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M&A transactions in the mid-market look set to grow by volume and value over the next twelve months, according to a survey of venture capitalists (VCs) and brokers by Grant Thornton?s quarterly mid-market barometer. More than two-thirds of respondents predict increased volume for mid-market transactions while a further 43% foresee a rise in valuations ? just 6% of VCs and brokers forecast a fall in either volume or valuation. Three main sectors, suggests the research, will see the benefits of improved confidence: business services, healthcare and financial services. Retail, media and telecoms, however, are not considered bright prospects.

Europe?s top 1,000 companies are more concerned about customer services, operations and M&A transactions than they are about Sarbanes-Oxley or IAS compliance. That?s just one conclusion from research by Handysoft, the global software solution provider. The major concerns for finance managers are: customer services and operations; integration difficulties following M&A activity, and; technology procurement and financial risk management.

SG Corporate and Investment Banking (SGCIB) has announced the hire of Mauro Brunelli as head of M&A for its Italian market coverage. Based in Milan, Brunelli will report to Thierry Aulagnon, head of investment banking for Europe, and Paul Dalle Molle, SGCIB?s country manager for Italy. Brunelli was formerly head of M&A at Banca Intesa, a position he has held since 2001, and also brings experience from a number of Italian brokerage-houses. He takes on the responsibilities of Lorenzo Costanzo who will now devote his time as SGCIB?s senior banker for Italian industrial companies.

The International Accounting Standards Board (IASB) has issued its amendments to IAS39, the financial standard set to affect corporates? accounting transactions from January 1 2005. Two of the amendments are designed to add further guidance on issues raised by the business community; the third amendment hopes to ensure that a guarantor?s balance sheet includes all guarantees issued.

SingTel, Asia's leading telecommunications group, has selected Sungard's AvantGard-Quantum and AvantGard Risk for management of its group treasury operations. The system will be implemented in its Singapore operations and through SingTel Optus, its Australian subsidiary. AvantGard will help the SingTel Group manage its cash position, providing flexible forecasting and the ability to integrate all cash exposures into a common view. AvantGard will also facilitate the management and reporting of the group's financial risk, including liquidity, interest rate movements, FX movements and credit risk.

Pension deficits in FTSE250 companies fell from £74 billion ($137 billion) to £64 billion over 2003 according to research by Mercer Human Resource Consulting.

Goldman Sachs and Morgan Stanley have benefited from another wave of fees as China?s largest listed companies tap stock markets again.

Corporate books in Japan do not face as much scrutiny as their US or European corporate counterparts whose audting firms spend two to three times as long when carrying out audits. That?s the view of Tsuguoki Fujinuma, the chairman designate of the Japanese Institute of certified public accountants (JIPCO).

Late payments cost British businesses a staggering £20 billion a year. According to a survey of 9,000 European companies commissioned by Intrum Justitia, the credit management services group, only 53% of invoices in the UK are paid on time.

The Bank of New York (BoNY) was the leading bank in the depositary receipt (DR) market during the first six months of 2004, closing 41 of 64 DR programs giving the bank a 64% market share. The bank?s deals range across the globe with 42% from the Asia-Pacific region, 32% from Europe, 20% from Latin America and 6% from the Middle East and Africa.

Morgan Stanley

Has a deal been cut between embattled oil company Yukos and the Kremlin? Yukos’s management offered a deal in the second half of June and president Vladimir Putin, explicitly commenting on the woes of the oil company for the first time, suggested that it had been accepted in principle. But some analysts warn that despite Putin’s reassurances, Yukos remains in as much danger of being closed down and broken up as ever.