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The planned merger between Dutch firms Loeff Claeys Verbeke, of Amsterdam and Rotterdam, and the Hague's Buruma Maris, will not go ahead. Announced in July 1997, it would have taken effect from January 1 1998 (see International Financial Law Review, August 1997, page 3). According to figures compiled for the International Financial Law Review 1000 Directory, the merger would have created Holland's largest firm, and the 29th largest firm in the world. The move reflects events three years ago, when Buruma Maris rebuffed the possibility of merger with Loeff Claeys.

Chadbourne & Parke has lost its only UK-qualified partner in its London project finance department. Martin Stewart-Smith has left the office after less than six months to join Cameron McKenna.

"Where there is no vision people perish" quotes Clifford Chance's Vision of the Future from the Book of Proverbs. While one of their banking partners might be forgiven for not reading the good book, he clearly applied biblical zeal to his handling of relations with a UK financial services client, informing its in-house head that they would be more suited to another, mid-sized firm and even being so kind as to name an alternative.

• Geoffrey Howe, managing partner of UK firm Clifford Chance, is stepping down later this year to take up his new position of general counsel at merchant bank Robert Fleming.

Following requests from the fund managers' professional association, the Hong Kong SFC has proposed a detailed regulatory backdrop for fund management operations. By Sara Or of Johnson Stokes & Master, Hong Kong

The Act was approved in parliament on May 1997 (Act no. 385/1997), extending an existing scheme regarding the new building of small ships. It is not yet determined when it will come into force.

The Royal Decree expected to implement the important modifications contained in the Law of December 12 1996 (see International Financial Law Review, June 1997, page 43) was adopted on July 8 1997. Since then, a public and private scheme for securitizing receivables can be distinguished, depending on whether or not the financial instruments issued by the securitization vehicle are themselves subject to a public transaction.

Canadian financing company Newcourt Credit Group will buy AT&T Capital for US$1.6 billion. AT&T span-off its financing arm last year to concentrate on its core telecoms business. Nomura, the Japanese investment bank, acquired 98% of the company. CIBC Wood Gundy is lead underwriter.

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.

Lazio will be the first region in Europe to launch a global MTN programme. The programme has approval for US$1 billion of international debt issues.