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Debevoise & Plimpton is set to open an office in Russia, building on its local assocation in Moscow. Corporate practice head Stephen Friedman says the Budapest office will be closed down to focus efforts on Russia. "I would expect the Budapest office not to continue much longer because of the pace of the economy there," explains Friedman. The firm advised on several privatization offerings in Hungary and the financing of the local airport. In Moscow Debevoise had an affiliation with two Russian lawyers who acted as consultants to the firm. This will become a fully fledged office focusing on joint venture and project work with partner Rod Perkins moving to head the new operation.

Legislative Decree No. 358 of October 8 1997 outlines a favourable tax regime for transfers and contributions of businesses and exchanges of participations in companies.

The legal preparations for the introduction of the euro have moved on. Geoffrey Yeowart of Lovell White Durrant, London, updates the answers given in the January issue to the most frequently asked legal questions

The Swiss government has decided that no statutory change is necessary; existing legal doctrines should ensure continuity of contracts. By Martin Anderson and Urs Schenker of Baker & McKenzie, Geneva and Zurich

The introduction of a single currency will provide scope for a stronger Europe-wide securitization market, which should grow from the start of the transition to the euro. By Gilles Thieffry and Jonathan Walsh, Norton Rose, London

Dow Chemical has agreed to sell its Dow Brands consumer products unit to SC Johnson for between US$1.3 billion and US$1.7 billion. The deal is expected close by the end of 1997, pending regulatory approval. The sale is a further move to rid Dow of its non-core businesses. Dow Chemical has appointed US firm Mayer, Brown & Platt as legal advisers. Corporate and securities partner Scott Davis heads the team.

In the context of reshaping its entire energy and gas sectors, and emphasizing the liberalization policy promoted by recent Administrations, on September 3 1997, the Uruguayan Executive Branch approved Decree No. 324/97 governing import and transport of natural gas. The Decree is the regulation for the natural gas pipeline to link Uruguay and Argentina, for whose construction an international tender has recently been announced by the Uruguayan government.

Alan Cameron, chairman of the new Australian Corporations and Financial Services Commission, talks to Graham Field

State of Rio Grande do Sul: On October 21 1997, Companhia Estadual de Energia Elétrica sold two of its three distribution networks for R3.145 billion (US$2.85 billion). The premiums over the minimum asking prices were 82.62% for the Centre-West distributor and 93.55% for the North-Northeast distributor.

New York and other US states have made substantial preparations for the advent of Emu to ensure continuity of contracts. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York