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Corporate risk management is advancing dramatically because of computer power, communications, the Internet, and the value-at-risk (VAR) concept borrowed from banks. Several companies are leading the charge, and attempting to quantify risks that aren't just financial. But can that help the treasurer do his job? By David Shirreff

Shaping up for the single currency

Shaping up for the single currency

Borrowers are wondering how European monetary union (Emu), if it happens, will affect their credit ratings.

The main banks trading in the European government bond markets are looking closely at the mechanisms used to offer government bonds in the primary market.

April is the cruellest month, wrote TS Eliot. Chinese investors may beg to differ. They found May pretty cruel. In the past month the Beijing authorities have declared war on China's two principal stock markets, rattled by alleged speculation. This had carried the Shanghai domestic share index to gains of 55% since January, and pushed Shenzhen up 75%. By the time Beijing decided to act the two markets were on P/E ratios of nearly 50 times historical earnings. But at first Beijing's usually subtle hints had no impact on a market convinced of its own immortality.

Corporate entertaining has never had it so tough. Wimbledon, one of the highlights of the UK social calendar, is unveiling its rebuilt No 1 Court at this month's grand slam tennis championships. But the dynamic new era threatens to spoil the fun for those who are there to impress clients.

A special report prepared by Dresdner Kleinwort Benson

Can Ujiie clean up Nomura?

The European Investment Bank, Euromoney's borrower of the year, is snapping at the World Bank's heels with careful timing and improved investor relations. Russia, best debut borrower, excited the market with its $1 billion and Dm2 billion opening salvos. While the experienced team in Buenos Aires makes Argentina our top emerging market borrower a few lines.

"The emergence of the German public-sector borrowers has probably been the most important single feature of the international primary debt capital markets during the 1990s," says the head of syndication at one of the bulge-bracket US investment banks. Few people would argue with that.

...argues Standard & Poor's, deserve a better credit rating than their sovereign. But not everybody in the market agrees, nor do other raters. Especially when it's banks that have been re-rated. Suzanne Miller reports on a growing controversy