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Under Thaksin Shinawatra, Thailand has chosen a distinctive path to prosperity. Some hail its success as a blueprint for the region; others warn of an inflationary bubble. There are also hint of shifts in the Thai political and social fabric that could transform not just Thailand but the whole region's geopolitics. Chris Leahy reports.

The world's largest steel company's M&A team is as big as an investment bank's steel sector corporate finance division. Arcelor reckons, though, that its team's superior sector knowledge makes it more effective at doing deals that enhance core assets, deliver synergies and boost shareholder value. Kathryn Tully reports.

With just over a year left before they lose the state guarantees that they rely upon for cheap financing, several German Landesbanken still do not have a clear strategy. Investors have reacted by rewarding those that have communicated a strong business plan. Katie Martin reports.

The impact of European Union regulation requiring all listed companies, including banks, to comply with International Financial Reporting Standards (IFRS) as from January 1 2005 will vary from institution to institution in light of the various differences between IFRS and current national standards, Moody's Investors Service says in a new Special Comment. As a result, EU banks should communicate their views on the implications of the changes as soon as they are in a position to do so, the rating agency adds.

JPMorgan Treasury Services has won the competition to become the Continuous Linked Settlement (CLS) provider to the New York Clearing Corporation (NYCC), the clearing house subsidiary of the New York Board of Trade. Contracts for NYCCs quarterly foreign currency futures will now connect to the payment versus settlement system, CLS, in a bid to reduce its risk. NYCC also has the option to net capital inflows and outflows, and in doing so, reduce systemic risk.

Bank of America has formed an Electronic Trading Services (ETS) group, which is dedicated to developing and delivering a suite of electronic trading products to the bank's institutional investor clients. The move is part of BAS's strategy to become the technology leader in institutional trading.

MasterCard advisors, a subsidiary of MasterCard International, is to acquire TowerGroup from Reuters.

The SEC has postponed the implementation of Section 404 of the Sarbanes-Oxley Act from June 15 to November 15 for accelerated filers - U.S. companies with a market cap over $75 million that have filed annual reports with the SEC - and from April 15 2005 to July 15 2005 for all others.

AIM Global, the international arm of US-based AIM Investments unveiled its new momey market funds website in February.

Beijing-based Capital Group is planning an overseas listing to raise $4 billion in the next two to three years.

RWE, the German utility company, has decided to sell its stake in Hochtief AF - the construction company - through a direct placement of shares and an exchangeable bond. RWE hopes to raise ?900 million.

Triple-A rated money market funds are proving increasingly attractive for institutional investors as assets under management promoted by IMMFA members grew to $174.5 billion at the end of 2003, up from $130 billion at 2002 year-end. The Institutional Money Market Funds Association is the trade association for the providers of services to the triple-A rated money market funds which are being increasingly targeted by corporate treasurers as a way to raise short-term debt.