Since China opened its doors to foreign investors around forty years ago, it has been a top recipient for international direct investments. Despite the gradual slowdown of the country’s overall economic growth, foreign interest in China continues to be strong. After a slight decline in 2016, foreign direct investment increased again by 3% to US$134.97 billion in 2018.
The Law on Enterprise and Law on Investment that took effect in 2015 introduced refreshing changes to Vietnam’s investment and business landscape. Designed to stimulate and better facilitate foreign investments in the country, the two new laws have since given rise to several implementing regulations that expound on important subjects such as foreign ownership up to 100% in listed companies, private public partnerships, trade, and representative offices.
US – ONGOING CONSIDERATION BY NAIC OF RESERVE FINANCING, USE OF CAPTIVES, AND PRINCIPLE-BASED RESERVING
On 11 May 2012, the Commission announced that it has approved a 2009 restructuring plan for ING, following a General Court judgment which had partially annulled the Commission’s previous clearance decision. Therefore, the Commission has essentially confirmed its earlier decision and has decided to appeal the General Court judgment. It has also opened an in-depth State aid investigation into the subsequent amendments to the restructuring plan made by the Dutch State and ING. The Commission believes that the complexity of the issues justifies an in-depth analysis.
On 21 March 2012, following an in-depth investigation, the European Commission announced that it has approved the UK government’s plans to relieve the Royal Mail of excessive pension costs and to provide restructuring aid consisting of a debt reduction of £1,089 million. Read more.
On 23 February, the European Commission (“Commission”) opened an in-depth investigation, to verify whether the measures notified in the context of the restructuring of the Czech national flag carrier Czech Airlines are in line with the EU rescue and restructuring aid guidelines. The measures comprise a loan of CZK 2.5 billion (around €94 million) granted by the State-owned undertaking Osinek under allegedly preferential conditions, its later de-collateralisation and transformation into equity capital and a potential guarantee for the purchase of an airplane.
The EU Decision
The EU Commission has held on January 26, 2011 that the so called restructuring privilege offered by German corporate tax law, which allows corporations in a distressed financial situation to continue to set off tax loss carry forwards against future profits even if their shareholder structure has substantially changed, is incompatible with EU State Aid provisions.
The recipients, which have applied the restructuring privilege, are now threatened with the reclaim of the tax benefits.
Doing Business in Russia 2015 Doing Business in Russia 2015 Baker & McKenzie - CIS, Limited Moscow Office White Gardens, 10th Floor 9 Lesnaya Street Moscow 125047, Russia Telephone: +7 495 787 27 00 Fax: +7 495 787 27 01 [email protected] St. Petersburg Office BolloevCenter, 2nd Floor 4A Grivtsova Lane St.
Since gaining its independence in 1993, the Slovak Republic has adopted new laws at a rapid pace. As a country in transition, its legal system continues to develop.
CSMS# 16-000814 dated September 13, 2016, released scenarios (updated on September 8, 2016) to the Hanjin Shipping Co. bankruptcy filing. Hanjin Shipping Co., one of the world’s largest shipping lines, recently filed for court receivership in South Korea. In anticipation of possible disruptions due to Hanjin Shipping vessels or cargo arriving to U.S.