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Italy

Under Legislative Decree No. 239 of April 1 1996, payments of interest and any other proceeds from bonds issued by banks or companies whose shares are listed on Italian regulated markets, are not subject to withholding or deduction. Under the Decree, payments are made to a legal entity resident in Italy (with certain exclusions) or to non-Italian-resident legal entities/individuals.

February 01 1998

Austria

In December 1996, the Austrian legislature adopted the Securities Supervision Act (Wertpapieraufsichtsgesetz), which provides for the formation of the Federal Securities Supervision Authority (Bundes-Wertpapieraufsicht). On January 1 1998, a substantial part of the law's provisions concerning notification requirements entered into force. At the same time, an ordinance issued by the Ministry of Finance for implementation of the Securities Supervision Act became effective (Wertpapier-Meldeverordnung).

February 01 1998

Argentina

Continuing the programme of economic reforms started in 1989, president Menem's last full year of government before elections in 1999 will be characterized by the privatization of most publicly held companies and the selling of shareholdings in those privatized companies in which the government holds a participation, principally in the electric and banking sectors.

February 01 1998

Ciba wins Allied Colloids

On January 21 Swiss chemical group Ciba announced it is to buy UK industrial chemical maker Allied Colloids with a friendly offer of US$2.33 billion. Ciba Specialty Chemical Holding bid US$3.36 per share of Allied Colloids, knocking out rival US bidder Hercules.

February 01 1998

1997 international bond survey: a year of new challenges

Linklaters & Paines and Sullivan & Cromwell have again risen to the top in a hectic year. Cravath Swaine & Moore and Davis Polk & Wardwell share the Yankee title. Nick Ferguson and Barbara Galli report

February 01 1998

Denmark

In 1992, the Faroe Islands, controlled by Denmark under a home rule arrangement, were hit by financial problems. At the time, Den Danske Bank owned the majority shareholding of Føroya Bank, a major Faroe Islands Bank.

February 01 1998

Mexico

The Zedillo administration continues to privatize the nation's most valued sectors, making1998 a promising year for international investors. Privatizations in 1996 and 1997, particularly in telecommunications (satellites, PCS auctions and long distance telephone competition) and transport (railways and ports), indicate Mexico's commitment to the long-term economic development model. Privatizations in 1998 will involve permits or concessions in natural gas, airports and telecommunications.

February 01 1998

LeBoeuf opens in Houston

New York's LeBoeuf, Lamb, Greene & MacRae LLP has opened in Houston. It will be the firm's 19th office and its 15th in the US.

February 01 1998

UK shipping lawyers ally with Singapore banking firm

UK firm Sinclair Roche & Temperley is to form an alliance with Singapore firm Colin Ng & Partners. Sinclair Roche, which specializes in shipping law, is to cooperate as closely with the Asian banking firm as it can without breaking strict bar regulations. A merger is forbidden by the Singapore law society.

February 01 1998

Swedish firm loses rainmaker

Swedish firm Hellström & Partners, Stockholm, announced on January 12 it is excluding star finance partner Peter Sederowsky from the firm. The announcement comes after Sederowsky, who has joined rival firm Setterwalls, announced in his own letters that Hellström & Partners was to cease operating.

February 01 1998

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