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“The Concurso Mercantil Law is not effective”
Insolvency in Mexico has been seen like a maze, the seven-heads demon or the economy evil. Insolvency is an effect of financial distress situations, which, in turn, are the effect of economic mistakes or diseases, abuse or greed, whether from the government or private sector or both. At the end, insolvency, most of the time, is a result of human action, rather than an act of God. Under financial distress situations, it is of essence to be equipped with a modern, orderly, predictable, accountable, efficient and effective legal insolvency system to protect debtors’ and creditors’ rights, to optimise assets and as long as possible preserve j... -
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Power for a more sustainable future
Established in December 1978 as a state enterprise, Petroleum Authority of Thailand or PTT was formed to conduct petroleum and related businesses. Over two decades later, PTT Public Company Limited (“PTT Plc”) was registered as a company under the Corporatisation Act on October 1 2001 with a capital of 20bn baht ($673m). Currently, PTT Public Company Ltd (PTT) is Thailand’s fully-integrated energy company with leading position in exploration and production, transmission, petrochemical, refining, marketing and trading of petroleum and petrochemical products. PTT is 51 percent directly owned by the Ministry of Finance (MoF), with a furthe... -
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Italy unburdens cross border tax
In layman’s terms, transfer pricing is all about the price at which goods or services are sold between different companies within an international group of companies. It is important for the authorities to monitor a company’s setting of transfer prices as in some instances businesses can use the system to avoid taxation by manipulating transfer prices to shift profits from one jurisdiction that has a high tax liability to another jurisdiction where the effective rate of tax is lower. In Italy, the new tax package offers an exemption from tax penalties deriving from transfer pricing adjustments. To secure the exemption, Italian resident co... -
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Innovations for traders’ sake
Why all the fuss and bother about innovations in the forex industry? What innovations really matter now and can change the whole course of the market development? After decades of dramatic growth and maturing, foreign exchange trading has reached a new era. The start of the new millennium witnessed rapid technological development and with it the inflow of private investments into the international forex market. But by the time private traders entered forex, it was framed mainly for the convenience of its constant participants – institutionals. New needs and specifics appeared demanding significant changes both in technological solutions and... -
News 0
Innovations for traders’ sake
Why all the fuss and bother about innovations in the forex industry? What innovations really matter now and can change the whole course of the market development? After decades of dramatic growth and maturing, foreign exchange trading has reached a new era. The start of the new millennium witnessed rapid technological development and with it the inflow of private investments into the international forex market. But by the time private traders entered forex, it was framed mainly for the convenience of its constant participants – institutionals. New needs and specifics appeared demanding significant changes both in technological solutions and... -
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Master of the harbour
Henrik PoulsenAge: 43Education: M.Sc., Finance and Accounting, Aarhus School of Business, DenmarkCareer highlights:2008 President and CEO, TDC A/S 2007 Operating Executive, KKR Capstone2006 Executive Vice President, LEGO Group “The telecoms market has limited underlying growth and declining prices,” says Henrik Poulsen. “This is a challenge we share with most of our peers in the European telecoms markets, and a challenge which forces us to focus our efforts; both in terms of reducing cost and complexity and developing our market positions and customer satisfaction.” Mr Poulsen’s path from a small village in the rural part of Denmark... -
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One company’s misery, another’s nightmare
If any proof were needed that the world economy has not yet fully emerged from recession, then the harsh austerity measures currently being imposed in many countries – and the often less than enthusiastic reaction to these measures of many of the citizens of those countries – clearly signal that the voyage to full recovery will be a stormy one. Several countries – notably those known by the unfortunate acronym ‘PIIGS’ (Portugal, Ireland, Italy, Greece and Spain) together with the UK and the USA – have attracted much publicity as victims of the recession. Many of their current fiscal problems can be traced back directly to an over ... -
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“We used the crisis to optimise”
The credit crisis took a wrecking ball to the balance sheets of many global banks. Not Saxo Bank. This feat marked the bank out. This Denmark-based operation now has a hugely expanding geographic footprint and its distinctively outspoken CEO is not shy of challenging the traditional big players – as well as the perceptions of just what and how a bank should operate. “As a financial institution not really affected by the financial crisis as much as other more traditional banks, we were able to use the crisis to strengthen and optimise our entire value chain,” says Saxo Bank co-founder Lars Seier Christensen, “including broadening our p... -
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Investors eye T’s & C’s
If you think you’d like to extend your Turks & Caicos vacation — perhaps permanently —you’ll join the ranks of visitors turned expatriates, who have chosen to do business, retire or enjoy a second home in idyllic surroundings. In the Turks & Caicos Islands (TCI), you’ll enjoy the sea and sand at your front door and a climate of perpetual sunny days, along with a sound infrastructure and steadily growing tourism industry. US currency is the legal tender and there are no exchange controls. And, because of its relationship with the UK, the country is politically stable, with local laws based on English common law and local ... -
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Abu Dhabi targets high-tech future
Double-dip recession or not, global consumers are retaining a crush on their personal electronic goods and super-smart mobile devices. Even in tough economic times, the confluence of advances in computing, communications, mobile handsets, digital content and growing worldwide adoption of the internet is fueling new purchases and creating a mobile revolution. Not surprisingly, this consumption is becoming more Asia-centric. While China’s gross domestic product constitutes roughly 60 percent of the GDP of the United States, China already consumes more electronics than the US, attributable to China’s large middle-class of 400 million citizen...
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