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A joint venture, Shanghai Zhadian Gas Turbine Power Generation, formed between Shanghai Municipal Electric Power and GE Capital, is the project company in a US$255 million 4x100Mw gas turbine power plant. It is said to be the first truly limited recourse project financing in the Chinese power sector.

Accounting firm Arthur Andersen has added two new scalps to its rapidly expanding law firm association. Even though the firm has yet to decide what the office will be called, the planned Andersen-associated Hong Kong office has poached Julia Charlton, formerly a Hong Kong-based partner at UK firm Simmons & Simmons. She joins Justin Ede, who has moved from Garrett & Co in London.

International firms are increasing their ambitions in Italy. At the same time, Italian firms are looking to expand abroad.

Milbank, Tweed, Hadley & McCloy has reacted strongly to the loss of the leading names in its English law practice to rival firm Shearman & Sterling. "We are out in the lateral hire market for partners, to help our English law capability," says managing partner and chairman Mel Immergut. Reiterating the firm's commitment to an English law practice, he says he is hopeful it will not take long to rebuild the practice: "The timing has been somewhat set back, but we are optimistic it is not by very much."

Glass-Steagall has not been reformed. But the Federal Reserve's proposed reforms to Regulation Y and the rules for Section 20 companies could side-step the limits. By Robert Bostrom and George Seeberger of Winston & Strawn, New York

The contract for Laibin B, China's first 100% wholly foreign-owned build-operate-transfer (BOT) power plant, was formally agreed in Beijing on November 11 1996. Under the HK$4.57 billion (US$600 million) contract, GEC Alsthom, an Anglo-French engineering group, and Electricite de France (EDF) will jointly control the company undertaking the contract. EDF will hold a 60% stake and GEC, 40%. The project is scheduled to be completed sometime after 1999, whereupon EDF and GEC will operate the power plant to recoup their investment before the power plant reverts to the Guanxi government at the end of the term.

Recent developments in the legal field in Turkey include the following:

The regulatory reforms to the economic and tax regime of the Canary Islands are still awaiting approval by the Spanish authorities. When the process, which started in 1991, is finally completed, the Canary Islands Special Zone will take effect within the framework of the EU, and will remain operative until at least the year 2024. One of its objectives is the creation and development of a Canary Islands financial market.

New York-based Chadbourne & Parke, a general practice firm with a strong energy and projects practice, has poached Ian Johnson from Ashurst Morris Crisp. Johnson, head of Ashurst's energy and major projects group, will be the first English solicitor to be a partner at Chadbourne. He starts at the firm on March 1 1997.

Philex Gold Inc, the gold mining subsidiary of Philippines mining company Philex Mining Corporation, recently made its trading debut on the Toronto Stock Exchange, on completion of Philex Gold's initial public offering in Canada. Philex Mining's choice of Canada for this offering is consistent with Canada's growing reputation as one of the world's preeminent markets for mining shares, its pool of knowledgeable investors and experienced mining stock analysts being the product of Canada's long mining history. The Philex Gold offering structure addressed a number of issues in an innovative way, including the 'foreign property' limitations applicable to certain Canadian investors under Canadian tax legislation.