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  • Restructuring of Vietnam's US$1 billion debt
    Vietnam has reached agreement in principle with its creditor banks on the restructuring of its US$1 billion debt. The move should allow Vietnam to resume commercial borrowing in the international capital markets at more favourable interest rates.
    August 31 1996
  • Cutting edge close-up: Samalayuca II: smoothing the process for big projects
    Consortium of developers
    August 31 1996
  • ScottishPower wins takeover battle for UK utility
    Southern England utility Southern Water was the object of rival bids from UK utilities ScottishPower and Southern Electric. ScottishPower made a £1.56 billion (US$2.36 billion) hostile takover bid which was followed by an agreed cash and shares offer of £1.6 billion from rival Southern Electric. ScottishPower's subsequent offer of £1.67 billion went wholly unconditional on August 7.
    August 31 1996
  • Dewey and Theodore complete divorce
    US firm Dewey Ballantine and the UK's Theodore Goddard have broken up their four-office joint venture in central and eastern Europe, with Dewey buying Theodore out. The divorce of the former partners follows the split in the firms' London office when Dewey announced plans for a fully independent office (see International Financial Law Review, June 1996, page 4).
    August 31 1996
  • USAA issues unusual bonds
    USAA, the US's biggest direct home and car insurance company, is planning an unusual sale of $500 million in bonds on the capital markets. The bonds would be tied to the company's hurricane losses. Holders would have to surrender their principal if USAA is forced to cover more than US$1 billion in claims caused by any single hurricane in the next year. In return, they will receive a risk premium on top of the normal bond market return.
    August 31 1996
  • Baker & McKenzie expands in Warsaw
    Baker & McKenzie's Warsaw office has merged with the local office of Detroit-based firm Dickinson, Wright, Moon, Van Dusen & Freeman. The move follows Dickinson Wright's decision to concentrate on its US offices. The Warsaw office was the firm's only foreign base. The merger brings Baker & McKenzie's staff in Poland to 33 lawyers. For more information see the Polish country survey.
    August 31 1996
  • Dutch Bar abandons tariff system
    The Dutch Bar Association has decided to stop its tariff system, by which fee guidelines are issued every year for the profession. The change comes after a government report criticized the system, saying some companies considered the fees too high. From January 1 1997 the Association will give advice on billing instead.
    August 31 1996
  • Akin Gump under pressure in Brussels
    The Brussels operation of Dallas-based Akin, Gump, Strauss, Hauer & Feld, LLP is under severe pressure after the loss of four lawyers. Name partner Marc Dassesse has left Akin, Gump, Strauss, Hauer, Feld & Dassesse to become a partner at the Brussels office of Washington-based McKenna & Cuneo. He will be joined by Akin Gump partner Anabelle Ewing and lawyers Jan van Besien and Isabelle d'Arthuys.
    August 31 1996
  • Can you sack under-achievers?
    A recent US court decision could put law firm management into turmoil. The removal of partners and the closure of offices which a firm deems are not performing to standard is put into question by the Palm Beach County Circuit Court decision. The level of damages set in the case could make any sackings prohibitively expensive. The judge's comments on Cadwalader, Wickersham & Taft were cutting, but it is possible the precedent may be followed in cases where less turpitude is found.
    August 31 1996
  • Ethical Italian
    Dr Franco Riolo, general manager of the legal and tax department at Banca Commerciale Italiana, talks to Diana Bentley
    August 31 1996
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