changes to the law. The changes recognised increasing concern over directors' exposure to liability arising from legal proceedings brought by third parties. The Companies Actprohibits a company from exempting directors in respect of liability if negligent, in default or in breach of duty or trust ...
WHAT IS CEPA? The Closer Economic Partnership Arrangement (“CEPA”) is a free trade agreement between Mainland China and Hong Kong that offers Hong Kong products, companies and residents preferential access to the Mainland market. Many of the preferences go beyond China’s WTO concessions. CEPA is not a closed agreement and both sides hold regular meetings on further concessions and the details for implementation ...
Every day in Mumbai, India, a team of 5,000 couriers deliver, collect and return 200,000 lunch boxes. This massive logistics operation is undertaken with an error rate of less than 1 in 8 million deliveries and without using any information technology. Enormous labour cost disparities enable this manual operation to be undertaken cost-effectively ...
Procuring and implementing an ICT system within an organisation can be a stressful task. High profile failures in both the public and private sectors hit the headlines all too often. The National Audit Office's report last month on the £6.2bn NHS IT upgrade in England put many of the challenges firmly in the spotlight. In the heat of the procurement process it is easy to forget some basic procurement principles ...
Last March 15th was published Decree Law nr. 52/2006 implementing Directive 2003/6/CE, of the European Parliament and the Council, dated January 28th, on insider dealing and market manipulation, and Directive 2003/71/CE, of the European Parliament and the Council, dated November 4th, on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/CE ...
The Office of Fair Trading (OFT) announced in June that it was considering launching an investigation into the UK airports market "with a view to establishing if the current market structure works well for consumers". This raised a number of eyebrows in the City, as the European Commission had only just cleared Ferrovial's bid for BAA, confirming that the market (at least for ground-handling services) "is broadly perceived as well-functioning by airlines" ...
Patent Opinion Letters: Privilege Waivers after Knorr Knorr-Bremse: The Federal Circuit Changes the Role of Options of Counsel in Patent Cases In September 2004, the en banc opinion of the Federal Circuit Court in Knorr- Bremse System Fuer Nutzfahrzeuge Bmbh v. Dana Corp ...
The Office of Fair Trading (OFT) announced in June that it was considering launching an investigation into the UK airports market "with a view to establishing if the current market structure works well for consumers". This raised a number of eyebrows in the City, as the European Commission had only just cleared Ferrovial's bid for BAA, confirming that the market (at least for ground-handling services) "is broadly perceived as well-functioning by airlines" ...
There is an argument that in certain circumstances greater prudence is now required from members dividends following the Court of Appeal case It's a Wrap (UK) Ltd (In Liquidation) v (1) Barbara Gula and (2) Anthony Gula [2006] EWCA Civ 544, which reverses an earlier High Court decision. The case involved an insolvent company which had claimed repayment of dividends unlawfully paid to the defendants who were the only members and directors of the company ...
Before 1978, China's economic policies were mainly aimed at self-reliance. As a result, the country was virtually shut off from world economic developments. In 1978, China opened its doors to foreign investment with the goal of modernising its economy and raising the living standard of its people. The country has since established the necessary legislative basis for foreign investment and has actively sought to acquire modern foreign management and technical skills ...
The funding of emerging oil & gas companies is less straightforward than other start-ups due to the inherent risks associated with drilling for oil and taking any successful drilling programmes from exploration stage through to the production of oil & gas. Debt finance, essentially borrowing from banks, is usually dependent upon a guaranteed revenue, so is normally only a funding option once production has commenced ...
Respondents to Dykema's 2006 M&A survey generally maintain a positive outlook on the future of the U.S. mergers and acquisitions market. Responses were received from both company executives and their outside advisors. Survey respondents are looking toward strategic buyers as an increased presence in the coming year, but also forecast significant involvement by financial and foreign buyers ...
The Finance Committee at Holyrood published its long awaited Report into Accountability and Governance last month. Its conclusions, and especially its strong criticism of the current structure of independent bodies in Scotland, have raised a few eyebrows among those with an interest in public administration. The Report follows a lengthy inquiry which began in March this year, looking into the growth of independent regulatory and investigatory bodies in Scotland since devolution ...
Open source software ("OSS") is quickly entering the mainstream and becoming increasingly widely used. In fact International Data Group analysts have predicted that the OSS marketplace will be worth £35 billion by 2008. OSS is software that is freely available (without discrimination) and can be copied, modified and redistributed ...
Long before the creation of limited liability companies, the best practice for companies or individuals that operated multiple distinct businesses or held multiple significant assets, such as real estate, was to segregate each distinct business or asset into a separate entity so that the liabilities of one of the businesses or assets would not affect the other businesses or assets ...
The Corporate Manslaughter and Corporate Homicide Bill was introduced to Parliament on 20 July 2006. Westminster and the Scottish Executive have agreed corporate liability for death is a health and safety matter reserved to Westminster and therefore a UK wide Act is required. The Bill makes provision for a new offence to be called corporate manslaughter in England and Wales and corporate homicide in Scotland ...
The IT outsourcing market has matured in the past years. Many IT outsourcing relationships are fruitful and long lasting. Nevertheless international surveys continue to show that numerous outsourcing deals are untimely terminated in the first two to four years. This paper highlights the key risk factors for failure of IT outsourcing relationships. These key risk factors will be underlined by various failed outsourcing case law. Such case law probably only represents the top of the iceberg ...
