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Today the FSA fined Robert Middlemiss, Company Secretary at Profile Media Group, £15,000 for market abuse.

Bank of America has announced the addition of Mark Oldcorn to its financial institutions group (FIG) for corporate and investment banking (CIB) in Europe. Oldcorn is appointed managing director and joins from Goldman Sachs where he was executive director in the European insurance debt capital markets team. Alberto Piedra, head of Bank of America's FIG CIB group for Europe, says: "Mark's appointment reaffirms the bank's commitment to Europe through the growth of its investment banking business and in particular that of the Financial Institutions Group, which has been ear-marked as a key area for expansion this year."

Israel's central bank, the Bank of Israel, is adopting SuperDerivatives, the foreign exchange option pricing system.

The bond markets set a record with $6.9 trillion in issuance during 2003, breaking the previous record of $5.4 trillion set in 2002.

Figures released yesterday by Ernst & Young and VentureOne revealed venture capital investment fell by just under a quarter between 2002 and 2003.

Cadwalader, Wickersham & Taft is beefing up its special counsel team with the appointment of no less than five fresh members. Justin Bickle, Yvette Croucher, Tony Horspool, Michael Kavourias and Pamela Landman will take up their roles in the Cadwalader's New York and London offices.

Accurate cash-flow forecasting still provides a headache for corporate treasurers and is prompting a drive to non-traditional short-term investments such as money market funds, according to a survey conducted by BDRC for ABN AMRO. Over four-fifths of respondents to the survey said cash-flows could be reasonably well-predicted over a time period as short as two-to-three days, but the predictions start to lose accuracy as the time period is extended. The causal factors include account receivables, payment timing and non-centralised cash management.

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

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

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).

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.