The taxation system in Vladivostok will be changed from January, 1st. From January 1, 2008 a federal law amending the fiscal code of Russian federation comes into force. The changes concern the taxation system as the imputed profit for individual types of activity. According to the information from the finance and economy department of the Vladivostok administration the changes concern the alterations in the order of tax bas determination and single tax on the imputed profit (STIP) calculation for individual types of activity that came in force since the Jauary 1, 2008. This law also specifies the types of business in attendance to which the organizations and individual businessmen are submitted the payers of the STIP.

Commission Proposes Cross-Border Investment Measures For Venture Capital

In order to finance and stimulate innovation of small and medium-sized enterprises (SMEs), the European Commission has proposed measures to boost cross-border investments by venture capital funds. Until now, venture capital funds, which are vitally important for the financing of growing innovative small companies, have faced problems in overcoming different national regulations for cross-border fundraising and investment. For this reason, the EC explained, they often don't reach the necessary critical mass. Therefore, the European Commission is advocating a broad partnership with and between Member States, to work towards mutual recognition of the current national frameworks for venture capital funds.

Seoul aims to stave off credit crisis

South Korea’s incoming government is planning a huge bail-out covering 7.2m consumer debtors behind on loan repayments or with poor credit ratings in an effort to spur consumption and prevent a repeat of a 2004 consumer credit crisis. President-elect Lee Myung-bak, an ex-Hyundai executive, promised help for consumer debtors during the campaign leading up to last month’s presidential election. Economists have warned that South Korean households and small companies are facing a growing risk of default amid rising interest rates and a credit squeeze at the country’s banks.

China Central Bank Reiterates `Tight' Monetary Policy China's central bank reiterated its pledge to maintain a ``tight'' monetary policy in 2008 as the government tries prevent record trade surpluses from fuelling inflation and stoking investment bubbles in the property and stock markets. The central bank will continue to use ``balanced'' monetary policy tools to help manage the world's fastest-growing major economy, Zhou Xiaochuan, the governor of the People's Bank of China, said in a New Year message on the bank's Web site today.

HSBC Seeks Approval Of New Pro-Business Administration For KEB Takeover  HSBC has sought to take advantage of the changing of the political guard in South Korea to secure approval for its proposed takeover of the Korea Exchange Bank (KEB). The KEB is currently the subject of a long-running dispute which has pitted its owner, US-based private equity firm Lone Star, against the Korean tax authorities, and this dispute has stalled HSBC's plans to increase its Asian presence with a significant purchase in Korea.

Merrill May Get $5 Billion Investment From Temasek Merrill Lynch & Co., reeling from the biggest loss in its 93-year history, may receive a cash infusion of as much as $5 billion from Singapore's state-owned Temasek Holdings Pte., the Wall Street Journal reported. Temasek's board has given preliminary approval for the investment, the Journal said, citing people it didn't identify. Merrill Chief Executive John Thain, who took over Dec. 1, would join Citigroup Inc., Morgan Stanley and UBS AG in tapping a sovereign wealth fund to shore up capital.

An apparatchik president? Why Russia expects Putin to stay on at Medvedev’s side For a man who spent his formative years in the murky world of espionage, Vladimir Putin has proved quite a political showman. Just two months ago, the Russian president surprised everyone by announcing he would head the electoral candidate list for the pro-Kremlin United Russia party – turning what had promised to be tedious parliamentary polls last week into a popularity contest with himself as the only participant.

Q3 Hong Kong Finance Industry Receipts Up 100%  According to figures released by the Census & Statistics Department on Monday, the business receipts of all service industries in Hong Kong rose in value in the third quarter this year over the same period last year. Among them, finance-industry business receipts rose 100.1%, those for banking 47.7%, and those for insurance industries 41.8%. The Department explained that the rise was attributable to the buoyant local stock market, the continuous growth of the banking industry's non-interest income, and the growth in life-insurance business.