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The implementation of a free foreign exchange system in Indonesia has accelerated the expansion and integration of the Indonesian financial market into the world's financial markets. As a result, the growth in rupiah transactions between banks and foreign citizens and foreign legal entities has led to instability in domestic monetary conditions, putting pressure on the rupiah exchange rate. This has recently been exacerbated by state oil firm Pertamina buying large amounts of dollars to counteract increasing oil prices.

The government of India has launched Phase II of providing FM radio services for 336 broadcasting stations across 90 cities. To encourage private FM industry, the government of India has permitted players to migrate from the current licence fee structure to a 4% revenue-sharing regime. New participants would pay a one-time entry fee through a closed bidding process.

The central challenge of China's corporations is to deliver results that will satisfy an ownership base that is increasingly comprised of institutional investors. Unlike most of the OECD, China has to reconcile from the outset the twin demands of corporate managerial risk-taking, which is the essence of robust economic growth, and institutional investor prudence, the main pillar of which is liquidity of investment (at least in the same currency).

Louisa Gault explains how taking security in true-sale securitizations is set to improve in Germany

Allen & Overy is leading the pack in Dealogic's first half project finance survey. The firm has completed 31 deals worth a total of $8.18 billion so far this year. The firm had an excellent second quarter in which it closed 20 deals, three more than Clifford Chance closed in both the first and second quarters combined. White & Case climbed to third with a strong second quarter performance. The firm was buoyed by its presence in the Middle East and Africa where deal volume more than trebled from $3.3 billion to $10.4 billion over the past year. But the top two firms will be difficult to catch. They divide a market share of 26% and the gap between Clifford Chance and White & Case is over $4 billion in deal value. Global project finance volume is down 12% to $60.7 billion. Power is the most valuable sector, worth $28.9 billion and Western Europe recorded the highest regional volume with $21 billion. Project bond volume almost halved to $6 billion from $11.7 billion in the first half of 2004.

Ibrahim Mubaydeen, Simmons & Simmons Simmons & Simmons has opened an office in Dubai in the United Arab Emirates (UAE). The office is the firm's twentieth and the third in the Gulf. Corporate partner Robert Leigh will be resident in the Dubai office and Ibrahim Mubaydeen will become the managing partner for the UAE, responsible for the new Dubai office and the existing Abu Dhabi office. The firm now has three partners and nine fee earners in the UAE.

Dewey Ballantine and Wachtell Lipton Rosen & Katz were the lead advisers on pharmaceutical company Omnicare's acquisition of NeighborCare. The deal, which is worth about $1.8 billion, will create a company with a combined network supplying long-term healthcare providers in 47 states and in the District of Columbia. Dewey Ballantine advised Omnicare on the merger alongside Axinn Veltrop & Harkrider. Wachtell Lipton was counsel to NeighborCare.

Portugal has relied primarily on the direct effect of the Prospectus Directive implementation regulation but has also changed regulatory

Allen & Overy represented HBOS on the formation of its pan-European property fund. The fund is seeded with €600 million in debt and equity from HBOS and is believed to be the first big investment fund for pan-European property designed to be listed with the features of a conventional real-estate investment trust. Allen & Overy partners Ian Powell and Sanjeev Dhuna led the firm's banking team, while partners Robert Porter and John Goodhall led the fund establishment side. Derek McDonald and Dino Unni led the transaction at HBOS.

Recent foreign exchange regulations inadvertently dampen foreign investment in China. Filip Moerman, Niping Wu and Bian Hao explain