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  • Tender bids for Singapore's second fixed-line licence and third mobile phone licence closed on December 31 1997.
  • The collapse of BCCI resulted in a number of cases. The Hong Kong Court of Appeal and the Privy Council (replaced by the Court of Final Appeal in Hong Kong since July 1 1997) have recently delivered two judgments.
  • The Australian Mutual Provident Society recently carried out a public offering of its 9.1% interest in Westpac Banking Corporation for US$1 billion. The Westpac Corporation shares were sold by Australian Mutual Provident in the form of STRYPES (Structured Yield Product Exchangeable for Stock), underwritten by Merrill Lynch.
  • Republic Act No. 8366 (Act) was made law on October 21 1997 and took effect on November 14 1997. The law aims to liberalize the Philippine investment industry by amending certain sections of Presidential Decree No. 129 (Decree), known as the Investment House Law.
  • UK firm Allen & Overy announced that it is to merge with 65-lawyer Italian firm Brosio, Casati e Associati. Meanwhile, Haarmann Hemmelrath & Partner has become the second German firm to open an office in Italy. In the last year the following foreign firms have all opened in Italy or added to an existing presence: Clifford Chance, Freshfields, Simmons & Simmons and Cleary, Gottlieb, Steen & Hamilton.
  • China's new foreign loans regime bars non-profitable companies from seeking international finance, and also limits the profitable ones. Worries about the Asian crisis have ensured caution. By Guanxi Zheng of Stikeman, Elliott, Hong Kong
  • US/UK automotive parts supplier LucasVarity is selling its VarityPerkins Engines business to US rival Caterpillar for US$1.3 billion. While the deal surprised some analysts, who viewed Perkins as an essential part of LucasVarity, the acquisition is seen as a good strategic fit for Caterpillar.
  • Gazprom has arranged a US$3 billion loan to finance its investments in the Yamal pipeline project and to refinance a US$1.2 billion bridge loan. The eight-year facility will be secured against revenues from Gaz de France supply contracts.
  • Continuing the programme of economic reforms started in 1989, president Menem's last full year of government before elections in 1999 will be characterized by the privatization of most publicly held companies and the selling of shareholdings in those privatized companies in which the government holds a participation, principally in the electric and banking sectors.
  • In theory, depositors of securities with a custodian have always been able to reclaim them if the custodian goes bankrupt. But this theory has never been tested in the courts. New legislation removes any doubt. By Urs Schenker of Baker & McKenzie, Zurich