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Telecom Italia has become the latest corporate to enter the loan market, following a busy year in 2004 that saw companies like Celanese, Vaillant and Wynn Resorts take advantage of falling fees and margins. The Italian telecoms operator is set to increase its debt to ?44 billion ($59.3 billion) in order to acquire the 44% it does not already own of Telecom Italia Mobile (TIM), its mobile phone arm. The offer, announced in December, is worth ?5.60 per share and is being funded by ?12 billion of loans in three repayment tranches, at 12, 36 and 60 months.

BP Finance has become the first European corporate to start using the Wall Street Systems Hedge Compliance Module to cope with the demands of IAS 39, the hedge accounting legislation that came into force on January 1 2005. As part of its hedging strategy, BP Finance uses derivatives to manage the FX exposure for non-functional currency forecast revenue and capital expenditure transactions.

A rise in capital investment of up to 14% and a 12% boost to technology spend has been forecast at US corporates over the next year, according to the latest CFO Outlook Survey produced by Financial Executives International. This compares favourably with figures from the previous quarter, where CFOs predicted respective rises of 8% and 7%. The bullish outlook on capital and technology spend is in contrast to the majority of CFOs (56%) who are feeling the impact of rising producer prices from the last quarter. More than three quarters of those CFOs ? 77% - will pass on at least half or all of the increased costs to customers.

Burnt in recent equity market sell-offs, high-net-worth investors are clamouring for investment products that will preserve their capital. But private bank advisers are on the whole unconvinced that structured products, outside of limited use for tactical asset allocations, offer adequate returns or are sufficiently cheap and transparent to recommend to their clients. Helen Avery reports.

Return to UBS tops private banking poll

Back to Brady Dougan's new old plan for CSFB

Coming soon - Private Banking Survey 2006

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Return to UBS tops private banking poll

Many companies still play the game of regularly guiding market expectations for earnings to a level that they then proceed to beat. They should watch their language

Research into broker execution quality in the US cash equities market by Celent, a technology research consultancy, has produced some damning results.