Gulf of credibility baulks Aussie banker: Australian banker attempts to avoid jail time and earn enough to repay embezzled funds by taking a position at the National Bank of Kuwait.

Research shows an increase in abnormal stock trading in the UK despite recent FSA clampdown. Some of the irregular share price movements may be indicators of insider trading.

Deutsche Bank has hired from a private equity firm to expand its presence in the rapidly growing real estate, gaming and lodging sector in Asia. The bank has hired Matthew Mrozinski from Colony Capital, the private equity firm that specializes in real estate investments. There, Mrozinski was vice-president of acquisition and head of Asia-Pacific capital formation. In this newly created role at Deutsche, Mrozinski will report to the bank’s head of M&A for Asia, Douglas Morton, but will also be responsible for the financings of real estate deals.

Venezuela’s president is planning to buy assets in Uruguay, according to the local media. Hugo Chávez is considering investing in Pluna, a small Uruguayan airline, through a state-owned Venezuelan airline. Conviasa is mulling over buying Brazilian airline Varig’s 49% stake in the Uruguayan outfit.

Further reformis essential if the region’s stock exchanges are to come under the steadying influence of institutional investors.

Freddie Mac’s new treasurer, Tim Bitsberger, marks a break with agency tradition in being an outsider. But he reckons his US Treasury experience can only enhance Freddie’s transparent approach to raising money and its stringent risk management standards. Bitsberger’s hope is that these will serve it well as it builds out its retained portfolio again. Kathryn Tully reports.

WaMu for covered bonds

While rivals’ share prices roar ahead, Citigroup’s languishes. Investors love stocks that are easy to understand. So is it time for Citi to develop a clearer strategy?

Investors were given a faint hope that Yukos might yet escape bankruptcy proceedings last month when Russian oil company Rosneft agreed to acquire $482 million of outstanding debt that Yukos owed to a consortium of international lenders.

Sheikh Mohammed Al-Thani has many roles. As Qatar’s economy and commerce minister he presides over the world’s fastest-growing economy. He is also chairman of the Qatar Financial Centre and the Doha Securities Market. Al-Thani is considered one of Qatar’s most forward-looking policy-makers, a man who has great ambitions for the Gulf state. Talking to Sudip Roy in Doha, he outlines the economic progress of Qatar and argues that it will become the financial services hub for the Middle East.

The ECB’s March 2 rate rise is contra-indicated by the prevailing data, which are apparently distrusted by the central bankers. In their view, recovery is well established in eurozone countries.

Bank is making use of its wide geographical experience to build cross-border expertise.

52 The percentage growth in Lehman Brothers’ equities business, the investment bank’s fastest-growing sector. After slashing costs and investing in more automated trading during the lean bear market years, investment banks are now making more money from equities than ever before.

Record liquidity stymies growth of securitization.

Singapore has proposed a puzzling initiative, supposedly designed to attract more hedge fund money to the Lion City. In March, the Stock Exchange of Singapore issued a consultation paper outlining its plans to list hedge funds locally. Quite why a hedge fund would want to list on SES is not explained. What is clear is that such a move would not create extra liquidity: the suggested guidelines state that there will be no dealings in listed hedge funds. The only feasible reason to list would be for prestige. But hedge funds don’t work that way and their predilection for discretion suggests that few of them would be interested.

The latest public finance initiative funding for UK defence ministry accommodation is Aspire Defence Finance plc, which was launched in late March, via Citigroup and HSBC. The £1.8 billion ($3.14 billion) transaction involves two series of monoline insurance-wrapped fixed-rate notes – series A wrapped by Ambac and series B by MBIA. The triple underlying credit is rated BBB/Baa3.

Deutsche Bank has reshuffled the pack in two of its Latin American operations. In Brazil, it has appointed Alexandre Aoude as managing director and country manager. He succeeds Roger Karam, who has become a member of the bank’s advisory board in the country. Jose Miguel Alcalde is Deutsche’s new country manager for Chile. He succeeds Rodrigo Pérez, who is retiring from the firm.

Rising personal bankruptcy levels and an uncertain economic outlook in the UK might suggest that non-conforming and sub-prime mortgage lending is not the smartest business line to jump into at the moment. Try telling that to the succession of new entrants now preparing to try their luck in this sector – one in which veterans might suggest that they are already 10 years too late.

After its success with the sale of BCR late last year to Erste Bank, Romania’s government seems determined to press ahead with the sale of one of the few remaining banks of any size in central Europe, CEC. The final bidding deadline for the 85% stake is April 26, with six European banks – National Bank of Greece, Monte dei Paschi di Siena, Dexia Bank, EFG Eurobank, OTP Bank and Raiffeisen Bank – having shown an interest by mid-March. The decision to go ahead with the sale surprised many bankers, given that the government had an alternative proposal to restructure the bank over two years to boost its value, with some suggesting until recently that CEC might never be sold.

HK euphoria hit by rapid short circuit

But standard documentation and eight dealers’ involvement might not be sufficient to spark investor interest.

It seems no one has the right returns

Economic pressures and government policies are driving investment inland, but many of the so-called second cities already boast powerful economies. Banks see a new frontier of opportunity. Chris Leahy reports from the cities of Chengdu, Wuhan and Qingdao.

Hedge funds returns are rising; does this mean volatility is back?

CLSA rebrands and beefs up its private equity operation.

Urban Vietnamese are leaping on the capitalist bandwagon, driving it as fast as they can in an effort to build a lead on the foreign companies that will inevitably tap a burgeoning market.

For some FX traders the prospect of an extended holiday seems to be the deal clincher for switching jobs.

There are high expectations for European public-to-private deals this year but there is much uncertainty in the sector about how many will actually make it to market

Treat your back-office staff well lest they take umbrage and run away to a hedge fund.

Ed Mizuhara has left Lehman Brothers where he ran the sovereign, supranational and agency syndicate, to join Credit Suisse. He will report to John Fleming, head of syndicate, who moved fast to find a replacement for Nick Dent. Dent resigned in February to join Merrill Lynch.