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Clifford Chance is advising the borrowers on the largest water project in the world. Stephen Harder, a project finance partner in the firm's Hong Kong office, is leading a team of lawyers in China and Hong Kong advising Anglian Water and Mitsubishi on a $200 million project financing to design, build and operate the largest water project in the global water market. The Beijing No 10 water treatment plant will supply drinking water to one in five residents of the Chinese capital.

Hunton & Williams is to advise the Philippine authorities on the long-awaited privatization of the country's electricity industry.

Many employers have incorporated a pay in lieu of notice clause (PILON) into their contracts of employment. This clause reserves the right of the company to terminate an employment with immediate effect by making a payment in lieu of that person's entitlement to notice. (The legal advantage of the clause is that termination can occur with immediate effect but without any breach of contract. This means any post-termination obligations on the employee, such as restrictive covenants, may remain in force rather than fall away due to the employer's breach.)

In a significant liberalization of the currency laws, Russia has abolished the licensing requirement for foreign currency loans with terms of over 180 days. This dramatic new change appeared in Central Bank Regulation No.1030-U, dated September 10 2001, and became effective on October 1. The new regime substantially simplifies the ability of Russian corporate borrowers to attract and repay hard currency loans from non-resident banks and companies for terms of over 180 days (long-term currency loans). Previously, such loans required individual licences from the Central Bank, and this requirement often delayed cross-border financings.

Key deals - Czech Republic Privatization of Komercni Banka (October 2001) Société Générale buys Czech government's majority stake Value: euro 1.2 billion ($1.07 billion) Société Générale Allen & Overy

Czech Republic Baker & McKenzie vos Praha City Center

The establishment of Mexican bank subsidiaries and representative offices, and the principal Mexican legal issues raised by cross-border bank financing to Mexican borrowers James E Ritch Grande Ampudia and Mauricio Gárate Meza of Ritch, Heather y Mueller, SC

Amendments to the Mexican Securities Law Antonio Franck C, Rafael Robles Miaja and Manuel Galicia R of Franck, Galicia y Robles, SC

Corporate governance under Mexican law By Carlos Creel C and Alfonso Garcia-Mingo of Creel, García – Cuéllar y Müggenburg

Third party opposition to mergers in Mexico Luis D Santos and Virginia E Cornett of Von Wobeser y Sierra, SC