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  • Colombia
    Every project facility must obtain an environmental licence from the Ministry of the Environment. The licence must be obtained before the project is started. An environmental licence is an authorization from the environmental authority to carry out work or a project which may cause damage to renewable natural resources such as water, air, fauna, flora, or landscape. The licence specifies the requirements and conditions that must be met, and the consequences of non-compliance.
    June 30 1997
  • Second flotation for Avis Europe
    Avis Europe, the leading car rental company in Europe, has floated for the second time on the London Stock Exchange, at 124 pence a share. The company first listed in 1986, after which it was bought by a consortium led by Belgian group D'Ieteren.
    June 30 1997
  • United States
    The debt crisis of the 1980s may be over, but the litigation arising from the various sovereign defaults is not. The holding of a recent case, Pravin Banker Associates v Banco Popular Del Peru, 1997 WL 134390 (2nd Cir NY), may have serious repercussions for rescheduling sovereign debt.
    May 31 1997
  • Chile
    The Board of the Central Bank of Chile in its meeting of April 5 1997 resolved to open access to the Formal Exchange Market (made up of banks and authorized foreign exchange brokerage firms) for purchases of foreign exchange to make investments or pay expenses in Chile or abroad in foreign currency, to eliminate other restrictions on investment abroad and to renew the effectiveness of the rest of the foreign exchange restrictions on the entry of capital into Chile.
    May 31 1997
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    European Union
    On April 2 1, the European Council of Industry Ministers reached agreement on important changes to the existing EU merger control regime under Council Regulation 4064/89 (the Merger Regulation). The principal amendments relate to:
    May 31 1997
  • Italy
    The Treasury Ministry has recently enacted, by Decree No. 87 of January 24 1997, published in the Official Gazette on April 2 1997, new provisions amending the terms, conditions and timing of state subsidies for export credits and credit in the execution of works abroad under Law No. 227 of May 24 1977.
    May 31 1997
  • 3 Com aims for market with US Robotics
    The second-largest computer networking company, 3Com, is acquiring modem maker US Robotics in a US$6.6 billion stock swap, in an attempt to seize market share from market leader Cisco Systems.
    May 31 1997
  • Microsoft acquires WebTV Networks
    Microsoft, the largest computer software company, is buying WebTV Networks of Palo Alto for around US$425 million in stock and cash. WebTV, which will become a Microsoft subsidiary, has developed technology enabling consumers to surf the internet using their television sets.
    May 31 1997
  • Croatia in first US$ Eurobonds
    The Republic of Croatia has made its first offering of Eurobonds. The issue included an international tranche of US$300 million of 7% notes under rule 144A and a domestic tranche of Kuna 300 million. Merrill Lynch lead-managed the issue.
    May 31 1997
  • AMD completes microchip plant financing
    Advanced Micro Devices, one of the largest US manufacturers of microchips, has concluded the financing of a microchip plant in Dresden. This is one of the largest project financings to take place in the former East Germany. Arranger and lead manager Dresdner Bank helped complete syndicated debt finance totalling Dm1.65 billion.
    May 31 1997
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