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Eight listed South African companies are to merge to create the world's largest gold mining company, with an expected market capitalization in excess of £2.8 billion (US$ 4.6 billion). The merger should be effected with one of the companies, Anglogold, acquiring all the shares of each of the others under seven schemes of arrangement. Each scheme is subject to the approval of the South African High Court. In the unlikeley event of a scheme not being approved, Anglogold has prepared an alternative takeover offer for the concerned shareholders. The new company, also called Anglogold will be listed on the Johannesburg, London and Paris stock exchanges.

UK city firm Frere Cholmeley Bischoff agreed to merge with national firm Eversheds' London office on April 30. The new office will have 70 partners and 200 other fee earners. The merger, effectively a takeover, will take effect from August 1 when the firms completely integrate in London operations. However 11 Frere Cholmeley partners, including the firm's entire property and private client practices, are unhappy with the arrangement. They are leaving, with their associates, to form Forsters, a new law firm with a total of 55 lawyers. David Willis will become the senior partner.

The principle of banking confidentiality has traditionally also protected the fraudsters. The strong confidentiality jurisdictions have taken measures to discriminate. By Franco Taisch of Liechtensteinische Landesbank, Vaduz

New regulations from Argentina’s Securities Commission provide guidelines for Argentine companies seeking to raise capital in the US through ADRs or GDRs. By Malen Gaynor Giron of Asorey & Navarrine, Buenos Aires

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

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.

The Companies (Amendment) (Segregated Portfolio Companies) Law 1998 was recently passed and incorporated as a schedule to the Companies Law. The new legislation will affect only those companies which undertake captive insurance business in the Cayman Islands and hold an Unrestricted Class B Insurers Licence issued under the Insurance Law.

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).