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  • José Fernandez has joined US firm O'Melveny & Myers as partner in charge of the firm's Latin America group. He will be resident in the New York and Los Angeles offices. Fernandez comes from the New York office of Baker & McKenzie, where he gained experience in Latin American mergers, infrastructure projects, and privatization work, including as adviser to the governments of Bolivia, Peru and Uruguay.
  • The EU Investment Services Directive (ISD) is finally to be enacted into French law. Jean-Guillaume d'Hérouville and Pierre Gissinger of Gide Loyrette Nouel, Paris, discuss the changes to the regulatory regime
  • Inco, the North American nickel company, has acquired Diamond Field Resources, the Canadian metals company, in a US$4.3 billion agreed takeover, the largest in Canadian history.
  • G L Bustin and A V Krylov of Cleary, Gottlieb, Steen & Hamilton, Brussels, look at the implications of the partnership and cooperation agreement between the EU and Russia and its impact on bilateral financial law
  • The Central Bank of Chile has been requiring for a number of years that all loans to Chilean residents from abroad as well as most foreign equity investments be subject to the obligation to deposit with the Central Bank, on an interest-free basis, 30% of the amount involved for a period of one year or, alternatively, to pay an equivalent fee.
  • Ros Wright, general counsel and director of policy, the Securities and Futures Authority, talks to Richard Forster
  • Swiss Telecom PTT has acquired a 30% interest in Sterling Cellular, an Indian company which holds a licence to operate cellular telephone services in Delhi. Sterling is controlled by Essar Goup, the US telecommunications company.
  • The 700 MW gas-fired Samalayuca power project located south of Ciudad Juarez, Chihuahua is Mexico's first foreign-sponsored generating project to reach financial closure. The $647 million financing was concluded on May 24 after four years of negotiation.
  • With the adoption of a Communication by Sir Leon Brittan and Karel van Miert, the trade and competition commissioners, the European Commission has proposed the establishment of an international framework of competition rules. The Communication, which must still be presented to the Council, calls on the WTO ministerial conference in Singapore in December to agree to study, from 1997, the possibility of an international framework of competition rules.
  • The following is a summary of recent developments: