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The lack of an international insolvency regime is a glaring anachronism in the era of global markets. While regulators are getting their act together, private initiatives offer the best alternative. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York

Simon Firth of Linklaters & Paines, London, looks at the growth of a trend that has contributed significantly to the reduction of credit risk in the financial markets, and a proposal to boost it further

In the largest privatization in European history, 600 million shares in Deutsche Telekom have been sold for a total of Dm20 billion (US$13 billion). At a share price of Dm28.50, in the middle of the Dm25 to Dm30 guide, the issue was five times oversubscribed.

The UN Compensation Commission set up to investigate Gulf War claims must make sure that pre-invasion Iraqi debts are given the same importance as war damage, argue Anthony Gardner, Roger Alford and Richard Weiner, of Hogan & Hartson LLP, Brussels and Washington

US firm White & Case is providing advice to the South African government on restructuring the telecommunications sector in the country. The firm is also advising the local telecoms monopoly, Telkom SA, in preparation for the sale of 30% of its equity to a foreign company.

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.

International firm Baker & McKenzie opened an office in Japan on November 1. The firm previously operated in Tokyo through an association with Tokyo Aoyama Law Office, but the two have now formed a qualified joint venture.

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

John Taylor, general counsel at the European Bank for Reconstruction and Development, London, talks to Diana Bentley

A statutory entity can only operate in accordance with its enabling statute. A considerable amount of activity in Ireland is carried on through statutory entities controlled by the state but operating in the commercial sector. From time to time legislative amendments are required to ensure that the borrowing powers and capital financing requirements of these entities keep pace with commercial developments. The latest piece of such legislation the Borrowing Powers of Certain Bodies Act, 1966 which came into force on August 1 1996. In particular it increased the borrowing limit of ACC Bank plc.