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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.

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.

Road Administration Adviser: Veikko Palotie & Co

The new managing partner of UK firm Ashurst Morris Crisp has set an agenda for European expansion. London partner Ian Nisse, elected by secret ballot of the partnership to the new role, says the firm is set to open one or two new offices within the EU. "It is no secret that Frankfurt is very high on our agenda as Germany is a very big focus of ours," says Nisse. "We are also looking at Italy and Spain." Nisse adds the firm will at the same time seek to expand its existing Brussels and Paris offices.

The Financial System Statute lays down that leasing services can only be offered by certain companies known as Commercial Financing Companies (CFCs). CFCs require prior authorization from the Banking Superintendency, and are subject to a special regime. CFCs must be organized as stock companies. They cannot be branches of foreign companies, but they may be subsidiaries. CFCs may effect active credit transactions up to the equivalent of 35% of total assets.

Argentine Law 24597 (the Registration Law), published in the Official Gazette on November 22 1995, established that all securities issued by Argentine private sector issuers should be converted to non-endorsable registered form and that no bearer securities should be issued by Argentine private issuers thereafter.

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

Dallas-based Akin, Gump, Strauss, Hauer & Feld, LLP opened an office in London at the end of April. At the moment staffed by four lawyers, including former Linklaters & Paines senior partner John Edwards, the office will concentrate on capital markets work. According to office managing partner Keith Hughes, this is not a new development for the firm. "We were already here, we are only adding the office to complement our existing presence. We have been doing capital markets transactions in London for several years now," he says.

Anglo-Dutch multinational Unilever is selling its four chemicals businesses to ICI, the UK's largest chemicals company, for £4.9 billion (US$7.9 billion). The companies to be sold are National Starch, which makes industrial adhesives and starches, Quest, a manufacturer of food flavours and fragrances, Unichema, which turns natural fats into chemicals and Crosfield, which specializes in detergent ingredients.

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.