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  • 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.
  • 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.
  • China tax specialist Michael Moser has moved from Baker & McKenzie to Freshfields. Moser, who was managing partner of Baker & McKenzie's China practice in Beijing, will move to the Freshfields office in Hong Kong.
  • The UK logistics and removal company NFC is selling its moving services business to the US investment firm Clayton, Dubilier & Rice. The firm will combine the business, which relocates 40,000 households every year, with its North American Van Lines company for $450 million in cash and stock.
  • The European telecommunications group Unisource has sold its French subsiduary SIRIS to Deutsche Telekom for £450 million.
  • KPMG has stunned the Mexican tax advice market by signing a cooperation agreement with tax firm Chevez, Ruiz, Zamarripa y Cia.
  • Comcast, the third-largest US cable operator, is merging with television operator Lenfest Communications (LCI) for $6.9 billion. Comcast will give 116 million shares of class A special common stock to LCI shareholders, and will take on $1.5 billion of LCI debt.
  • The debate over Mario Monti's tax package has been raging for months
  • Freedom of establishment — Payment made by a Swedish company to its subsidiary — Exemption from corporation tax.