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The stars are out in ITR’s fifth survey of North America. Sophisticated clients demanding round-the-clock access and better value add pressure to the tax adviser’s role. Oliver Ralph and Phillippa Cannon identify advisers who excel under pressure

Dutch supermarkets business Ahold has made a $2.7 billion bid for Giant Food, a US supermarket chain. The deal will expand Ahold's US presence to over 1,000 stores. Ahold will acquire the group from shareholders, including US holding company 1224 Group and UK-based company J Sainsbury USA Holdings.

Piergiorgio Valente of Studio Associato Legale Tributario (Ernst & Young) gives an overview of the key principles behind administrative tax penalties in the jurisdictions of Italy, Sweden, the UK, France and Germany

The Korean government’s new warmth towards foreign investors has created M&A opportunities. Potential tax structures are analyzed by Todd M Landau, Yong-Kyun Kim and Robin Voigt of PricewaterhouseCoopers, New York, Seoul and Chicago

New Zealand’s Inland Revenue is tightening up on the accuracy with which taxpayers value income from trading stock. Andrew Button of Deloitte Touche Tohmatsu, Auckland, alerts readers to the consequences

The Washington National Tax Services office of Price Waterhouse has recruited Barbara Angus, formerly business tax counsel to the Congressional Tax Committee on Taxation.

Foreign investors in the People’s Republic of China take note – the PRC tax authorities have turned on the transfer pricing heat. May Huang and Alan Tsoi of PricewaterhouseCoopers in Beijing, analyze the contents of a new circular on the subject

We finally have it. After months of internal argument, Price Waterhouse and Coopers & Lybrand have finally produced a name for the merged firm, PricewaterhouseCoopers. In the end it has come down to simple arithmetic, adding together the two old names. The result reflects the determination of both firms to preserve what are seen as strong brand names. The firm will be informally known as PwC.

Lonhro, the UK-based mining group and former conglomerate, has agreed to sell its interests in Princess Hotels to Canadian Pacific, the largest hotel group in Canada. The deal is valued at $540 million. The disposal signals Lonhro's move towards the sale of all but its core mining interests.

A Danish company threatened to stop flying the national flag in a dispute over proposed taxation changes. The company, AP Moller Maersk, also refused to sign new North Sea oil exploration licences. The protest was over an 8% cut in corporate income taxes which would have excluded companies in the oil and gas sector. The Danish government has been forced to abandon the plan to reduce corporate income taxes from 34% to 26%. The move came as the government made an agreement with left wing parties that will ensure the passage of a series of tax changes. A condition of left wing support was the removal of the proposed corporate tax cut.