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The Sparkassen and Landesbanken voice their objections in the Koch-Weser group that is developing a German government proposal to the EC. But analysts would be surprised if the group produced an acceptable solution for the EC straight away.

Brazil’s economy is growing fast, government spending is under control and foreign direct investment is flooding in. Despite all this, crucial structural problems persist. Capital markets are weak and underdeveloped, with an insignificant amount of corporate bond issuance and a semi-dormant stock exchange. In the wider economy, vestiges of policies of import substitution and economic isolationism hamper export growth.

On January 30, UK water regulator Philip Fletcher finally gave the go-ahead to Glas Cymru's purchase of the assets of Welsh Water, in exchange for assuming £1.8 billion of the debt of Welsh Water's owner, utilities group Hyder. Glas Cymru - "the people's company" is to have what amounts to mutual status and become fully debt financed. Technically, it will be owned by nobody but guaranteed by 200 members - ranging from Welsh dignitaries to hospitals - whose individual personal liability will be capped at £1.

Allen Wheat must sometimes wish he had never done his big merger. CSFB's chief executive officer was the driving force behind last year's acquisition of Donaldson, Lufkin&Jenrette, widely adjudged one of the least logical deals of the year.

Despite investor demands for tighter dot com management controls, B2B and B2C companies still have little awareness of their exposure to legal risk By Nigel Page

France Telecom has set a troubling precedent for all those telecom companies that were desperately hoping to turn to the equity markets to raise funding and reduce their leverage.

The Editor

Global head of primary capital markets, Barclays Capital

Head of investment banking for Merrill Lynch Europe, Middle East & Africa

For the first time in almost a decade Latin America’s faithful companion – a strong US economy – will be absent this year. It’s an eventuality that the finance ministers and central bank governors of Latin America have been worrying about for years. They have fretted over how their economies will respond to reduced demand from American importers and how their finances might be disrupted by collapsing confidence and increased risk-aversion in the US. Yet with America’s astonishing growth finally appearing to falter, private-sector capital has flowed abundantly since the start of 2001. Perhaps investors into the region are just taking a short-term view on US interest rates. Political risks remain the medium-term worry.

Executives at Perbadanan Usahawan Nasional (PUNB) - Malaysia's National Entrepreneur Corporation - appear to have taken their remit rather too literally.

Issuer: Ballarpur Industries Amount: Rs1.5 billion Launched: February 2001 Lead manager: DSP Merrill Lynch