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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.

Jose Isidro Camacho is considered to be the brightest prospect in Gloria Macapagal-Arroyo's cabinet. His glittering investment banking career started with a cum laude graduation from de la Salle, was followed by a Harvard MBA, then by experience in trading and corporate finance which culminated in heading the South-East Asian operations of Bankers Trust (BT). After BT was bought by Deutsche, Camacho decided to return home to the Philippines, accepting a post as Deutsche's country head. In February this year he took a rumoured 97% pay cut to become secretary of the department of energy, then in June he was promoted to head of the department of finance. He has quickly become one of Manila's most respected cabinet members. He talks to Matthew Montagu-Pollock.

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.

The Basel Accord governing international bank practices is due to be replaced. Jonathan Golin considers international reaction to this 'work in progress'.

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.

Australia finds itself in an unusual position as its bond markets prepare to be flooded by liquidity later this year. By Bina Brown.

As world markets weaken and the country's exports decline, Australia risks losing its competitive edge. Bina Brown reports.

The pile of assets on the desk of Laksamana Sukardi, Indonesia's new minister for state-owned enterprises, has multiplied to include the whole of the country's public sector and a substantial chunk of the private sector. Getting those assets off his desk again will not be easy. Sukardi is faced with two challenges following the decision by his party leader, president Megawati Sukarnoputri, to give him direct control of the Indonesian Bank Restructuring Agency (IBRA), the body charged with cleaning up the mess resulting from the 1997 financial crisis. He needs to raise more funds from the privatization of original state enterprises, and he needs to sell companies held by IBRA as a result of their debts to state-owned banks.

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.

Bank of Bermuda has launched a hedge fund incubator aimed at Australian fund managers in what may well be the first of a series of umbrella-type services designed to promote hedge funds in the region. The offshore incubator, called the Kangaroo Fund, brings together the specialist services hedge funds need to get off the ground, providing managers with economies of scale and reduced costs. Deacons will provide legal support, PricewaterhouseCoopers accounting services and Goldman Sachs prime brokerage, alongside Bank of Bermuda's custody and fund administration expertise. The venture may cut start-up costs to one tenth of normal levels.

The Malaysian government's takeover of the country's most indebted conglomerate, Renong/United Engineers Malaysia (UEM), has seized the attention of investors. The flurry of corporate activity in recent weeks has sent the Kuala Lumpur Composite Index (KLCI) up more than 70 points, from 580 in early July. In an attempt to gain control of the debt-laden Renong, the government's investment arm, Khazanah Nasional, is taking over UEM which holds a 32% stake in Renong (Renong in turn has a 38% controlling stake in UEM in a complicated cross-shareholding system). Analysts are generally in favour of the deal – the bid price of RM4.5 a share is seen as fair value and there is no sign of bailing out Renong chief Halim Saad, a protégé of the former finance minister Daim Zainuddin. The takeover will cost the government RM3.8 billion (US$1 billion). Khazanah intends to privatize the company to restructure the RM23 billion debt owed by Renong/UEM to various public funds and financial institutions. The huge debt burden has been cited as a contributory factor to the lacklustre performance of the country's stock market since the Asian financial crisis in 1997.

When a scandal blew up early this year over the questionable purchase of shares by India's largest mutual fund UTI, the country's financial markets and its government had expected redemption pressure so substantial they feared it could threaten the company's existence. The inextricable link between the fate of UTI and that of India's mutual fund industry and stock markets would mean the knock-on effect would have been disastrous for the country. Over 20 million investors have bought its units, and it manages assets worth Rs575 billion (US$12.23 billion) – about two-thirds of all assets managed by the Indian mutual fund industry. To avoid this situation, UTI itself came up with a special plan for the redemption and repurchase of units from small investors beginning August 1. As it transpired, however, few investors showed interest. Between August 1 and 16 the company received repurchase requests for only 82 million units from the 63,523 investors of the US64 scheme (the largest of the company's 87 schemes, which was at the centre of the controversy). This is approximately the same number of redemption requests it gets for US64 under normal circumstances.