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Japan's plans to introduce a consolidated tax system appear to have stalled. The Ministry of Finance has announced that it is doubtful that they will be able to honour the April 2001 deadline originally set.

The new recruits bring the number of lawyers to 17 since the launch of the office in November last year (see International Tax Review Dec/Jan 2000). Three of the partners, Scott Farmer, John Magee and Richard Stark, all come from Washington DC firm, Miller & Chevalier. Farmer is head of Miller's international tax practice, whilst Magee is former chair of Miller's tax practice department and was a member of the firm's executive committee. The other partner, trial lawyer David Curtin, joins from the DC office of US firm King & Spalding, where MNE&Y co-founders, William McKee and William Nelson originate.

The issue was registered with the Securities and Exchange Commission and is therefore open to US holders of Telewest shares. In a connected move, Microsoft and the Liberty Media Group acquired 51.3% of the rights issue, thereby allowing Microsoft to take a stake in Telewest.

China has announced that it intends to scale down its preferential tax policies for foreign companies.

Thirty four Celltech shares are being offered for every 100 shares of Medeva, with the new company operating under the name Celltech Medeva.

The German government has announced sweeping tax cuts which include full tax exemption on capital gains.

Brave man, that Andrew Jones. Ernst & Young's vice chairman of international tax and legal avoids the usual superlatives and gives a candid verdict on his firm's 1999 performance: "It's been a bit lumpy."

The issue of corporate tax shelters and loopholes is becoming an unlikely early battlefield for Republican and Democrat candidates in the run-up to the US elections.

BT's £1.5 billion ($XX) bid included an offer of $100 for each American depository share. This exceeded the $85 offered as part of Newtel's $1.6 billion hostile takeover bid. Newtel was formed out of the recent merger between Telia and Telenor. Newtel consulted Linklaters & Alliance, with partner Charles Hellier leading the tax team.

The German insurance group Allianz will pay $3.3 billion to acquire majority ownership of PIMCO, one of the largest investment management companies in America.