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The proposed cut of the 1.5% stamp duty payable on credits granted by Finnish credit institutions will effect major changes on credit granting. Under the government bill, stamp duty will no longer be levied on loan agreements and mortgages. The amendment is proposed to be retroactive, enabling creditors to proceed an action ex post facto for the stamp duty paid in connection with the granting of the loan if the loan agreement has been signed on or after April 29 1998.

On March 1 1998, an amendment of the Austrian Investment Fund Act (Investmentfondsgesetz) entered into force. New types of investment funds and provisions dealing with fund management and marketing activities were introduced.

Confidentiality issues can affect not only how you issue project bonds but whether a deal is even possible. Richard Forster reports on the disclosure issues facing sponsors and bankers

While Hong Kong law firms are suffering from the consequences of the regional financial crisis, the less affected Chinese legal market continues its evolution. Barbara Galli reports

The merger of two New York energy companies, Con Edison and Orange and Rockland Utilities, announced May 11 1998, is expected to increase efficiency and result in net savings of up to US$50 million a year. Cravath Swaine and Moore, New York, is advising Con Edison in the US$790 million acquisition of O&R. The team of lawyers from Cravath Swaine is headed by M&A partner George Belicic.

Macfarlanes, Slaughter and May, Freshfields and Wachtell Lipton Rosen & Katz are all involved in the fight for the UK chemical and fibre company Courtaulds. A US$1.8 billion bid from Dutch chemical business Akzo Nobel was agreed in April. On May 12 US paints and glass group PPG confirmed it is in preliminary talks with Courtaulds along with US investment bank Donaldson Lufkin and Jenrette. Macfarlanes in London is advising PPG with a team of lawyers headed by corporate specialists Robert Sutton and Mary Leth, tax specialist Ashley Greenbank and pensions specialist Douglas Shugar. Also advising PPG is New York firm Wachtell, Lipton, Rosen & Katz.

The partial privatization of Airports Company South Africa (ACSA), a company operating nine airports, is completed. The Government of South Africa sold 20% of the issued share capital of ACSA to a consortium led by the Italian Aeroporti di Roma. The consortium also received an option to buy an additional 10%of the issued share capital. The Government intends to sell 10% of the capital to disadvantaged South Africans and 9% to ACSA employees and management. US firm White & Case advised the South African Ministry of Transport. Johannesburg-based partner Darryl Deaktor led the team. Also involved were partners Ron Goodman and John Janks, in Johannesburg, and David Eisenberg in London.

Sullivan & Cromwell, New York is advising US local telephone company SBC Communications on its US$57 billion merger with Chicago telephone group Ameritech. The team of lawyers was headed by Benjamin Stapleton (M&A) and Andrew Mason (tax). Mayer Brown & Platt, Chicago, and Skadden, Arps, Slate, Meagher & Flom, New York, are advising Ameritech. The team of lawyers from Mayer Brown includes Robert Helman, Herbert Kruger, Wayne Luepker, Richard Williamson and Theodore Livingston. The team of lawyers from Skadden Arps is headed by Charles Mulaney. (M&A), Lewis Freeman (tax) and Antoinette Bush (communications and regulation).

Daimler-Benz and Chrysler have announced on May 7 the largest industrial merger ever. The deal values Chrysler at US$39 billion. The new group, known as Daimler-Chrysler, is estimated to be worth US$92 billion and will be the world's fifth-largest vehicle maker.

On May 13 1998 Debevoise & Plimpton appointed Ric Evans as its presiding partner. He takes over from Barry Bryan, who led the firm for five years and is stepping down as he approaches retirement. Evans is from the firm's litigation department; its strongest area. Within a week of Evans's appointment the firm has declared its intention to expand its UK capabilities. Partners in the firm have confirmed that the London office is looking to make its first UK corporate hire. It is a further sign that Debevoise is shaking off its once conservative image. In the last 10 years the firm wrangled with the opposing forces of modernization and tradition. Before 1989 it had only three offices worldwide: New York, which opened in 1931; Paris, in 1964 and Washington DC, in 1982.