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The third largest US media company, Viacom, has announced that it will buy back as much as $8 billion of its shares, topping the list of recent corporates that have opted to return surplus cash to shareholders.

Average daily turnover on the UK's foreign exchange market reached $753 billion in April 2004, up 49% from 2001 according to a new IFSL report ? Foreign Exchange. There was also a further $80 billion traded in currency derivatives.

A report published by the Institute of Chartered Accountants in England & Wales (ICAEW) warns that the threat of aggressive earnings management to UK corporate reporting is likely to increase with the introduction of International Financial Reporting Standards (IFRS).

JPMorgan has launched Foreign Exchange Funds Transfer Initiation (FX FTI), an online service offering comprehensive trading and payment facilities. FX FTI offers corporates and financial institutions the ability to streamline FX payments through

Credit Suisse First Boston has appointed Robert (Bob) Ferguson as a managing director in European High Yield Sales. He will be based in London, reporting to Derrick Herndon, head of European High Yield Sales and Trading, and will join CSFB in early November.

The US Securities and Exchange Commission (SEC) is considering changing 70 years of securities laws, by allowing some IPO issuers to communicate with investors before an offering.

Two corporate high yield offerings last week had very different receptions, with IT Holding being forced to resize its deal but Editis seeing its bonds nearly 10 times oversubscribed.

Share buy-backs are continuing to prove popular with Carnival the latest corporate to announce a $1 billion share buy-back plan. The ocean liner operator is responding to plans by S&P, the rating agency, to change its method of accounting for company stock that is openly available to shareholders. Under S&P rulings its rated companies will be accounted for by their free float, instead of the total number of shares outstanding. This could increase the sales volume on company stock.

The changing dynamic between CEO, CFO and COO in corporates across the US is ensuring a rise in prominence for the CFO post, says Crist Associates, a Chicago-based recruitment agency. As the percentage of companies with COO's continues to fall (only 14 of the top 50 US companies by market capitalisation have COO's) so CFOs are assuming the role of number two within the management hierarchy.

New research, published by global management psychology firm RHR International, provides clear evidence that careful planning for leadership succession at major organisations has a significant impact on their commercial success.

As if the furore in the US over expensing stock options and an investigation into the insurance industry weren't enough, the Securities and Exchange Commission (SEC) announced a probe last week into how companies account for pension and healthcare liabilities.

It remains the dream of many budding finance professionals. Join a corporate finance department. Become treasurer, become CFO and then, finally, make it to the post of CEO. But according to research from the Corporate Executive Board, a Washington-based corporate institute, a mere 5% of CFOs are able to make the leap. Eisha Tierney Armstrong, a research practice manager for the CFO Executive Board (a division of the Corporate Executive Board) puts relationship management at the head of any CFO's priorities, as well as the creation of a succession plan.