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Competition for telecom capital in Europe may be Werce, but Vodafone has taken the massive funding required to turn itself into Europe's pre-eminent mobile phone service provider in its stride with a series of jaw-dropping deals. Following a $14 billion bank Wnancing to support its acquisition of AirTouch, it stunned the markets in December by raising a total of e30 billion in the loan markets in the middle of its hostile takeover of Germany's Mannesmann. Not only did Vodafone executives face convincing their own shareholders and Mannesmann's reluctant shareholders to accept the takeover deal, they also had to bring in new and existing investors.

In January 2000, Turkish leasing company Garanti Leasing became the Wrst entity to beneWt from securitizing Turkish domestic assets.

Head of global technology banking, Merrill Lynch

Still think that you've got time to get ready for the internet? Still sure that you've got a few quarters of easy revenues to make?

The aborted merger of two Gulf banks is a blow to regional consolidation, but it is only delaying the inevitable, as financial markets open up to foreign competition reports Nigel Dudley

Proposals from Basel to reform the bank capital adequacy framework have triggered a wide-reaching debate on the nature of bank capital, liquidity and valuation. A hasty conclusion could waste some valuable new thinking.

The Cobra is Hansgeorg Hofmann, former Merrill and Lehman syndicate chief, former board member of Dresdner Bank, who disappeared from view in December 1997 after a debacle about his tax returns.

The high-tech stock market mania has come to a screeching halt. The US Nasdaq index is now down 20% from its highs. Does this herald the beginning of a huge secular meltdown in stocks around the world? I think not. On the contrary, it marks a healthy reallocation of capital away from companies of the "new" economy towards the "old". The major argument against this optimistic view is that the new cyber economy will destroy us all by creating competition so great that prices will collapse faster than costs. Then whole swathes of the traditional economy will be wiped out, as capital structures collapse.

Euromoney FX poll 2000: Deutsche topples Citi

What is JP Morgan up to in Asia? When the US commercial-turned investment bank announced it was hiring a raft of equities research and sales people from Dresdner Kleinwort Benson, all the talk was of this further proof of DrKB's demise. But what of Morgan?

As a major figure on the Russian political scene since communism fell, Anatoly Chubais could be expected to play a leading role in the new government of Vladimir Putin. Chubais backed Putin for the presidency and a call to arms could be on the cards.