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Canadian firms prepare for foreign invasion

Coudert Brothers and Ernst & Young have recently entered the Canadian legal market. Most Canadian lawyers expect other US law firms or professional services firms to follow their example, and are reviewing their position. Paul Lee reports

January 01 1998

How to set up a foreign bank branch in China

Bank branches are the basic way for foreign banks to operate in China. This is an explanation of the complex application and licensing process. By Philip Gilligan and Steven Blayney of White & Case, Hong Kong

January 01 1998

France boosts securitization market

An October Decree removes many of the disadvantages of France's FCCs as securitization vehicles. The reform should boost the French and the European securitization markets. By Richard Parolai and Jonathan Lewis of Clifford Chance, Paris

January 01 1998

European Union

The Commissioner responsible for the single market, Mario Monti, put forward a revised draft of the proposal for a 13th Company Law Directive on conduct during takeover bids. The new draft takes on most of the concerns of the European Parliament, the Economic and Social Committee and other interested parties. It entitles employees of target companies to be informed once a bid is made public and to receive a copy of the offer document.

January 01 1998

Uruguay

Until the early 90s, Uruguay's capital markets looked modest. Most securities traded were public instruments issued by the Central Bank; and not many companies quoted their stock on the Montevideo Stock Exchange, the one stock exchange in place.

January 01 1998

House of Lords upholds charge-backs over deposits

Pragmatism has prevailed at last. The UK's House of Lords has rejected Charge Card and acknowledged the reality of charge-backs under English law. By Geoffrey Yeowart of Lovell White Durrant, London

January 01 1998

Brazil eases route for pre-export credits

Pre-export credits are offered a beneficial tax rate in Brazil. The attractions are clear but rescheduling should be avoided. By Richard W Grice of Alston & Bird, Atlanta, and Ana Carolina de Salles Freire of Tozzini, Freire, Teixeira e Silva, São Paulo

January 01 1998

Gazprom in strategic alliance with Shell

Gazprom and Shell have signed an alliance agreement to cooperate on the development of energy projects worldwide. The joint energy group will produce around 500,000 barrels a day of oil and gas condensates. As part of the alliance Shell will commit up to US$1 billion in a convertible bond to be issued by Gazprom.

January 01 1998

Chadbourne loses only UK projects solicitor

Chadbourne & Parke has lost its only UK-qualified partner in its London project finance department. Martin Stewart-Smith has left the office after less than six months to join Cameron McKenna.

January 01 1998

The parable of Clifford Chance

"Where there is no vision people perish" quotes Clifford Chance's Vision of the Future from the Book of Proverbs. While one of their banking partners might be forgiven for not reading the good book, he clearly applied biblical zeal to his handling of relations with a UK financial services client, informing its in-house head that they would be more suited to another, mid-sized firm and even being so kind as to name an alternative.

January 01 1998

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