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Singapore’s decision to liberalize legal services could create a premier league of firms in the island republic

Germany’s tax reform programme was approved on July 14 2000. A package of tax rate reductions and a fundamental reform of business taxation aim to attract foreign investment. By Hans-Jürgen Hennig of PricewaterhouseCoopers, Frankfurt

Business and governments alike are simultaneously rubbing their hands in delight and shaking their heads with worry as e-commerce advances ever forward. Christine Sanderson of PricewaterhouseCoopers, London overviews the challenges ahead

Sutherland Asbill & Brennan LLP

1345 Avenue of the Americas, New York, NY 10105, US

Baker Botts, L.L.P.

The European Commission's proposals for applying value-added tax (VAT) to certain services supplied over the internet and via broadcast media have received a mixed and, at best, tepid reception from industry.

Tax judgement

Davis Polk & Wardwell is acting as M&A and SEC counsel to Telefónica and Terra Networks, a Madrid-based internet service provider, in connection with Terra Networks' acquisition of Lycos, the Massachusetts-based internet portal. Telefónica holds a majority interest in Terra Networks. The all-stock transaction is valued at $12.5 billion. Under the terms of the agreement, Lycos stockholders will receive $97.55 worth of Terra stock for each Lycos share, so long as Terra's stock price does not rise or fall more than 20% from recent levels. Partner Mario Verdolini of Davis Polk's New York office is providing tax advice, and partner Patrick Bradford of the New York office is advising on antitrust issues.

General Motors Corporation has made an exchange offer of $9 billion of its Class H common stock, which tracks the performance of its subsidiary Hughes Electronics Corporation, for shares of General Motors of $1.66 par value common stock.