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  • Royal Caribbean Cruises has bought Celebrity Cruise Lines in an amicable takeover worth US$1.3 billion. This deal makes the company the second largest US- based cruise line.
  • New guidelines for market participants on management and internal control have been welcomed but the Securities and Futures Commission has also published suggested control techniques which have been less well received. By James Walker and Kenneth Leung of Clifford Chance, Hong Kong
  • US partners' compensation increased by 3.56% in 1996, and associates compensation was boosted by 4.4%, in an economy where inflation was only 2.7%. These are the most striking results of the latest annual survey of law firm economics published by law firm consultants Altman Weil Pensa.
  • Mid-sized Singapore firm Colin Ng & Partners is adding to its international links. The firm already has a foreign office in Shanghai, and is soon to add offices in both Jakarta, Indonesia and one in Beijing.
  • A recent case reaffirms the Australian principle that lenders are entitled to calculate losses on a no-transaction basis after some negligent valuations, despite conflicting English decisions. By Francesca Rush of Corrs Chambers Westgarth, Brisbane
  • Deeth Williams Wall, Toronto
  • Meighen Demers, Toronto
  • A major reform of Japanese regulations, allowing companies to award share options to directors, moves regulation closer into line with the US and Europe. By Junko Mori of Asahi Law Offices, Tokyo
  • New tax incentives in the 1997 Budget approved by Parliament in July focused mainly on the financial sector. Effective for five years from assessment year 1998, they will be:
  • French firm Thomas & Associés, with 50 lawyers, has announced it will merge with 220-lawyer firm Deloitte et Touche Juridique et Fiscal, part of Deloitte Touche Tohmatsu International, on September 1.