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Having had serial relationships with three global investment banking houses, all of which deals unravelled, Thai investment bank Phatra Securities can be forgiven for wanting to go it alone. Although the firm still enjoys good relations with one ex-partner, the new-found independence clearly suits its style.

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Kumho Tire's IPO was oversubscribed in both the London and Seoul markets when the tyre manufacturer launched the first simultaneous dual listing by a Korean company

Khathar hunnu bhanda marhu ramro. Or in English: "It is better to die than live a coward." That's the motto of the Brigade of Gurkhas, as London financial sector workers are about to find out.

TUI Northern Europe, a division of TUI AG, the world's largest tourism and services group, has selected Trintech's ReconNET to automate the verification and reconciliation of cash banking and credit card transactions, including foreign currency deposits from Forex Bureaus distributed throughout its 1,100 agencies. Additionally, the module automates the verification and reconciliation of the company's principal disbursement account.

Almost all venture capitalists expect to see an increase in UK activity this year, in both volume and value of deals, with particular consolidation in the retail and financial services sectors.

Alba, the leading consumer electronics brand company in the UK and Europe, has gone live with SimCorp's IT/2 treasury management system. Advantages of the system, according to the corporate, include better visibility of information, reduced risk and a saving in treasury headcount.

Pfizer, the New York-based medical company, has promoted Alan Levin to CFO, replacing David Shedlarz who becomes vice chairman of the company's new executive committee. Levin, who has been with Pfizer since 1987, will report to his predecessor whose responsibilities now include finance, global sourcing and information systems, and human resources. Glenn Richter, CFO of US retail company Sears, is to move to RR Donnelly, the commercial printing company based in Chicago. Richter will start his new job on April 1.

According to UK defence manufacturer BAE Systems' annual results yesterday, its pension deficit doubled last year to £3 billion, half its stated assets of £6.14 billion. But this figure is misleading for both shareholders and employees.

Sistema, the largest private sector telecoms and consumer services company in Russia and the CIS, has launched an IPO to the tune of $1.56 billion. It is the largest Russian IPO to date and the largest IPO by an international company since the IPO of Orange SA in 2001.

Royal & SunAlliance, the insurance company, has said a move to IFRS will reduce the value of its assets by £400 million ($764 million). The primary cause is the company's £525 million pension deficit which, under IAS 19 – the reporting standard that deals with employee benefits - will have to be recognised on the balance sheet. The pension fund deficit at year end 2004 has not materially changed since the same time the previous year.