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GUANGSHEN RAILWAY COMPANY LIMITED

The Rousch independent power project (IPP) reached financial close on May 31 with the US$507 million financing led by ANZ International Merchant Banking and National Development Finance Corp. Rousch is the first Pakistani project in which offshore commercial lenders have taken both political and commercial risk.

The New York office of US firm Dechert Price & Rhoads has expanded its Securitization Practice Group with three lateral hires from US competitors.

UK firm Freshfields has taken on Kent Rowey, a US qualified lawyer, as partner in the International Project Finance Group. He joins from the London office of US firm Perkins Coie.

The public equity offering of UK nuclear power company British Energy closed on July 10 with the privatization yielding £1.4 million ($2.18 billion) for the UK government.

• The Ministry of Justice in China has awarded 16 licences to foreign firms wishing to operate branch offices. The following received licences for Beijing: Birendelli Castellani (Italy), Brown & Wood (US), Freshfields (UK), Haythe & Curley (US), Komatsu Koma & Nishikawa (Japan), Nassir & Partners (Amman), Richards Butler (UK) and W K To & Co (Hong Kong).

The US's Republic Industries will bolster its electronic security business with the $5 billion acquisition of ADT, the largest electronic systems provider in the US.

US financial regulators have given a cautious welcome to certain uses of new technology. However, the Securities and Exchange Commission (SEC) still insists that existing regulation must be followed. Anne-Louise Childs reports

When the second wave of sell-offs is completed, international law firms will have to compete for a niche in Budapest's financial markets. By Richard Forster

US firm Coudert Brothers has appointed nine partners from a group formerly at the New York office of Whitman Breed Abbot & Morgan. The group concentrates on project and asset-based finance and leasing, as well as product placement and aircraft finance. George Lee leads the group, which comprises: David Bamberger, Anne Brower, Michael Kelly, Henry Moriello, David Schmidt, Joseph Schmidt, Christopher Stephens and Mary Voce. They have practised together for over 15 years. Lee says: "We selected Coudert Brothers because the firm conforms to our vision of the law firm of the future. It has great depth in providing sophisticated international and local legal representation on a global basis."