Search results for

Exchange taxes cut

Amendment of monetary policy

Media and investment consortium Castle Transmission has issued the first sterling high-yield, or junk, bond. The £125 million (US$202 million) 9% guaranteed bond is due in 2007.

Last month Arnheim & Co, the UK legal arm of big six accountants Price Waterhouse, announced it had taken the prize scalp of boutique financial services and fund management firm MW Cornish & Co (see International Financial Law Review, June 1997, page 6). However, it is now clear the the scalp is not the prize it first appeared. A third of the lawyers in MW Cornish & Co left the firm in advance of its merger on July 1 1997. Two of the boutique financial services firm's partners have joined Arnheim & Co, but three other lawyers have decided to move elsewhere.

Auditors' duty of care

The company law reform package which came into force on July 1 1994 introduced a substantially simpler amalgamation procedure into New Zealand law. This has resulted in an increased number of corporate restructurings. The statutory procedure enables one or more companies to be absorbed into another existing company, or two or more companies to be joined so as to form a new company.

On April 16 the Czech government announced a package of measures to cut growing budget and trade deficits, stimulate the sluggish economy, dampen demand for imports and add confidence to the Czech capital markets. The package consists of monetary and fiscal measures, policies on privatization and capital markets and the protection of the domestic market, and measures aimed at tackling white collar crime.

Dr Leopold Pfaffel, head of the legal department at Bank Austria, talks to Graham Field

The Supreme Court has been working with the Singapore Academy of Law to promote the resolution of disputes by way of mediation. Cases considered suitable for mediation have been identified by the Supreme Court and, with the parties' consent, referred to the Commercial Mediation Service of the Singapore Academy of Law. The promotion of the use of mediation is another extension of the judiciary's efforts to encourage litigants to settle their disputes amicably.

Coudert Brothers in Moscow has added six lawyers, including one poached from French firm Gide Loyrette Nouel. Hugues de Pommereau was at Gide in Moscow for 2 years. He will work on direct investment into Russia by French clients. Bruce Bean, managing partner of the office, says: "Around 10% of our business is for French-speaking companies, and although we have lawyers fluent in French here, Hugues is the first Frenchman." Also joining the firm as associates are: Christian Moore, James Christiansen, Pavel Bakoulev, Igor Marmalidi and Jennifer Brenner. The appointments bring the total number of lawyers in the office to 16. "Business is up tremendously since last November," says Bean. "Last year the Russian equity markets left the Dow in the dust, and this year they are doing it again. Investors have got over their shyness." Bean expects to expand to 30 lawyers by the end of the year.