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| EIU ranks
Netherlands as best place to do business |
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The Netherlands is expected to be the best place in
the world to conduct business over the next five years, according
to a survey published by the renowned British Economist Intelligence
Unit (EIU) based on its study of the business environment in 60 countries.
The Netherlands has topped the list, relegating the United States
to the second place, followed by Britain, Canada, Switzerland, Ireland,
Finland, Singapore and Sweden. The Netherlands scores particularly
high for its political environment, its policy towards foreign investment
and favorable fiscal policy, its liberal foreign trade and exchange
regime, and the availability of finance.
Due to the fact that the Netherlands has one of the most extensive
tax treaty networks ensure that companies are taxed only once in the
Netherlands, rather than both in the Netherlands and in their home
country. The stable political environment and the availability of
finance raising via banks or public listing also contributes to the
attraction for foreign companies. The Netherlands is also well known
for its good infrastructure and telecommunications network.
Hong Kong, which ranked as the 3rd best place to do business in 1996-2000,
is expected to drop to 10th place in the forecast period of 2001-05,
and is also the only country where the business environment is expected
to deteriorate in absolute as well as relative terms. Some of the
deterioration is due to regulatory and political changes, but the
mismatch between the skills of the workforce and the demands of an
economy increasingly focusing on high-value-added sectors is also
important.
Source: Economist Intelligence Unit. |
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| EU
clears Hutchison, Rotterdam port authority ECT buy |
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| The European Commission has approved the acquisition
by Hutchison Netherlands BV (Hutchison) and Rotterdam Municipal Port
Management (RMPM) of the Rotterdam container terminal operator Europe
Combined Terminals BV (ECT), subject to commitments. As initially
notified, the acquisition would have led to the creation of a dominant
position on the market for the provision, in Northern Europe, of stevedoring
services for transhipment traffic carried by deep-sea container vessels.
However, the parties have offered undertakings which will enable significant
competition to emerge on the relevant market. Hutchison belongs to
the Hutchison Whampoa Group (Hong Kong), the direct and indirect subsidiaries
of which supply stevedoring services wordwide. In |
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Europe, Hutchinson controls the container
terminals at the deep-sea ports of Felixstowe and Thamesport. RMPM
is responsible for the development and management of the port of Rotterdam
in the Netherlands. ECT is the leading container terminal operator
in the Port of Rotterdam, itself the largest port in continental Europe.
The Commission's in-depth investigation focused on the provision of
stevedoring services in respect of the Northern European transhipment
market. The investigation confirmed that the concentration would lead
to the creation of a dominant position in that market.
The acquisition combines the number one operator on the continent
(ECT) and the number one operator in the UK (Hutchison). Following
the operation, Hutchison/ECT will have a market share of approximately
50 percent, over twice as big as its nearest two competitors taken
individually, namely HHLA (18.2%) and Eurogate (17.3%). The parties'
strong market position is also reflected in their high share of port
calls by the main shipping lines on the important Northern Europe
Far East and Transatlantic trades. Furthermore, the parties' Felixstowe
and Rotterdam terminals have several natural advantages which make
them particularly suited for serving larger vessels. The increasing
use of ever larger vessels on the major trades to and from Europe,
accounting for a very high proportion of overall transhipment traffic,
would therefore further strengthen Hutchison/ECT's market position.
In the course of the investigation the parties submitted commitments,
which will result in the emergence of independent competition in the
Port of Rotterdam, one of the main transhipment ports in Northern
Europe for deep-sea container vessels. Subject to the parties' full
compliance with the submitted undertakings, the Commission has concluded
that the acquisition will not lead to a dominant position on the relevant
market.
Source: Dow Jones Interactive |
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