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  • China
    Shanghai has promulgated the New Regulations of Shanghai on the Examination and Approval of Foreign Investment Enterprises (the New Regulation), effective from October 1 1996. The New Regulation is significant in that it provides that the Shanghai Municipal People's Government shall, in accordance with state guidelines and the actual situation of Shanghai, formulate guidelines on foreign investment and the guiding directory of foreign investment enterprises for Shanghai.
    January 01, 1997
  • Finland
    A committee appointed by the Finnish Ministry of Finance has issued a proposal concerning amendments to the deposit guarantee scheme.
    January 01, 1997
  • Hong Kong
    The Law Reform Commission has announced a plan that will give financially distressed companies the chance of avoiding insolvency proceedings by providing the company with a court-sanctioned moratorium from creditors while a provisional supervisor takes control of the company to restructure its debt.
    January 01, 1997
  • CalEnergy bids for Northern Electricity
    US power producer CalEnergy has made a hostile bid of £659 million (US$990 million) for UK regional electricity company Northern Electric.
    January 01, 1997
  • Italy
    On July 25 1996 the Bank of Italy introduced a number of amendments to the Regulations enacted on May 20 1994 to implement Law No. 86/1994 on real estate closed investment funds.
    January 01, 1997
  • United News & Media wins Blenheim
    Media group United News & Media, recently merged with MAI, has bought conference organizer Blenheim Group. The offer is worth about £590 million (US$970 million).
    January 01, 1997
  • Starting from scratch
    Elizabeth Wall, group director of legal services at Cable & Wireless, London, talks to Diana Bentley
    January 01, 1997
  • P&O/Royal Nedlloyd shipping merger
    P&O, the UK shipping firm, is set to merge its ocean container business with that of Dutch counterpart Royal Nedlloyd. The merged entity, P&O Nedlloyd Container Line, requires EU regulatory clearance and will have assets of US$1.5 billion.
    January 01, 1997
  • Canadian firm opens in Singapore
    Toronto-based Goodman Phillips & Vineberg has launched its third office in Asia, opening in Singapore in December. Goodman Phillips has had an office in Hong Kong for some 25 years and is the only Canadian firm with an office in Beijing.
    January 01, 1997
  • Britannia buys £1.1 billion Citibank mortgage book
    The UK's Britannia Building Society has bought a £1.1 billion (US$1.8 billion) mortgage book from Citibank International. The book consists of about 30,000 residential mortgages in the UK. On the same day, Britannia issued £100 million step-up subordinated notes under its MTN programme.
    January 01, 1997
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