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In April 1998 the government submitted a bill to parliament regarding a reform of the Finnish Companies Act to enable the conversion to the euro in private and public limited companies during the transition period between January 1 1999 and December 31 2001 and set the rules governing the move to no par value (NPV) shares in limited companies.

The invitation to bid for the state telecoms companies was made available to the public on June 12 1998. For the auction, set for July 29 1998, the companies have been re-structured into three groups:

The China International Economic and Trade Arbitration Commission (CIETAC) has recently become one of the busiest arbitration bodies in the world, having decided about 800 cases in 1997. Effective as of May 10 1998, the CIETAC Arbitration Rules were revised in response to political and legal developments as well as criticism concerning uncertainties under the previous CIETAC Arbitration Rules.

Potential moratoria on payments of foreign currency to overseas persons need not necessarily worry exporters. They can structure to protect their interests. By Andrew O’Keeffe of Simmons & Simmons, London

Emmanuel Guillaume, group executive vice president and general counsel at France Telecom, talks to Barbara Galli

Brown & Wood, Blake Dawson Waldron, Allen Allen & Hemsley and Mallesons Stephen Jaques are all advising on Australia's first global bond issue which is backed by non-US mortgages. Australian bank Westpac lauched its US$1.4 billion offering on June 4 with ratings from Moodys, Standard & Poor's, and Fitch, the first time a bond issue has been rated by all three agencies.

Italy continues to attract foreign law firms with UK firm Ashurst Morris Crisp announcing a strategic alliance with Milan-based Negri-Clementi Montironi & Soci. The agreement, based on an equal relationship, involves reciprocal exclusive referrals. Ian Nisse, Ashurst's managing partner, says: "This alliance is strategically based and strongly client driven for both firms." Ashurst, with offices in Paris, Brussels and Frankfurt, is trying to build a pan-European partnership.

The Italian Treasury has announced the sale of one billion shares, valued at L12,000 billion (US$6.68 million) in Eni, the oil and gas conglomerate. IMI and Credit Suisse First Boston, which had already worked on the sale of the third tranche, are acting as global coordinators. With the disbursment of the bonus shares — one for every 10 shares after 12 months — and exercise of the over-allotment option, the Treasury's holding in Eni could go down from 51% to 35%. US firm, Sullivan & Cromwell is representing Eni with corporate finance partner Richard Morrissey leading the team from New York.

The traditionally separate businesses of commercial banking, securities and insurance are increasingly merging. An overall approach to supervision is required. By Philip Wood and Paul Phillips of Allen & Overy, London

Petroleos de Venezuela has issued US$1.8 billion of notes through a special purpose financing vehicle, PDVSA Finance. The proceeds of the five tranche Rule 144A offering are intended to purchase existing and future accounts receivables arising from export sales of crude oil to the US. Morgan Stanley Dean Witter was the lead underwriter for the offering. US firm Cleary, Gottlieb, Steen & Hamilton acted as New York counsel to PVDSA Finance and Petroleos de Venezuela. The team included partners Peter Karasz, an international finance and Venezuela specialist, and Andres de la Cruz, a corporate finance and securities partner. Advice on Cayman Islands law to PVDSA was provided by WS Walker & Company.