Search results for

Commission view on changeover to the euro; Commission acts on harmful tax competition; Consultation on the freedom to provide insurance services

Against the backdrop of greater political stability and improving economic prospects, Pakistan has recently made it easier to float companies. By Mansoor H Khan of Khan & Associates, Lahore

New York's Simpson Thacher & Bartlett is opening a full office in Los Angeles after promoting associate Dan Clinver to partnership. The firm has had a presence in Los Angeles for some time, primarily to service key client Seagram, the acquisitive Canadian entertainment and drinks group. New partner Dan Clinver will head the office focusing on corporate matters.

Spain’s preparations for the single European currency have started by establishing commissions to study the possible response. Continuity of contract seems secure. By Luis García Cruz and Hugh McCairley, Bufete Mullerat & Roca, Barcelona

Debevoise & Plimpton is set to open an office in Russia, building on its local assocation in Moscow. Corporate practice head Stephen Friedman says the Budapest office will be closed down to focus efforts on Russia. "I would expect the Budapest office not to continue much longer because of the pace of the economy there," explains Friedman. The firm advised on several privatization offerings in Hungary and the financing of the local airport. In Moscow Debevoise had an affiliation with two Russian lawyers who acted as consultants to the firm. This will become a fully fledged office focusing on joint venture and project work with partner Rod Perkins moving to head the new operation.

New York and other US states have made substantial preparations for the advent of Emu to ensure continuity of contracts. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York

The legal preparations for the introduction of the euro have moved on. Geoffrey Yeowart of Lovell White Durrant, London, updates the answers given in the January issue to the most frequently asked legal questions

Petroleum, Minerals, Energy & Resources Law

Despite confusion created by a speech made to the IBA by a leading Japanese lawyer, it is clear that reforms to the Japanese legal market will not enable international firms to hire Japanese lawyers (bengoshi). Foreign firms in Japan have been lobbying the ministry of justice commission to fully liberalize the legal system, and the decision to continue restrictions on foreign firms in Tokyo has been greeted with disappointment. Toshiro Nishimura, name partner of Nishimura & Partners and member of the ministry of justice commission, caused the confusion when speaking of the advancement of partnerships between Japanese and international firms. However, he has since clarified that he was referring to the decision to relax the rules on joint enterprises. The few firms which work in a joint enterprise will now be able to work on all areas of international law, including litigation. Work on any domestic law is still forbidden. Nishimura claims the reforms will be beneficial to foreign firms. He says: "I expect the number of firms with cooperation pacts to rise, this should be an incentive for firms."

Because of the economic shakedown taking place in Thailand, 58 finance companies have been forced to shut down for an undisclosed period of time. Other finance companies and banks have been left in dire financial straits. The Thai government as a consequence has passed two Royal Proclamations to help tackle the financial crisis: