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  • Japan's financial payment and settlement systems are to be strengthened as part of a review by a new committee set up to minimize operational risks in the country's financial markets. The initiative, spearheaded by the Financial Services Agency and agreed by the Financial System Council, will involve senior Japanese officials and academics looking at ways to create a safety net for the payment and settlement systems.
  • Ben Maiden reports from New York on whether foreign issuers will still flock to the US
  • The Irish government has recently enacted regulations to give effect to two EU directives: Directive 2000/28/EC relating to the taking up and pursuit of the business of credit institutions; and Directive 2000/46/EC relating to the taking up, pursuit of and prudential supervision of the business of electronic money institutions.
  • Many times the future of Hong Kong has been written off. Many times the region has bounced back. By Nick Ferguson
  • Howard Trust has resigned as group general counsel and group secretary of Barclays, forcing the bank to find a replacement before he leaves in the first quarter of 2003. Trust became Barclays' first general counsel in 1995 after joining six years earlier, but has decided he wants to pursue new opportunities.
  • Dechert has opened a full-service office in Frankfurt, Germany, run by the former managing partner of Simmons & Simmons' German operations. Corporate finance specialist Gerhard Kaiser has become the new managing partner of Dechert in Germany. He will start in his new role by building the firm's German-law focus on private equity, corporate recovery, taxation and investment management work, with an aim to have 12 lawyers on the ground by the end of this year.
  • Lukoil has proved that a Russian company can cope with international standards of disclosure by becoming the first Russian issuer to successfully list on the London Stock Exchange (LSE). The Russian government postponed the privatization of 5.9% of its stake, citing poor market conditions, but the company went ahead with the London listing.
  • It is the largest economy in Europe, yet Germany has managed only a handful of public projects backed by private money.
  • The European Investment Bank (EIB) has split its legal department into three parts as the institution looks to improve its internal coordination. The move comes as Eberhard Uhlmann, general counsel of the EIB's legal affairs directorate, assumes added responsibilities after also being appointed as secretary general of the bank.
  • Clifford Chance has advised France Telecom on the latest part of its disposal programme, which has seen the company selling its transmission tower business Télédiffusion de France (TDF) to a private equity consortium for €1.9 billion ($1.8 billion). Ashurst Morris Crisp advised the consortium, which consists of Charterhouse Development Capital, CDC Ixis Equity Capital and Caisse des Dépôts, the French bank. Clifford Chance advised France Telecom and White & Case and Linklaters advised the banks.