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The biggest change to New Zealand's dairy industry nears completion with the imminent passing of the Dairy Industry Restructuring Bill which, by early October, ought to have had its final reading in the House. The Bill clears the final hurdle for the merger of New Zealand's two largest dairy companies and the integration of the statutory dairy marketing board into one new huge company, Fonterra Cooperative Group. Fonterra will account for 96% of New Zealand's dairy industry, nearly 25% of all New Zealand export earnings and 7% of gross domestic product, and be the world's largest exporter of dairy products.

The downward slide of technology stock prices worldwide continues to concern companies wishing to list shares on Hong Kong's Growth Enterprise Market (GEM). With a view to maintaining Hong Kong's prime competitive position, a joint announcement by the Securities and Futures Commission and the Stock Exchange of Hong Kong on proposed amendments to the GEM Listing Rules was issued on July 27 2001 with the following notable highlights:

On May 31 2001, China's MOFTEC promulgated the Supplemental Provisions (2) to the Establishment of Companies with an Investment Nature by Foreign Investors Tentative Provisions relaxing earlier restrictions on the activities of foreign investment companies (FICs).

Chilean laws have been enacted primarily to attract and foster foreign investment. Chile's government and its agencies generally show a favourable attitude towards foreign investment, whether in the form of equity, loans or technology.

The new regime under the Financial Services and Markets Act 2000 will come into force at midnight on November 30 2001 (N2). With this in mind, authorized firms and individuals will need to be familiar and prepare for the grandfathering and transitional provisions that will be effective as of that date.

RWE chooses Cravath for $7.6 billion US deal

Davis Polk & Wardwell has advised Deutsche Telekom on US aspects of the company's sale of six regional cable television companies in Germany to Liberty Media Corporation. The transaction is valued at approximately euro 5.5 billion ($4.9 billion).

Norton Rose has won the mandate to advise the government of Cyprus on changes to the country's electricity legislation in line with EU Directives.

Despite the destruction of its office in downtown Manhattan, the Securities and Exchange Commission (SEC) has said that enforcement actions will not be abandoned.

Germany is to radically reform the regulation of its capital markets in a bid to restore investor confidence and make the country more competitive as a financial centre. Hans Eichel, the country's finance minister announced a series of measures last month to become law next year.