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On April 15 1998, the Chilean Central Bank amended certain exchange rules on the issue of Eurobonds and American depositary receipts (ADRs) to cut restrictions and increase flexibility.

The Telecoms Authority of Singapore Act 1992 has been amended to give the Telecoms Authority additional powers to carry out its functions in a liberalized multi-operator environment, bring the Act up to date on changes in technology and new offences, and provide adequate penalties and enforcement measures to regulate telecom and postal licensees.

On May 14, the National/New Zealand First coalition government delivered its second budget. A NZ$2.8 billion (US$1.5 billion) government surplus was announced (well above the NZ$1.5 billion 1997-1998 forecast). However, the surplus for 1998-1999 is forecast to fall to NZ$1.3 billion. Other features of the budget were:

A judgment of a foreign court will not be recognized and enforced in Switzerland if it was made in disregard of a valid arbitration clause in place between the parties, as long as the defendant duly objects to the foreign court assuming jurisdiction, the Swiss Federal Tribunal recently ruled (Ruling 124 III 83).

Macfarlanes, Slaughter and May, Freshfields and Wachtell Lipton Rosen & Katz are all involved in the fight for the UK chemical and fibre company Courtaulds. A US$1.8 billion bid from Dutch chemical business Akzo Nobel was agreed in April. On May 12 US paints and glass group PPG confirmed it is in preliminary talks with Courtaulds along with US investment bank Donaldson Lufkin and Jenrette. Macfarlanes in London is advising PPG with a team of lawyers headed by corporate specialists Robert Sutton and Mary Leth, tax specialist Ashley Greenbank and pensions specialist Douglas Shugar. Also advising PPG is New York firm Wachtell, Lipton, Rosen & Katz.

The example of a recent case involving PERLS shows the dangers for financial institutions of new investment products. Particular care should be taken to manage the legal and regulatory risks. By Jonathan Kelly of Simmons & Simmons, London

Confidentiality issues can affect not only how you issue project bonds but whether a deal is even possible. Richard Forster reports on the disclosure issues facing sponsors and bankers

A New York Court of Appeals case in May suggested that the US may introduce a system like the UK Mareva injunction to protect assets in insolvency. By Ronald L Cohen of Seward & Kissel, New York

Freshfields and Baker & McKenzie advised on more privatization deals than any other firms in 1997. In what was a record year both firms advised on 117 transactions; more than double that of third-placed firm Linklaters & Paines. Last year the total value of privatizations topped US$160 billion, according to league tables published in Privatisation International. Freshfields, which heads the table because of the higher value of its transactions, benefited from a bumper year in Asia, despite the slowdown towards the end of the year.

Hong Kong market regulators have acted to promote Hong Kong as an international financial centre while protecting the interests of local retail investors. By Richard A Drucker and Timothy A Steinert of Davis Polk & Wardwell, Hong Kong*