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By Ronnie Price of Portugese Chamber of Commerce, London

By Duarte Abecasis and Francisco Santos Costa of Luiz Gomez & Associados, Lisbon

Luís M S Oliveira and Pedro Patrício Amorim og Oliveira, Martins, Moura, Esteves e Associados - Sociedade de Advogados

By Carlos Costa Andrade of Vasconcelos, F. Sá Carneiro, Fontes & Associados, Lisbon

By Fernando Azofra of Uría and Menéndez

By Enrique Sanz and Patricia Manca of Landwell Abogados y Asesores, Madrid

A report prepared by Fernando Vives of Garrigues & Andersen, Madrid

The London office of White & Case has secured the services of Maurice Allen, the founder of Weil, Gotshal & Manges’ London practice. Allen arrives with another three partners from Weil Gotshal: Martin Hughes, Rachel Hatfield and Mark Western.

New capital market initiative launched The New Capital Market (NCM) is an initiative by the New Zealand Stock Exchange designed primarily to assist small and medium-sized companies in raising capital for new growth-oriented businesses. It is envisaged that strong incentives – in particular simplified disclosure and reduced listing and brokerage fees – will encourage companies to enter the NCM and eventually graduate to full listing on the main board of the stock exchange.

Uzbekistan adopts single currency exchange rate The Uzbekistan government has taken the long-awaited first step towards liberalizing the country's harsh currency controls. In typical Uzbek fashion, this first step — contained in Resolution No. 171 of the Cabinet of Ministers "On the Improvement of the Procedure for Accounting and Reporting with Respect to Currency and Export-Import Operations," April 28 2000 — is extremely limited and, in some respects, even secretive. Nonetheless, the fact that the government has taken any action at all is likely to be welcomed by foreign investors and multilateral financial institutions, which have pressured the government for some time to lift its controls and make the local currency — the soum — freely convertible.