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From November 1 1996, the Ghana Stock Exchange adopted new rules establishing the Securities Clearing and Settlement House (SCSH), which serves as a centralized clearing and settlement facility for stock exchange trades. The SCSH is run on a day-to-day basis by the managing director of the stock exchange. Policy for the SCSH is set by the Stock Exchange Council.

Hilton Hotels, the US hotel and gambling group, is making a US$6.4 billion hostile bid for ITT, its largest rival, in an attempt to create the world's biggest hotel and gambling company.

By Decree 253 of February 1997, the Colombian government, using its powers under the economic emergency decree, has announced that it will sell its controlling interest in the coal mine known as El Cerrejón North, located in the Guajira region of northern Colombia. El Cerrejón is one of the world's larger coal mines, with an annual output of 16.5 million metric tons of bituminous thermal coal, and total reserves of some 4,600 million metric tons. The government owns a 50% interest in El Cerrejón North (through Carbocol, a state-owned corporation), with the other 50% owned by Intercor, a wholly-owned Colombian subsidiary of Exxon Corporation.

The Arbitration and Mediation Centre of the Chamber of Commerce of Santiago has proved to be an efficient alternative for the resolution of business disputes in Chile. Around 25 disputes were submitted to the Centre in 1995 and 1996 and the majority were resolved by agreement of the parties with the participation of the arbitrators. Typically, the first phase of arbitration consists of a conciliation effort on the part of the arbitrator exploring alternatives to a negotiated settlement.

In the first survey to consider the Medium-Term Note (MTN) market for law firms, IFLRev has identified the leading firms in establishing new programmes and in making drawdowns. The same three names keep coming up. By Richard Forster and Samantha Wigham

Telecommunications provider Compañía Anónima Nacional Teléfonos de Venezuela (CANTV) issued US$200 million in Yankee bonds through its Cayman Islands subsidiary CANTV Finance. This is the first issuance of Yankee bonds by a Venezuelan corporation. Chase Securities acted as lead underwriter, with Goldman Sachs as co-manager.

Canadian firm Tory Tory DesLauriers & Binnington has closed its Hong Kong office after five years. The move follows the departure of partner Melissa Thomas to UK rival Freshfields.

• US firm Oppenheimer Wolff & Donnelly has opened an office in Geneva. Jean Russotto, managing partner in the firm's Brussels office, will work out of the office of Swiss firm Cabinet Mayor in Geneva. The new office is to complement the work the firm does in Brussels in financial services, corporate, trade and tax law.

Competition is intensifying in the emerging markets of south-east Asia. Law firms are working hard to keep up with the growth and development of the economies. Paul Lee reports

The latest offshore exchange to open will be of particular interest to mutual funds formed but not listed in the Caribbean tax-free jurisdiction. By Chris Narborough and Andrew Kidd of Truman Bodden & Company, Grand Cayman