Even after the dot com bubble burst, US investors continued to snap up the IPOs of another group of companies characterized by non-existent profits and total dependence on unproven new technology. Now many investors are regretting their enthusiasm for healthcare and biotech stocks.

Indonesia

Following Argentina's default the Washington Consensus seems completely devalued as there seems to be precious little correlation between the degree to which a country embraces reform and the likelihood of its economic success.

Best in high-grade telecoms

When Banque Nationale de Paris bought Paribas in 1999, sceptics said the combination would never work. Labelled a merger of equals, it was clearly a takeover by BNP of its smaller rival. In the aftermath of the deal, the bank lost large numbers of staff as doubters tired of the chaos and jumped ship. Two years and a creditable set of annual results on, it seems that they were wrong. But there's a huge hole in CEO Michel Pébereau's plan - investment banking. Time is running out for him to do something about it.

Singapore

UniCredito Italiano is expanding fast in the EU accession candidate countries of central and eastern Europe, where it seeks local banks with good management.

Investment banking

Recent post-Enron SEC statements confirm that public companies in the US will soon have to undergo far greater scrutiny than ever before.

Deutsche snaps at Merrill's high-yield heels