As part of its plan to open up its markets, Myanmar’s untapped telecom sector is set for major reform. The government plans to award two foreign companies with telecom licences, doubling the number of mobile operators in the country from two to four. A new telecom law is also expected to follow shortly. Foreign telecom investors are at Myanmar’s doorstep and hungry for a slice of the action, but some major risks still remain. Kanishk Verghese reports

Allens has advised Nghi Son Refinery and Petrochemical Company Ltd (NSRP) and the sponsors on the $5 billion financing of the $9 billion Nghi Son oil refinery in Vietnam.

UK law firm Addleshaw Goddard has entered into a formal alliance with Japan’s Hashidate Law Office.

Eyeing Malaysia’s flourishing Islamic finance market, Asian countries are eager to get a slice of the pie. Several countries have launched Islamic finance initiatives in recent years, and there has been a notable rise in activity in the Middle East. Can Malaysia be challenged? Kanishk Verghese reports

Clyde & Co has bolstered its Asian marine practice with the hire of Conor Warde as a partner in Hong Kong, the promotion of Chris Metcalf to partner in Singapore, and the relocation of partner Andrew Rourke from the UK to Shanghai.

Bingham McCutchen has significantly strengthened its investment funds group in Tokyo with the hire of partners Christopher Wells and Tomoko Fuminaga, and five other lawyers from White & Case.

Japan’s big banks are fast expanding into global aircraft financing and leasing, find Taiga Uranaka of Reuters and Kanishk Verghese of ALB

Japan’s outbound M&A deals have picked up immensely in recent years. But a depreciating yen, hastened by the BOJ’s unprecedented stimulus, threatens to slow overseas investment. Nonetheless, Japanese companies believe that the future for growth lies overseas - Southeast Asia is a lucrative target, reports Kanishk Verghese

Allen & Overy has represented Philippine conglomerate, LT Group, on its 37.7 billion peso ($912 million) IPO in the Philippines.

Herbert Smith Freehills has launched an office in Seoul after receiving approval from Korea’s Ministry of Justice.