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Saudi Consolidated Electricity Company in the eastern province of Saudi Arabia (SCECO-East) has borrowed up to US$500 million to finance part of the cost of construction of Ghazlan II, a 2400MW power plant. This is the first internationally syndicated secured financing for a Saudi Arabian public utility. Gulf International Bank acted as agent and security agent.

Jiangxi Copper Company has become the second Chinese state-owned enterprise to list in both Hong Kong and London, after the dual listing of Datang Power in May. The flotation raised HK$1512.7 million (US$195 million).

Compaq Computer is acquiring Tandem Computers for about US$3 billion in stock. Tandem is best known for its fault-tolerant computer systems, and the merged company will be the world's largest supplier of computers based on the Intel chip and Microsoft software.

The Republic of Côte d'Ivoire has signed a restructuring agreement with its foreign commercial creditors providing for the repurchase and cancellation of 30% of the country's external commercial debt at a discount. The remaining 70% of the debt will be exchanged for partly secured bonds in dollars and French francs. The agreement covers US$6.8 billion of debt, and is the second of its kind to be completed in Africa.

US firm Kaye Scholer Fierman Hays & Handler has lost corporate partners in New York and Los Angeles including vice-chair of the firm Robert Finley. Finley, who was co-head of the corporate and finance practice, has joined the New York office of Clifford Chance. The English firm is seeking to develop a New York banking practice having built a team of 40 US securities lawyers in New York, London and Hong Kong.

"Three years ago we asked if they wanted to merge and they decided to stay on their own. But over the last few years they have decided that might have been the wrong decision," says Rene Stokman, chairman of Benelux firm Loeff Claeys Verbeke, of Dutch firm Buruma Maris's belated decision to accept a merger proposal. The merger solves a gap in Loeff's coverage, giving it a solid base in The Hague. "Opening there was always on our agenda, and a merger was the easiest way to do that," says Stokman. "It was just a problem of finding the right fit." He notes that the firms rarely meet in practice and so do not expect too many conflicts. Loeff is strong in company law, while Buruma specializes in property, intellectual property, administrative, labour, litigation and telecoms law. Stokman believes that Buruma's litigation practice is particularly attractive, partly because lawyers are admitted to the High Court and are therefore regarded as of the top rank.

A recent case underlines the reluctance of UK courts to impose personal duties on directors of companies where there is economic loss but not personal injury. By David Kavanagh of Watson, Farley & Williams, London

The Hungarian parliament will shortly consider major company law reforms, setting more stringent financial criteria and modernizing other corporate requirements. By Zoltán Grmela of Gárdos, Benke, Mosonyi, Tomori, Budapest

The first UK Budget from 'New Labour' on July 2 kept the possibility of a general statutory anti-avoidance provision — perhaps on the Australian model — very much alive, but did not actually contain proposals for one. So for the time being that leaves UK advisers to work out the significance, if any, of some very broad statements in the House of Lords, as the ultimate level of tax appeal, in its decision on June 12 1997 in McGuckian. This was a victory for the UK Revenue, but how important a victory remains to be seen.

By the end of fiscal 2000, a momentous series of reforms should have opened the Japanese financial markets. The government’s programme is reviewed by Naoaki Eguchi, Yasushi Murofushi and Jeremy Pitts of Tokyo Aoyama Law Office-Baker & McKenzie, Tokyo