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CITIC Pacific has sold its 8% stake in HongKong Telecom to China Everbright, a small business backed by China's state council, for HK$11.39 billion (US$1.47 billion).

The advertising group Cordiant announced in April that it will split into three companies later this year. The demerger will create Saatchi & Saatchi, a worldwide advertising network; Bates, a marketing communications network; and a media services group, Zenith. The group will hold an extraordinary general meeting of shareholders on the demerger in October.

Media and investment consortium Castle Transmission has issued the first sterling high-yield, or junk, bond. The £125 million (US$202 million) 9% guaranteed bond is due in 2007.

Last month Arnheim & Co, the UK legal arm of big six accountants Price Waterhouse, announced it had taken the prize scalp of boutique financial services and fund management firm MW Cornish & Co (see International Financial Law Review, June 1997, page 6). However, it is now clear the the scalp is not the prize it first appeared. A third of the lawyers in MW Cornish & Co left the firm in advance of its merger on July 1 1997. Two of the boutique financial services firm's partners have joined Arnheim & Co, but three other lawyers have decided to move elsewhere.

Exchange taxes cut

A recent judgment of the Federal Supreme Court in Abu Dhabi has emphasized and expanded the Court's hostility to margin trading. This is the third in a series of cases dating back to 1990 relating to trading in currencies or commodities.

Amendment of monetary policy

The German government’s discussion paper on the Third Act for the Promotion of Financial Markets will enhance German stock markets, investment funds and venture capital. By Thomas Paul of Oppenhoff & Rädler, Frankfurt am Main

Cancelled banking merger

The Federal Telecommunications Commission (Cofetel) published on June 9 a call for bids for fixed or mobile wireless licences, to be awarded by the Ministry of Communications and Transport in a public auction to be held later this year. The licences will be for 20 years, and are stated to be for 30 MHz or 10 MHz within the 1850 to 1990 MHz band, for 50 MHz within the 3.4 to 3.7 GHz band and for 14 MHz within the 440 to 450 and 485 to 495 MHz bands.