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The Hong Kong Monetary Authority (HKMA) has approved Fubon Financial Holding's acquisition of International Bank of Asia.

Finnish insurer Sampo Plc has surprised analysts by agreeing to acquire a majority stake in If P&C Insurance for €1.37 billion ($1.75 billion).

China plans to unify its tax code by 2006 raising rates for foreign investors and lowering them for domestic companies.

More than half of the UK's private equity investors are planning to increase their investments over the next three months, according to the Confidence and Attitudes Survey 2004. This show of confidence has more than doubled in the past three months, according to the survey. Two-thirds of the private equity houses foresee an improving performance from their company portfolio while a further 41% predict a more vibrant climate for fundraising in the market; in the three month periods from March, June and October in 2003, this figure stood at 5%, 22% and 31% respectively.

The total costs of first-year compliance with Section 404 of the Sarbanes-Oxley Act could exceed $4.6 million each for of the largest U.S. companies. That cost breaks down into 35,000 hours of internal manpower, $1.3 million on external consulting and software, and additional audit fees of $1.5 million.

Stephen Jones joins Lovells in February as a partner in the corporate practice area. Jones will be based in London, and will focus on the development of the corporate finance practice in Central and Eastern Europe.

IR Global is launching a new service to assist listed companies in managing their relationships with international institutional shareholders more effectively.

Financial experts are being asked to join internal audit committees to stop any repeat of the Parmalat debacle occurring in the UK, say the interim management specialists Executives Online. A recent corporate governance code published by the Financial Reporting Council (FRC) stipulates that one member of the audit committee must have recent and relevant financial experience.

Corporate Finance is compiling its first annual survey on the international debt capital markets and invites you to contribute your views as borrowers. This is your opportunity to critically assess current trends in the market and the banks you use.

Bank of America has named Christiane Mandell as the head of global foreign exchange for the company's global FX group, based in New York. Mandell gains the post following the recent merger between BoA and FleetBoston Financial. Mandell was formerly head of investor client management for equities and debt and will now report to Jonathan Moulds, head of liquid products at BoA.

In March the European Commission plans to put forward specific proposals to improve auditing and corporate governance. While it may look like the Commission is reacting quickly after the Parmalat scandal, it actually began work last May, in response to US corporate scandals and the EU's single market, which has increased cross border corporate activity.

The positive economic noises emanating from the emerging markets have been confirmed this week in a report by S&Ps which shows a second consecutive quarter of improvements in corporate upgrades.