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Kuwait approves budget...

Article Abstract:

The Kuwaiti government has been prompted to reduce its public expenditures, as legislators signed the country's national budget for the fiscal year 1998. The KD 4.378 billion allocation aims to generate an estimated revenue of at least KD 3.105 billion, with a projected deficit of KD 1.274. The government further eyes to yield KD 550 million non-oil revenue earnings, while expecting oil revenues to reach KD 2.6 billion. It further attempts to enhance the inflow of foreign investments in the country by introducing laws that will allow foreign investors to acquire 100% ownership to their company.

Public Finance Activities, National Government Finance, Evaluation, Public finance, Government spending policy, Expenditures, Public, Public expenditures

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New York: discovery obligation extended to foreign subsidiaries

Article Abstract:

The New York Supreme Court has ruled that a party subject to the Court's 'in personam' jurisdiction can be forced to produce any and all documents under its control, even those held by its foreign subsidiaries. The ruling is a result of the Bank of Tokyo-Mitsubishi Ltd vs Kvaerner case in Jan 30, 1998. The immediate impact of the ruling is that parties, particularly multinational companies, can take advantage of it in lieu of the provision in the Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters.

Multinational Corporations, New York, Commercial documents

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Legal and practical aspects of doing business in Kuwait

Article Abstract:

Articles 23 and 24 of the Kuwaiti Commercial Code state the basic legal guidelines for foreign companies who wish to do business in Kuwait. Non-Kuwaitis must have a Kuwaiti partner with a 51% or greater equity. The basic ways a foreign firm can enter the Kuwait market are joint ventures, incorporation as either a limited liability company or a joint stock company and appointing a Kuwaiti commercial agent. Practical considerations are outlined.

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