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Microsoft CFO John Connors is leaving the company for venture capital firm Ignition Partners. Connors, who will assist with the transition, has been with Microsoft for 16 years and was the company's CFO for the last five years.

State Street Corporation, the world's leading provider of services to institutional investors, has named Edward J. O'Brien as treasurer, effective January 3rd. O'Brien will have responsibility for oversight of State Street's balance sheet, liquidity and interest rate risk management activities worldwide and, in this capacity, will report to Edward Resch, State Street's Chief Financial Officer. He replaces Stefan Gavell, who has assumed a new role within State Street as global head of Regulatory Affairs.

The Association of Finance Professionals (AFP) has carried out a survey on Canada's finance professionals, asking 300 members of the finance community to rate the importance of treasury and finance-related issues. Below is a list of the top ten issues which respondents said were "important" or "very important" to them and the finance profession in Canada. How do they compare with your list?

Jet Airways looks set to make a February entrance into the capital markets in an IPO worth around $500 million.

Last week CF reported on how CFOs are becoming increasingly preoccupied with their company pension plans. A new vehicle launched today aims to help trustees and fund managers reduce inflationary risk.

US semiconductor company WJ Communications has appointed Ephraim Kwok to the position of CFO. Kwok was previously CFO of Summit Microelectronics, a privately held semiconductor company and Elantec Semiconductor, a public semiconductor company. Meanwhile, Norsat International, the US company that makes wireless communications equipment for the satellite and cable TV industries, has announced that CFO Troy Bullock is leaving to become CFO of a pre-IPO telecommunications company. He will remain on the board until February 28th and will provide assistance in the search for a successor.

Companies in the financial services market are looking for a broader range of skills from corporate financiers, according to the results of the annual salary survey conducted by Robert Walters, the recruitment specialists. The global survey offers insights into both salaries commanded and current trends within each sector of the market, including corporate finance. Key findings are as follows:

US phone company Alltel has agreed to buy Western Wireless for $6 billion to expand its customer base in the West of the country and become the fifth-largest U.S. wireless carrier. Alltel, which primarily courts rural customers, said in a statement it would offer $9.25 in cash and 0.535 of an Alltel share for each Western Wireless share. Alltel said that in total it would issue about 60 million shares, pay $1 billion in cash and assume $1.5 billion in debt.

Pinsent Masons has appointed Al-Harith Sinclair to bolster the firm's financial regulatory capability in London and nationally. The appointment comes at a time when financial regulation continues to sweep the UK and the demand for comprehensive and accessible regulatory advice surges.

Trading volumes, trading value and total investment in the American and global depositary receipt (ADR) market have reached record levels in 2004, according to a recent report by the Bank of New York (BoNY). The report estimates that trading volume in 2004 will total $885 billion, representing 39.1 billion depositary receipts on the New York Stock Exchange, the American Stock Exchange (Amex) and Nasdaq. Comparable figures in 2003 show a trading value of $632 billion accounting for 33.1 billion depositary receipts ? 2004 figures show a 40% increase in trading value and 18.1% increase in trading volume.

EMI Group, the music publishing and recording company, has appointed Martin Stewart as its new CFO. Stewart joins the company from BSkyB where he was also CFO. He replaces Roger Faxon who will return to New York to work in EMI's music publishing division as chief operating officer. Peter Bole is the new director of finance at UKI Partnerships, the UK motoring assistance and insurance company. He was previously director of group corporate finance at the Royal Bank of Scotland, of which UKI Partnerships is a part. Prior to that Bole was an investment director with Standard Life Investments and a chartered accountant in corporate finance with Deloitte.

The challenges posed by financial reporting requirements were keenly felt during 2004 and the year ahead looks to be no different. Financial Executives International (FEI), the US body that represents some 15,000 CFOs, treasurers and controllers, has issued the following top 10 financial reporting challenges for 2005.