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Among the flood of telecoms companies expected to tap the equity market, analysts view Portugal Telecom's Eu2.5bn offer as one of the cheapest. The book will open on November 14 and close on December 4. "While the stock should be valued at Eu15 it is trading at Eu10 so there is a lot of upside," said a fund manager based in Lisbon. Investors also perceive the company as a defensive stock and are interested in the company's focus on Portugal and Brazil.

Bank of America has hired 23 European equity analysts and six salespeople, most of them from DLJ. Bank of America previously had no European equity research presence to speak of. "We had zero," Stephen Kendall, the bank's head of European equities, told EuroWeek. "We looked at the whole of the DLJ equity research department and we targeted the ones we wanted."

Smoke signals are reported high above Canary Wharf, the land that time forgot. Our frontier scouts who dare to brave the badlands of the dead canary say that the smoke seems to be coming from 1, Cabot Square, the forbidding home of the mighty Credit Suisse First Boston. Are our friends at CSFB sending out an early Christmas message of peace and goodwill to all men? Our scouts are not convinced. They say that the scent from the smoke coming downwind reminds them of the Putney Vale Crematorium. Could it be, they ask, that some unfortunate DLJ staff, who did not make the CSFB interview cut, have been thrown onto the funeral pyre?

Australia An announcement is expected next week for the $500m fundraiser for the Nava One cable project.