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Every project facility must obtain an environmental licence from the Ministry of the Environment. The licence must be obtained before the project is started. An environmental licence is an authorization from the environmental authority to carry out work or a project which may cause damage to renewable natural resources such as water, air, fauna, flora, or landscape. The licence specifies the requirements and conditions that must be met, and the consequences of non-compliance.

Media multinational The News Corporation is to acquire Dallas marketing company Heritage Media. The tax-free merger will cost News Corporation about US$754 million. News Corporation intends to keep Heritage's marketing services operations, but to sell its radio and television broadcasters.

Gallaher Group, the UK's largest manufacturer of tobacco products, which manufactures Benson and Hedges, Silk Cut, Hamlet cigars and Condor pipe tobacco, has demerged from American Brands and listed on the London Stock Exchange.

Brazil’s unsatisfactory arbitration law has been updated to make this form of dispute resolution more attractive. By Walter Douglas Stuber and Noemia Mayumi Fukugauti of Amaro, Stuber e Advogados Associados, São Paulo

Under new guidelines issued by the Central Bank of Cyprus, the requirements for the acquisition of shares and/or share options and/or rights issues of banking institutions listed on the Cyprus Stock Exchange are as follows:

The National Securities Commission (Comisión Nacional de Valores or CNV) has enacted its General Resolution No. 288, which aims to prevent money-laundering. The Resolution sets out general rules associated with the information to be provided by the following entities:

In contrast with Paul Hastings and Cadwalader, Washington's McKenna & Cuneo opened a small London office in March and has yet to announce its presence. The firm is trying to keep the office quiet. Office head Patrick Doyle says: "We have good relationships with many UK firms. We don't want to create the impression that coming to London would disrupt our relationships with London firms." Doyle says that he and his colleague Saleem Malik aim to "keep our heads down – we might announce something in a year or so". The firm will wait until US lawyers have come to London to reassure UK firms as to McKenna & Cuneo's intentions before making an announcement.

The Third Annual In-House Counsel Event

The company law reform package which came into force on July 1 1994 introduced a substantially simpler amalgamation procedure into New Zealand law. This has resulted in an increased number of corporate restructurings. The statutory procedure enables one or more companies to be absorbed into another existing company, or two or more companies to be joined so as to form a new company.

Big six accounting firm Price Waterhouse launched a Russian law firm in early June. The firm, called, snappily, Price Waterhouse Commonwealth of Independent States (CIS) Law Offices, will be primarily staffed by Russians and in due course managed by Russian lawyer partners. "This is a natural extension of Price Waterhouse's presence in the Russian market," says Emory Kesteloot, the tax and legal partner responsible for coordinating the creation of the law firm. "We expect to be among the top Russian law firms. To this end we have appointed two of the most experienced Western legal specialists to lead and develop the practice as resident partners in Moscow." The two are: Professor WE Butler and Maryann Gashi-Butler.