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  • PetroChina's March listing in Hong Kong and New York was the biggest sale of PRC oil industry assets to date. Its IPO is the latest step in a long march towards a thorough restructuring of China's oil industry. But Mark Day of White & Case, Hong Kong, asks if the industry can survive WTO
  • The Moscow telecom group Mobile TeleSystems (MTS) has become the first Russian company to launch an initial public offering (IPO) and secure a New York Stock Exchange listing since Russia's financial downturn in 1998. MTS launched $307 million worth of American Depositary Shares, with Deutsche Bank London and ING Barings the global coordinators and joint bookrunners. Lead managers were Credit Suisse First Boston, JP Morgan Securities, Renaissance Capital and Schroder Salomon Smith Barney.
  • The new French Electricity Act
  • Argentina's new money laundering act
  • So far no top firm has followed Clifford Chance’s January 1 lead and completed a transatlantic merger. But as non-US firms in New York rapidly seek to build their US practices, behind the scenes negotiations are taking place at a frenzied pace. Tom Nicholson reports
  • US firms Orrick, Herrington & Sutcliffe and LeBoeuf, Lamb, Greene & MacRae have hired partners to expand their public finance and banking practices respectively.
  • UBS, the Swiss financial group and world's largest private bank, is buying PaineWebber, the fourth largest private client bank in the US, for $10.8 billion. The deal gives UBS access to PaineWebber's $475 billion worth of client assets.
  • Germany strengthens rules on default of payments
  • Debevoise & Plimpton is the latest US firm to gain at the expense of the SEC. Kenneth Berman, associate director of the SEC's Investment Management division, will join Debevoise's Washington practice as partner in August after 12 years with the commission.
  • Standard Chartered is completing its acquisition of the Middle Eastern and South Asian operations of Grindlays, a bank within the Australia and New Zealand Banking Group (ANZ). The value of the deal is expected to hit $1.34 billion.