Operations resume, against backdrop of caution. The volumes of mergers and acquisitions operations announced internationally, for the month of July alone, have been in excess of $240 billion, according to the database Dealogic. This is the highest total since the beginning of the year, up 60% on the situation one year ago. Europe has recorded the highest total operations over the month, with $85.5 billion. Over the first seven months of the year, activities have been on the up with nearly 1,500 billion dollars' worth of operations, which is 14% more than the same period of last year. As regards classifications, Goldman Sachs tops the table in advisory internationally and Crédit Suisse is the European leader. Bloomberg confirmed the upturn for August: the agency indicates that the mergers and acquisitions operations announced internationally in the first three weeks of this month have already reached $176.3 billion, having never risen above the 100 billion dollar mark in the whole of August 2009. Having fallen to a historical low in December 2008, when the crisis was at its worst, activity has been growing steadily since. Although we are still a very long way from the peak of $500 billion achieved in May 2007, businesses now have enough cash behind them to make acquisitions. After two years of crisis, in which the watchword has been cutting costs and generating cash, the world's 1,000 largest companies in stock capitalisation (not including financial services) now have $2,860 billion in cash and credit lines, according to Bloomberg's calculations. The companies which have regained enough confidence to get back into mergers and acquisitions remain, however, in the minority compared to those still playing the waiting game. This is particularly the case in the United States, the world's largest market for mergers and acquisitions. (I.L./transl.fl)