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Only 9% of FTSE100 companies achieved their year-end EPS (earnings per share) forecast for their year-ending 31 December 2003 or the most recent year-end thereafter according to a study released by Parson Consulting, the financial management consultancy. In a comparative study based on an analysis of S&P500 2003 third quarter results, 20% of companies achieved their EPS forecast. Most US companies overperformed relative to forecast.

As many as 70% of all companies that implement balanced scorecards fail to generate real business value through their use, according to research from The Hackett Group, a business advisory firm.

Sub-investment grade companies will continue to improve in credit quality into 2004, according to a report by Standard & Poor's, although a rush of recent bond issues could cause problems in two to three years time.

Almost a year after the accounting problems at Parmalat came to light, the EU is ready to publish its reaction in the form of a draft Directive.

As many as 74% of UK finance managers would be more likely to buy stock in a company employing International Financial Reporting Standards (IFRS) than one which was not, according to research released today by Robert Half Management Resources, the world's largest financial interim and project consulting firm. This figure rises to an incredible 91% amongst Irish finance managers, but drops to 52% of French respondents. The European average stood at 65%.

PricewaterhouseCoopers (PwC) Optimised Exit Services' survey of senior management worldwide reveals that an overwhelming majority of companies fail to make the most of divestments. While more than 80% of companies believe that divestments are an important element of enhancing competitive advantage, fewer than half have a divestment strategy, and only a tiny fraction have a dedicated divestment team.

Deals by insurers Aegon and Axa have highlighted the divergence among European regulatory approaches to tier one capital, even as an EU Directive on the issue is planned. On Friday October 8 Dutch life insurance company Aegon priced a tap of the tier one deal it structured in June. Although tier one does not yet strictly exist for Dutch insurers, the structure of the deal anticipates the EU Directive Solvency II, which will harmonize capital tiering for insurance companies. The Directive is in the consultation process with a framework expected to be published next year.

Access to low-cost working capital among European corporates remains a key concern, according to research from Siemens Financial Services New research from Siemens Financial Services has revealed that liquidity remains the top financial priority for European companies as they focus on obtaining working capital at a reasonable price. This comes at a time when commentators remain concerned about the pace of European economic recovery. As a result, traditional ?relationship' lending by banks ? the main source of finance for small and medium-sized enterprises ? is shrinking, and companies are therefore seeking alternative financing methods.

The Accounting Standards Board (ASB) has issued a this statement on the implications for UK financial reporting of the modified version of IAS 39 proposed by the European Commission.

Julio Babecki has been appointed the director for corporate finance in Madrid for BNP Paribas, reporting to Ramiro Mato, CEO and head of corporate finance for BNP Paribas' Spanish business. Babecki joins from Merrill Lynch where he acted as co-head of middle market M&A for EMEA and also brings experience from Morgan Stanley where he worked on the M&A and debt capital markets.

A report from Morgan Stanley has demonstrated precisely how great the impact of Basel II will be on demand for corporate bonds and securitization. Ever since the wording of Basel II was completed and published in June this year, it has been obvious that the legislation will encourage banks to invest in bonds over equity and investment grade over junk. But the scale of that incentive has not been apparent until now.

India's corporate bond market has completed the first half of the year without suffering a single bond default ? the first time in 10 years that India's corporates have achieved such a feat. The ratio of upgrades to downgrades, according to the Indian rating agency Crisil, totalled 25 to zero. Twenty of the upgrades related to ratings that were already in the high investment grade category (?AA' and above) with manufacturing and financial service sectors leading the way with 13 and 10 upgrades respectively. Eighty per cent of the upgrades were by a single notch.