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  • KPMG has announced its intention to move into the UK legal market by poaching six partners from London law firm Arnheim Tite & Lewis.
  • Two former colleagues from Baker & McKenzie will find themselves competing for business after being recruited into big five firms. Phil Morrison, a tax partner from Baker & McKenzie in Washington, has joined Deloitte & Touche as leader of the International Tax Group of the Washington National Tax Practice.
  • Norwegian firm Thomessen Krefting Greve Lund is advising Norsk Hydro, Norway's largest industrial conglomerate, on their offer to acquire Saga Petroleum, the third-largest oil company in Norway. Norsk Hydro have offered NKr 17.5 billion ($2.3 billion) for Saga. If the deal is completed Norsk will be the largest oil company in Norway after the state-owned Statoil.
  • Singapore’s minister of finance used this year’s budget to stimulate the economy by extending tax incentives for domestic companies and foreign investors alike. Ajit Prabhu of Deloitte & Touche, Singapore examines the budget and its consequences for multinationals
  • The original issue in the Parthenon case was the deductibility of interest on a promissory note distributed as a dividend. The Tax Court of Canada found it was not deductible, because the Canadian statutory interest deduction is limited to interest borrowed money and balance of sale of property, and this indebtedness fits neither category.
  • French finance minister Dominique Strauss-Kahn, and labour minister Martine Aubry have put forward a plan to introduce a surcharge on corporation tax and raise environmental taxes.
  • US firm Cleary Gottlieb Steen & Hamilton is advising HSBC on its acquisition of Republic New York and Safra Republic. Safra Republic is the Luxembourg holding company for Republic's European operations. The acquisition is valued at $10.3 billion and will give HSBC the third-largest branch network in New York as well as a large base of private clients.
  • New York law firm Davis Polk & Wardwell is advising RJR Nabisco and RJR Nabisco Holdings on the cash tender offers and consent solicitations for approximately $4.4 billion of RJR Nabisco's outstanding debt. RJR Nabisco Holdings' Capital Trust is also offering $373.8 million of 9.5% trust originated securities.
  • US firm Davis Polk & Wardwell is advising Morgan Stanley Dean Witter on its formation of an investment banking sales and trading joint venture in India, with the JM financial group.
  • Ireland risks the animosity of its EU partners by adopting a policy of low tax rates for trading companies. But does this make it a tax haven or just a fair competitor for international business? Rosie Murray-West talks to both sides in what promises to be a heated debate