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  • 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.
  • Ernst & Young in the US has financed the launch of a new Washington DC law firm, creating the first direct link between one of the big five and a US law firm. McKee Nelson Ernst & Young was established on November 2 1999 and will operate as an independent affiliate within the Ernst & Young global network.
  • Gottfreid Breuninger, tax partner at Oppenhoff & Rädler in Munich, is to join the Frankfurt office of US-based firm Cleary Gottlieb Steen & Hamilton in March.
  • Stock option schemes have traditionally caused tax problems in India, but the 1999 Finance Act has clarified the situation. Mohan Monteiro and Keyur Shah of Arthur Andersen in Mumbai explain how multinationals can benefit and examine a worrying ruling
  • The Spanish government recently submitted proposals to parliament for new research and development (R&D) tax incentives. These would provide:
  • The Virgin Entertainment Group has sold its cinema chain, Virgin Cinema Holdings, to the French company UGC for £215 million ($344 million).
  • Four partners from the Munich office of German law firm Boesebeck Droste are to open a new office for Bruckhaus Westrick Heller Lober in the city, on January 1 2000. In doing so, they will miss out on Bosebeck's recently-announced merger with UK firm Lovell White Durrant.