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Singapore

The Court of Appeal upheld, among other things, the freedom of contract in Citicorp Investment Bank (Singapore) v Wee Ah Kee. Under a loan agreement to fund Wee's purchase of shares in CIL, Wee granted Citicorp a charge over CIL shares to secure his indebtedness and a call option to purchase 30% of the CIL shares acquired using the loan.

July 31 1997

Big six make the running in a tight French field

France’s legal market is now one of the most crowded in Europe. Samantha Wigham went to Paris to find out how French firms are coping with the challenge thrown down by the big six and international competitors

July 31 1997

Kaye Scholer hit by double blow

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.

July 31 1997

South US firms discuss merger

Southern US firms McGuire, Woods, Battle & Boothe LLP and Powell, Goldstein, Frazer & Murphy LLP, are in merger talks. Richmond-based McGuire Woods and Atlanta's Powell Goldstein could complete discussions and combine by the end of 1997.

July 31 1997

Denton Group adds member

Denton International, the European association, has added a Spanish member, Bufete Lupicinio Rodríguez. The addition of the 25-lawyer firm, which has offices in Madrid and Barcelona, brings the membership to seven.

July 31 1997

Heard at the bar

• Serge Durox, former head of the legal department of BNP Capital Markets, is joining New York-based Coudert Brothers as a partner. Now based in London, Durox says he will work closely with the Paris, London, Moscow and New York offices, with particular involvement in the practices the London and Paris offices are building jointly. Jacques Buhart, managing partner of Coudert Frères, the firm's Paris office, says Durox "will be involved in developing the firm's derivatives practice in France".

July 31 1997

European Union

On July 1 1997, the EU made a fresh offer to the World Trade Organization (WTO) in the course of the current talks aimed at liberalizing financial services worldwide. The new offer increases the scope of the previous offer, which included, among other things, free access (on a most-favoured-nation basis) for foreign institutions to the EU's internal market in financial services, and the right to establish branches.

July 31 1997

Divisible fixed charge confirmed in Australia

A recent case in New South Wales seems to have resolved the doubts surrounding the creation of fixed charges over receivables raised by Royal Trust Bank. By John Stumbles and Scott Farrell of Mallesons Stephen Jaques, Sydney

July 31 1997

Czech Republic

In May 1997 the Czech financial markets were plunged into an unprecedented crisis when a wave of speculative selling triggered severe currency turbulence. The Czech National Bank spent millions of dollars propping up the Czech koruna against attacks by both foreign and domestic investors.

July 31 1997

Cyprus

In June the new Banking Law of Cyprus was passed by the House of Representatives. Its main aim is to harmonize the island's legislation with that of the EU, to regulate the banking system and give protection to depositors.

July 31 1997

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