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Baker & McKenzie has advised on the latest stage in the privatization of Poland's Telekomunikacja Polska (TPSA). The deal is the second round in the sell-off of the company, under which a 35% stake was bought by a consortium of France Telecom and Kulczyk Holding. At $4.3 billion, the deal is eastern Europe's largest privatization and mergers and acquisitions transaction to date.

Singapore has officially opened up its market for legal services, with the government inviting foreign lawyers to practise Singapore law. Nick Ferguson looks at how foreign firms have been preparing for their grand entrance

Simmons & Simmons and Clifford Chance have advised Korea Asset Management Corporation (Kamco) on its first international securitization. Clifford Chance advised Deutsche Securities and Warburg Dillon Read, the joint lead managers, and Simmons advised Kamco.

Roger Tym

Weil Gotshal & Manges has lost its second head of banking in eight months. James Chesterman, who has been with Weil Gotshal's London office since 1995, is leaving to become banking partner at Latham & Watkins.

Leading multinationals are lobbying the Chinese government in an attempt to create positive Internet rules for the development of China's e-commerce industry. The coalition of companies hopes to prevent stringent legislation from hampering e-commerce growth.

Michael Taylor, Norton Rose

Thomas Reid, one of Davis Polk's London partners, has left the firm in favour of long term client Morgan Stanley Dean Witter. Reid has become managing director in the corporate finance services department of the bank, and will continue to focus on initial public offerings and other capital markets products. Unlike many lawyers who move in-house Reid has left legal practice behind, but says he is not aware of missing his old profession just yet.

Henri Wagner of Beghin & Feider, in association with Allen & Overy, looks at how Luxembourg’s regulator is trying to encourage wider participation in its financial markets

In July, following an investigation by the European Commission merger authority, Industri Kapital, a Scandinavian venture capital group, was given clearance to continue with its acquisition of Dyno, a Norwegian chemicals and explosives company. Although, outside the industry, this may not be considered newsworthy in itself, what is interesting is that Industri Kapital was only given the go-ahead subject to divestiture, which is unusual for venture capital groups. The principal concern of the the timber processing industry in Finland was that, as Industri Kapital was already dominant in the supply of formaldehyde and production of resin in Finland, the acquisition of Dyno would lead to a virtual monopoly in these areas.