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Bullish predictions of the size of Caspian oil reserves made in the 1990s now look greatly exaggerated. With the BTC pipeline linking Azerbaijan to Turkey opening this year, Julian Evans asks just how much oil there is in the region, and whether there will be any more finance deals anything like the size of BTC.

Head of UK institutional business, F&C Asset Management

Return to UBS tops private banking poll

Back to Polish Banking

Congratulations to Tim Herrington on his appointment as chairman of the UK Financial Services Authority's regulatory decisions committee. As head of the global asset management group at international law firm Clifford Chance, he undoubtedly has the technical expertise needed for his new role.

Linklaters has emerged at the top of mergermarket's 2004 European league table of legal advisors advising on 236 deals worth EUR 197.5bn. The UK law firm, ranked second last year, has a comfortable EUR 29.9bn lead over second place arch rival Clifford Chance which advised on EUR 167.7bn worth of deals. Clifford Chance, on the other hand, tops the volume table advising on 242 deals this year.

Donald Morgan will start the New Year as CFO of technology company RAE Systems, replacing Joseph Ng who leaves the company for personal reasons.

As Christmas approaches, CF brings you news of CFOs who will be raising a toast to new found jobs over the festive season. Dennis Blazer should have a cheerful Christmas and a lucrative New Year after his appointment as CFO of CECO Environmental, the US air pollution control company. The 57 year-old stands to receive a $150,000 a year salary as well as 50,000 stock options at $3.35 a share. He was previously CFO of Interlott, a company that makes lottery ticket vending machines, and replaces Marshall Morris who resigned in November.

Yesterday Vivendi Universal bought back the last of its high yield bonds, paying ?400 million to complete the company's turnaround from an overly-stretched, international entertainment operation to a French-focused, investment-grade corporate.

Private equity houses have this year added more companies to the stock market than they have taken private ? for the first time since 1997.

Lenovo, China's largest computer maker, has entered into an agreement to buy IBM's personal computer division in a $1.75 billion deal - the largest ever overseas acquisition by a Chinese technology company. The transaction will see Lenovo give IBM at least $650 million in cash, funded through internal cash and debt. In addition, IBM will receive up to $600 million in Lenovo common stock at HK$2.675 ($0.34) per share.

RWE, one of Europe's largest utility companies, has selected Nordic Financial Systems (NFS) to implement Trema's hedge accounting module to meet the IAS 39 guidelines due to be imposed from January 1 2005.