Buy-back beware

What a difference a couple of years can make. Not so long ago many European and Asian companies would not even give the time of day to the notion of venturing into the world of share buy-backs. Almighty obstacles - some real, some convenient - lay in their path in the form of legislative difficulties, tax penalties and the like. In several markets there have been companies willing to nudge slow-moving governments toward legislative or regulatory reform by finding a way round outdated hurdles,