Latest news with #foreigncompanies
Times
5 days ago
- Business
- Times
SEC reforms tipped to ‘turn on the tap' for London Stock Exchange
The US market regulator is considering plans to change how foreign companies are listed in New York, which could provide a much-needed boost to the London Stock Exchange. Under ideas circulated by the Securities and Exchange Commission (SEC), foreign companies that are quoted in New York could be required to have a secondary listing in another location if they aren't already listed elsewhere. This demand, if enacted, could affect prominent companies including Arm, the Cambridge-based chip designer that is listed in New York. Foreign companies could also be subject to American accounting rules, which might have the effect of forcing them to move their entire domicile to the US. Lawyers at the global legal firm DLA Piper said the work under way at the SEC could 'turn on the tap' for London to attract secondary listings from these so-called foreign private issuers (FPIs). This would lift the London Stock Exchange, which has faced criticism for losing out on initial public offerings (IPOs) to New York. It has also been deserted by a number companies that have switched their listings to America in the quest for higher valuations. • How to save London's stock market, by LSE boss David Schwimmer Companies using the FPI rules are not subject to quarterly reporting requirements and can use international accounting standards to retain their New York listings. However, the SEC said it had devised these rules decades ago on the basis that they would be 'subject to meaningful disclosure and oversight in their home jurisdictions'. Before 2003, the vast majority of FPIs were European and subject to oversight by their domestic regulator. But 20 years later, the largest jurisdiction in terms of 'issuer incorporation' was the Cayman Islands, and the largest by headquarters was China, the SEC said. Rob Newman, co-head of capital markets for DLA Piper in the UK, said that if the changes were implemented, there could be repercussions for a wide range of companies. 'What we're talking about is companies [like] Arm Holdings, which chose to list in New York, doesn't have its stock traded anywhere else, and is currently relying on exemptions of being a foreign private issuer,' he said. Another company to take advantage of the FPI regime has been Virax Biolabs, a Glasgow-based biotech company that listed its shares on Nasdaq after incorporating in the Cayman Islands. In a letter to the SEC, Virax Biolabs' chief executive, James Foster, said: 'Our company was advised by our underwriter at the time of IPO to incorporate in the Cayman Islands as a means to facilitate a US listing. Our operational headquarters, executive leadership and business administration have always been located in the United Kingdom. We would not have adopted the Cayman structure but for this advice.' The SEC has asked for responses to its consultation by early September. It is unclear when it would make any rule changes.
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Be Transparent About Shells
In 'Some Importers Look for Path to Bend the Rules' (U.S. News, July 15), Corinne Ramey makes clear that tariffs are only as effective as the U.S. ability to enforce them. U.S. customs officials will be hamstrung in their enforcement efforts without access to information about the true owners of anonymous shell companies. It is possible for foreign companies to set up American shell companies and import products into the U.S. Those firms, as the importers of record, are legally on the hook to pay tariffs. But, in some cases, these companies dissolve, enabling them to skip the bill and evade law-enforcement scrutiny.
Zawya
23-07-2025
- Business
- Zawya
Qatar: Total value of tenders issued by govt entities surge by 111% to $3.18bln
Doha: Qatar's economy stands as one of the most robust within the region as it gives considerable attention to national economic diversification. The country recognises the importance of balancing its economic policies which aim to create a diversified national economy while strengthening its natural resources. The Ministry of Finance posted on its X platform yesterday, the total value of tenders and auctions issued by the government entities reached QR11.6bn in the second quarter (Q2) of this year. This shows a surge of 111 percent in the value of projects compared to same period in last year when the total value of tenders and auctions was QR5.5bn. Meanwhile the number of awarded tenders, practices, and direct agreement totaled 791 representing an increase of 21.7 percent in the number of projects. The post further stated that the total value of QR8.6bn and QR3bn worth of tenders were awarded to local and foreign companies respectively. This shows an increase of 91.11 percent in the value of contracts with local companies and 200 percent jump in the value of contracts with the foreign companies compared to the same quarter last year. In Q2 last year, QR4.5bn tenders were awarded to local companies which represented a decrease in the value of contracts with by 13.5 percent compared to Q2 2023 and QR1bn tenders were awarded to foreign companies, an increase of 67 percent compared to the same quarter of 2023. According to the data by the Ministry of Finance the top four sectors by Sector Activity Index in the second quarter of 2025 were Municipality of environment, health, energy, and transportation and communications. Meanwhile in first quarter of 2025 the total value of government procurement contracts executed through tenders and auctions by public entities during Q1 of this year amounted to approximately QR6.4bn. Contracts awarded to foreign companies totaled around QR1.5bn, marking a 50 percent increase compared to Q1 2024. The top four sectors according to the Business Activity Index during Q1 2025 were municipality and environment, health, energy, and the General Secretariat of the Council of Ministers. Last week, Qatar's general budget was announced by the Ministry of Finance which recorded a deficit of QR0.8bn during Q2 2025 (April, May, and June). The deficit was covered through debt instruments. The total revenues for Q2 2025 stood at approximately QR59.8bn, reflecting a 0.1 percent decrease compared to Q2 2024. These revenues comprised QR34bn in oil and gas revenues and QR25.8bn in non-oil revenues. The total public expenditure during Q2 2025 amounted to roughly QR60.6bn, registering a 5.7 percent increase compared to Q2 2024. The expenditure was allocated as follows: QR18.334bn for salaries and wages, QR21.925bn for current expenditures, QR17.507bn for major capital expenditures, and QR2.838bn for minor capital expenditures. The Third National Development Strategy (NDS-3) focuses on four main sectors that will drive the economic growth and help in diversification in industry, tourism, logistics and transportation, technology and AI sectors. Qatar is actively spending on infrastructure and building projects at present focused on high-quality road networks and state-of-the-art facilities, in addition to numerous big projects in the construction realm attracting tourists and investors. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Forbes
18-07-2025
- Business
- Forbes
South Korean Bill Takes Aim At Businesses And Human Rights
A bill under consideration by the Korean National Assembly could have ramification on businesses and ... More their human rights obligations around the world. South Korea is considering legislation that would impose legally binding human rights obligations on many companies operating in the country, both domestic and foreign. This could be a turning point in Asia's regulatory landscape, heralding a new era for human rights obligations for businesses across the region. The Legislative Bill for the Act on the Protection of Human Rights and the Environment for Sustainable Business Management, also known as the Corporate Human Rights and Environmental Due Diligence Act, was reintroduced to the South Korean National Assembly in June 2024. It would require large Korean companies, as well as foreign companies with significant operations in Korea, to conduct due diligence on their operations and supply chains to identify and address human rights and environmental issues. The bill, which mirrors developments in the European Union, targets companies with over 500 employees or annual revenue above $280 million, and lowers the threshold to 250 employees for high-risk sectors like mining and energy. Under the proposed framework, companies would be required to publish annual reports documenting their due diligence processes and mitigation efforts. Noncompliance could result in administrative penalties while certain violations could give rise to civil liability. While the bill remains under parliamentary consideration and could go through significant revision, it reflects a growing political and public consensus within South Korea that voluntary guidelines are no longer sufficient to address companies and human rights issues. The global business and human rights agenda has been anchored in the United Nations Guiding Principles on Business and Human Rights (UNGPs), which call on companies to respect human rights by undertaking appropriate due diligence and providing remedies when violations occur. Although widely endorsed by governments and businesses, the UNGPs are nonbinding and their implementation has been inconsistent. South Korea's bill is part of a broader global trend toward codifying the principles embedded in the UNGPs into law. Seoul's proposed legislation mirrors aspects of Germany's Supply Chain Due Diligence Act and the European Union's recently adopted Corporate Sustainability Due Diligence Directive, both of which impose due diligence requirements on large companies to ensure corporate accountability for adverse impacts of their global supply chains. If passed, the Korean bill would be the most comprehensive and enforceable business and human rights initiative in Asia. It would require companies not only to assess and disclose risks but also to act on them, implementing concrete measures to prevent or mitigate harm, establishing grievance mechanisms and tracking their effectiveness over time. Although the bill is national in scope, its has implications for Asia and beyond. Korea is a G20 economy with significant outbound investment, deep trade relationships and a central role in global supply chains. If enacted, the legislation would have extraterritorial effects, compelling suppliers and subsidiaries across Asia and beyond to adopt business and human rights practices consistent with the Korean law. Moreover, several other Asian countries are actively exploring similar regulatory models. Japan has adopted nonbinding human rights due diligence guidelines. Thailand is developing a National Action Plan on Business and Human Rights and is reportedly considering further regulatory options. India's Business Responsibility and Sustainability Report (BRSR) framework, while currently a disclosure regime, reflects increasing attention to environmental and social risks in corporate governance. For multinational companies and regional conglomerates, this shifting legal environment across Asia demands attention. Business and human rights can no longer be relegated to aspirational policy statements or delegated to corporate social responsibility teams. It must become an integrated part of enterprise risk management and legal compliance across operations, jurisdictions and supply chains. Although the legislation has not yet become law, the bill is an opportunity for those operating in the region. Companies with exposure to Korea or broader Asian markets should consider taking the following steps to prepare for a more rigorous business and human rights landscape: South Korea's proposed legislation reflects a growing recognition in Asia that businesses must be held accountable for human rights issues, and that voluntary frameworks alone are insufficient to address the risks posed by complex, transnational supply chains. No longer a theoretical or reputational concern, it is now a material risk with legal and financial consequences. Companies that approach this issue with the requisite level of rigor, foresight and strategic intent will not only mitigate those risks but also strengthen stakeholder trust and operational resilience. The question for business is not whether to take business and human rights seriously, but how quickly and effectively they can meet rising expectations—before those expectations become enforceable obligations.
Washington Post
11-07-2025
- Politics
- Washington Post
Ecuador approves controversial law on protected areas, sparking legal threats
BOGOTA, Colombia — Ecuador's parliament has approved a new law on protected areas that has drawn sharp criticism from Indigenous groups , legal experts and environmental advocates who say it threatens Indigenous land rights and violates both national and international protections. The law, which passed on Wednesday in the 151-seat National Assembly with 80-23 votes in favor , with remaining lawmakers absent during the vote, allows private entities, including foreign companies, to participate in managing conservation zones.
