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Clifford Chance, Shearman & Sterling and Denton Wilde Sapte have advised on two of the first deals to build own and run power stations in the Gulf State of Oman, marking a significant step forward in the privatization of the power industry in the Gulf state. At the beginning of March Clifford Chance announced the completion of the $130 million Al-Kamil gas fired power station project on which it acted for International Power, while Shearman & Sterling expects later this month to close a similar deal for AES Barka, a joint venture of US company AES Corporation and Oman company Multitech. In both cases British firm Denton Wilde Sapte acted for the government of Oman.

Davis Polk & Wardwell and Allen & Gledhill have advised on Asia's first hybrid tier-one financing. The deal, for the Development Bank of Singapore (DBS), was welcomed by investors despite launching into fragile markets. Davis Polk, advising Morgan Stanley and Goldman Sachs on the international tranche, and Allen & Gledhill, advising DBS on the domestic tranche, are the first firms to work on such a deal in Asia and worked closely with the Monetary Authority of Singapore to establish the regulatory structure.

For years Spanish firms had a comfortable grip on their domestic market, coexisting almost peacefully with their international rivals. But now competition in the Spanish legal market is growing as firms enter a new phase. Thomas Williams reports from Madrid and Barcelona

A poor year for capital markets work and the prospect of a slowing economy are adding to the pressures on Portuguese law firms to define their strategies. Thomas Williams reports from Lisbon on what firms are looking to do next

On February 21 2001, Uruguay enacted Law No. 17,296 which, among other things, puts an end to the state monopoly over telecommunications services and creates a regulatory entity over telecommunications operations. A summary of the main aspects of the Act follows below.

Even though the existence of electronic money can be traced back to 1918, when the federal reserve banks of the USA first moved currency via telegraphic means, electronic money is still a relatively new product. In general, two distinct types of electronic money can be distinguished: identified e-money and anonymous e-money (also known as digital cash). Identified electronic money contains information revealing the identity of the person who originally withdrew the money from the bank. Also, in much the same manner as credit cards, identified electronic money enables the bank to track the money as it moves through the economy. Anonymous electronic money works just like real paper cash. Once anonymous electronic money is withdrawn from an account, it can be spent or given away without leaving a transaction trail.

On February 22 2001, Brazil's National Monetary Council approved Resolution No 2817, establishing the rules regarding the opening of new current accounts by electronic means.

Weil, Gotshal & Manges and Clifford Chance have advised on the first securitization of royalty payments for a multi-jurisdictional music publishing catalogue. The deal, for Chrysalis Group, is the world's largest transaction backed by music rights and the first for an international music publisher. Jacky Kelly led the Weil Gotshal team acting for arranger The Royal Bank of Scotland, which is securitizing the publisher's share of royalties for the next 15 years. John Woodhall at Clifford Chance led the team advising Chrysalis.

Linklaters and A&O act on benchmark Polish bond issue