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The Philippines' telecoms industry is effectively a two-horse race, but it is proving intensely competitive nonetheless.

"Ten ways to stuff up your start up," was the title of a talk given by Incubasia partner, Robert Kenny, at the Internet World Asia@Hong Kong conference in November. The tone of the title summed up the mood of the forum this year: times aren't easy – and they're not getting any easier. But although the number of attendees was down and the exuberance of last year was notably absent, there was some sound advice being given to aspiring corporates. Kenny, in particular, was keen to give proceedings a practical bent. "Start-ups are a stupendously stressful environment," he said. "Every single start-up goes through stages of absolute agony. Avoiding these crises is not an option. You need to deal with them."

Major industry mergers and new entrants signal a wake-up call for Thailand's telecoms sector.

It has been a curious year in the Asian convertible bond markets. Plenty of early activity, but only in Taiwan; then a drought; and finally a flood of jumbo offerings. Mark B Johnson reviews the year.

Last month Yahoo! announced that it will acquire Kimo – the leading Taiwan portal – in an all-stock deal valued at US$146 million. The news came as no surprise. With investors pooh-poohing portals, an exit strategy is seen as the best bet for many a local portal in Asia, particularly given the strength of multinationals. According to Deutsche Bank's Antonio Tambunan, Kimo was a portal waiting to be taken over. Not only was it an appealing target for a multinational (viewership metrics are exceedingly high, with more page views than the next five largest portals combined). But it also had a diminishing cash balance and its IPO plans remained firmly on the back burner, waiting for better days. It was time to exit.

Global financial major Chase JF played superstitious local investors just right when it made its foray into the fast-growing on-line broking market in Hong Kong in conjunction with technology partner and stock market celebrity PCCW. Not only is the joint venture named 2Cube to cater to Chinese fondness for the auspicious-sounding number "eight", which in the Cantonese dialect is close to the word "to become prosperous" (for the mathematically-challenged, two to the power of three is eight), but it has also set minimum investment at HK$88 and the commission rate at 0.18%. To top up the good feng shui, the US$34 million securities firm chose – what else – ABBA's song Money, Money, Money as the background tune for its media launch in the one-track minded city.

Singapore's old lady of telecoms gets her affairs in order in the face of further deregulation and the rash of competition the new rules are likely to spawn.

United Overseas Bank is in the courts for its handling of an IPO in Singapore. But many believe the bank's actions to be far from unusual, and that it was simply unlucky to be caught, reflecting a change in standards among equity transactions. At the root of it all is increased competition that drives not only banks but exchanges themselves to be less stringent. By Fiona Haddock.

The biggest IPO in China's domestic share market displayed groundbreaking traits that merged international methods with outdated practices inherited from a command economy. Its successful flotation could well change the way other state-owned institutions view fund-raising alternatives. Pauline Loong tracks the landmark listing.

In Seoul in November, a two-day forum brought together representatives from Asia's agencies for the disposal of non-performing loans. But while it seems a sensible idea for countries hit by the financial crisis to share their experiences, can nations in a region as diverse as Asia really learn from one another? By Chris Wright

Despite enormous demand for cellular and broadband in Korea, the industry has still not agreed on a 3G standard, and remains divided over wireless protocol standards. Add to that the question of privatization, and the sector still has hurdles to overcome.

One of the most striking aspects of the Chinese financial services landscape has been the near-absence of consumer credit products. But with WTO membership looming, the government has boosted this area of the market – thus creating opportunities for domestic and overseas players. When Asiamoney's Pauline Loong invited Chinese and foreign bankers and credit specialists attending a Global Integrated Systems (GIS) seminar in Shanghai to join a credit assessment roundtable, uniquely Chinese issues – both cultural and legal – dominated the debate.