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State Farm Insurance has begun discussions with J. P.Morgan on the renewal of a 364-day, $2.16 billion credit line due in December, and if the facility is not renewed the company would seek an alternative form of protection. Dick Luedke, public affairs specialist for State Farm, declined to specify whether that would comprise reinsurance, catastrophe bonds or other alternatives. The existing revolver has a facility fee of four basis points and any borrowings would carry a rate of LIBOR plus 13.5 basis points. Currently no balance is outstanding on the facility, Luedke said.

Chattanooga, Tenn.-based U.S. Xpress Enterprises has selected SunTrust Bank to lead a $225 million refinancing credit with Thursday pegged as the launch date. Pete Vaky, managing director, head of loan syndications, confirmed the date, but declined further comment on the credit. A banker familiar with the deal said that a $150 million term loan "B" would be included. Pricing is likely to be LIBOR plus 23/ 4% on the $75 million revolver and LIBOR plus 33/ 4% on the "B." Calls to Ray Harlin, e.v.p., finance and cfo of U.S. Xpress, were not returned.

Australia has stolen the M&A limelight this year. Two landmark dual listings were successfully completed, while a third fell apart spectacularly when the government refused to give it the go ahead. Could this structure be the answer to Australia's fears of becoming a corporate backwater? Fiona Haddock reports.

Japan's excess of non-performing loans and cross-holdings is stirring up imagination in the financial world. As faith in the new prime minister's reforming zeal grows, creative solutions for the country's woes abound – and the derivatives sector is as inspired as the rest. Some are convinced that here lies another business opportunity – in the long- and the short-term. Fiona Haddock reports.

General Pervez Musharraf, Pakistan's military ruler, chose his independence day speech on August 14 to announce new infrastructure development projects worth more than US$1 billion. The initiative, which includes dam and road projects, and an ambitious plan to develop a port in south western Pakistan in conjunction with soft loans from China, represents the boldest spur to the economy since Musharraf led a coup to replace the elected government in October 1999.

Sinopec's record breaking IPO last month revealed unprecedented liquidity in China's domestic share market. Does demand for the issue represent a change in investor mentality on the mainland? And will development of the local market lure overseas-listed companies back home for funds? Joy Lee reports.

A pause in corporate restructuring combined with significant government lending is keeping Korea on an even keel – for now. Fiona Haddock reports.

Reliance Industries, one of India's most popular success stories, has announced an ambitious diversification programme. Can the company scale new heights, or will its ability to court controversy hamper its grand expansion plans? Saibal Dasgupta reports.

In her July state of the nation address, Gloria Macapagal-Arroyo committed her administration to a series of ambitious economic policies. But in the Philippines, where events and scandals often scupper even the best laid plans and policies, does she have what it takes to remain on target? Matthew Montagu-Pollock reports.

Who?s best in yankees, samurais or kangaroos? Who should your first choice be for domestic and international equity offerings? And more importantly, how much do they cost? Your questions answered in our annual capital raising poll. By Olivia Chow and Robert Law.

Three currencies, the largest bank capital transaction in Asia, the biggest international debt raising from Singapore – not bad for a debut issuer. OCBC's raid on the world's debt capital markets to fund its acquisition of Keppel Capital Holdings was fast and ambitious. By Chris Wright

All eyes are on Hynix Semiconductor, as the company continues to sink. While bankers assert that this is one company the South Korean government can't afford to let go, the government itself is in a quandary. Should it let market forces prevail, or should it step in? Fiona Haddock reports.