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Dutch pharmaceutical and chemicals company Akzo Nobel has launched a Dm1 billion ($604 million) Eurobond, one of the first by a single-A credit rated company since the devaluation of the Russian rouble in August and the following credit crisis. The offering is also the first Akzo Nobel has made in the Deutschmark market. Senior banking associate, Grant Jenkins, of Dutch law firm Loeff Claeys Verbeke represented the lead managers ABN Amro (Germany) and Warburg Dillon Read.

Telecom Italia has bought a 25% stake in Telekom Austria, Austria's fixed net telecoms provider. Post und Telekom Austria (PTA), the state-owned parent company, sold the shares for Sch27.2 billion ($2.3 billion). The package includes a an 18.75% stake in Mobilkom, the cellular subsidiary, in addition to Telecom Italia's existing 25% holding. The transaction is the largest deal ever closed in Austria and is the second step in the privatization of PTA, following the sale of the Mobilkom stake to Telecom Italia in 1997. The next step will be Austrian Telekom's IPO, scheduled for after 2000.

Investors in Barings, the collapsed merchant bank, face further litigation after liquidators blew cold on the City Disputes Panel's (CDP) compensation plan. The City's arbitration service put together the package during three years of negotiations after rogue trader Nick Leeson lost $800million gambling on the Hong Kong and Osaka stock markets, forcing the bank to fold. The panel's package sought to compensate holders of Barings' $150 million floating rate notes, issued in 1986. The agreed package offered $85 million, put up by ING, the former directors of Barings and its former auditors Coopers & Lybrand and Deloitte & Touche. ING bought Baring for £1 in 1995. The majority of the '86 noteholders are so-called vulture funds, specialist traders of distressed debt, who have bought up the bonds with the hope of increasing the compensation award.

The London Stock Exchange has revealed plans to use the Internet for its shelf registration system. Nick Ferguson examines securities registration and trading in cyberspace, which will revolutionize capital markets

Resisting the pressure to devalue the renminbi, the central bank and State Administration of Foreign Exchange have taken steps to prevent damage to China’s foreign exchange system. By Thomas E Jones of Freshfields, Hong Kong

As Russia's economic and financial crisis continues, there have been a number of important legislative and policy developments, including the following:

On March 30 1998 new legislation on the protection of personal data came into force. The new statute is intended to implement the EC Data Protection Directive of October 24 1995. The Directive balances the interests of individuals with the interest of companies that use personal data in their business. The Directive is not designed to ban the collection of data but rather to control its uses.

On October 21 1998, the ministry of finance adopted a new regulation on the valuation of receivables, investments and contingency liabilities as well as of the contractual guarantees of credit institutions. Until then, these issues had been regulated through instructions by the banking supervisory authority which ceased to exist in 1997 and was replaced by the Money and Capital Market Supervisory Authority. These instructions have now been overruled by the new regulation entering into force on November 5 1998.

The consolidation of the South African legal market continues with the merger of three firms Bowman Gilfillan Hayman Godfrey, John & Kernic and Findlay & Tait. The 60 partner new firm Bowman Gilfillan will be one of the largest in the jurisdiction. Senior partner Peter James of John & Kernic says: "Traditionally clients have used us for their intellectual property work and other firms for other aspects of business law. Now we'll be able to offer a fuller service. The major international clients also look more closely at larger firms."

Since introducing its specialist debt listing facility, the Cayman Islands has dealt with over 120 applications. Anne Nealon of the Cayman Island Stock Exchange explains the listing rules for structured bonds