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Emile du Toit, general manager legal services at Absa, talks to Samantha Swiss about developing a group team after a merger

Facing addressive competition on three fronts, French firms need to abandon their approach to stay in the front rank. Barbara Galli reports from Paris

A recent Hong Kong case, Rudolph Robinson Steel v Nissho Iwai Hong Kong & Anor [1998], demonstrates that the parties to a letter of credit must show a clear intention if the presentation of a future document is to constitute a binding arrangement under the letter of credit.

Hampered by a small domestic market, Danish firms are probably as big as they can get, and there is little scope to open overseas. But firms are thinking of links with firms abroad. Barbara Galli reports

US law firm Squire, Sanders & Dempsey has announced plans to open offices in Taipei and Hong Kong. These will be the firm's first Asia-Pacific offices. The firm's head office is in Cleveland but it has a further 7 offices in the US and 8 offices in Europe and the former Soviet bloc. Thomas Stanton, managing partner of the Cleveland office, says: "Following our success in emerging markets in eastern Europe and the former Soviet Union, we decided to focus on China. Our offices will offer expertise in infrastructure, privatization, telecoms, finance and joint venture activity."

• US firm Brown & Wood has appointed Michael Durrer as a partner in its London office. Durrer returns to the firm after three years with Atlanta-based Kilpatrick Stockton. He joins the securitization practice group. • Mark Wierzbowski, a partner of the Warsaw office of Weil Gotshal & Manges, has been made President of the Supervisory Board of the Warsaw Stock Exchange.

US natural gas and electricity company Enron is buying UK water utility Wessex Water. The value of the transaction is £1.4 billion (US$2.3 billion). Advising Enron is UK firm Freshfields, London. The team of lawyers is headed by partners Edward Brahm (corporate), Mark Rawlinson (corporate) and Deidre Trapp (competition).

On January 31 1998, the Promotion of Investments Law became effective with the aim of promoting domestic and inward investment. The equality of inward investment with domestic investments is now guaranteed by the government which takes responsibility for damages and ensures the free transfer of capital and profits (free convertibility is permitted by law).

The Monetary Authority of Singapore (MAS) has announced that share buybacks will be made legal by the fourth quarter of 1998, following feedback from industry bodies and financial market participants. Companies will be permitted to repurchase shares on the market in round lots out of distributable profits at any time within the period mandated by shareholders. The proposed legislation, which will complement the provisions permitting capital reduction in the Singapore Companies Act, will provide appropriate safeguards to ensure that creditors' interests are preserved and to minimize abuse, while providing sufficient flexibility to companies.

Article 22 of Legislative Decree No. 58 (through which a unified text of rules on the financial markets has been approved) sets out basic principles on the segregation of patrimonies of financial intermediaries and clients.