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The Washington National Tax Services office of Price Waterhouse has recruited Barbara Angus, formerly business tax counsel to the Congressional Tax Committee on Taxation.

Foreign investors in the People’s Republic of China take note – the PRC tax authorities have turned on the transfer pricing heat. May Huang and Alan Tsoi of PricewaterhouseCoopers in Beijing, analyze the contents of a new circular on the subject

We finally have it. After months of internal argument, Price Waterhouse and Coopers & Lybrand have finally produced a name for the merged firm, PricewaterhouseCoopers. In the end it has come down to simple arithmetic, adding together the two old names. The result reflects the determination of both firms to preserve what are seen as strong brand names. The firm will be informally known as PwC.

Lonhro, the UK-based mining group and former conglomerate, has agreed to sell its interests in Princess Hotels to Canadian Pacific, the largest hotel group in Canada. The deal is valued at $540 million. The disposal signals Lonhro's move towards the sale of all but its core mining interests.

A Danish company threatened to stop flying the national flag in a dispute over proposed taxation changes. The company, AP Moller Maersk, also refused to sign new North Sea oil exploration licences. The protest was over an 8% cut in corporate income taxes which would have excluded companies in the oil and gas sector. The Danish government has been forced to abandon the plan to reduce corporate income taxes from 34% to 26%. The move came as the government made an agreement with left wing parties that will ensure the passage of a series of tax changes. A condition of left wing support was the removal of the proposed corporate tax cut.

Norwest, the Minneapolis-based bank, has made an agreed bid to buy San Francisco-based Wells Fargo, in a $31 billion stock swap.

US pharmaceutical groups Monsanto and American Home Products has announced a merger worth $34 billion. American Home Products will have a 65% stake in the new company. Annual sales will be about $3 billion a year.

Van Kampen American Capital Senior Income Trust, has made a $1.6 billion initial public offering, the second-largest closed-end offering in history.

During the last few months there have been a number of changes to the Russian tax law, arising from changes to the legislation and from judicial decisions. The major changes are outlined below.

The final part of ITR’s survey brings together traditional and emerging oil and gas locations. By Mark Campbell, Mike Kubena and Varinder Matharu of PricewaterhouseCoopers, Baku and Moscow, and Michael Thompson of Freshfields, London