The Middle East and North Africa region is on the cusp of a new energy revolution. US$50 billion has been set aside for investment in solar power projects by 2020, as MENA governments seek to maximise the long term value of their hydrocarbon resources by utilising solar energy to meet growing domestic consumption. Whilst these … Continue Reading
Whilst project bonds have for some time been a popular source of financing for projects in the US, they have historically been slow to gain momentum in other parts of the world, including the Middle East. A number of explanations have been advanced for this – in the Middle East, the deep pool of bank … Continue Reading
This month, the UK Financial Conduct Authority formally authorised ICE Benchmark Administration Limited (IBA) to assume responsibility for the administration of the London Interbank Offered Rate (LIBOR). IBA is a subsidiary of the Intercontinental Exchange Group, a leading global network of exchanges and clearing houses that administers other benchmarks such as the French CAC40 and … Continue Reading
On 12 July 2013, the US Internal Revenue Service issued a revised timeline for the implementation of the requirements of sections 1471 to 1474 of the Internal Revenue Code, commonly referred to as FATCA. Highlights The implementation of FATCA withholding on US source income has been delayed by six months and will now commence on … Continue Reading
The Custodian of the Two Holy Mosques, King Abdullah, announced on Sunday June 23, 2013 that the official working days in Saudi Arabia will change to Sunday to Thursday and the weekend to Friday to Saturday, with effect from June 29, 2013 (the “Royal Decree”). The change aligns Saudi Arabia with the other members of … Continue Reading
The second half of 2012 saw a number of major financial institutions censured for the alleged manipulation of submissions made to the British Bankers’ Association (BBA) for the compilation of BBA LIBOR. In addition to direct enforcement action against those alleged to have participated in such manipulation, regulators have also taken significant steps to reform … Continue Reading
The Japanese Financial Services Agency has issued a document (see Taxation of J-Sukuk Q&A) highlighting reforms to Japanese tax laws implemented in 2011 that facilitate the issuance of sukuk by Japanese companies (J-Sukuk). Following these reforms, distributions paid on J-Sukuk benefit from the same favourable withholding tax treatment as interest or coupons paid on corporate … Continue Reading
In February, Greece launched its sovereign debt swap, pursuant to which holders of EUR 206 billion of its bonds were invited to swap their existing holdings for a package of instruments with a nominal value of just 46.5 per cent. of the par value of their current bonds. This invitation for voluntary participation in the … Continue Reading
