Published in conjunction with the Ministry of Treasury of the Republic of Poland, Bank Zachodni WBK, Ministry of Finance of the Republic of Poland and Energa

Published in conjunction with the Bolivian ministry of economy and public finances

"The penny dropped in 2012," a source mused. "It was the year when financiers shed the illusion that their world would come back. In fact, it might be that the years 1998 to 2007 will be viewed as the exception in banking, not the norm."

Financial journalists usually spend the last few weeks of the working year doing the rounds of the banks and investors discussing the outlook for the year ahead.

1: The number of medals Tajikistan won at the London Olympics. It was a bronze. A women’s boxing bronze. Bravo

"Many banks have gone to considerable lengths in recent years to disclose more information about their risks, but the fact remains that investors tend to see banks as opaque black boxes where risks are still poorly disclosed or – worse – actively obscured by management"

"I think they’ve gone stark, staring mad"

Euromoney hopes that, of all bankers, Santa was kind to Stefan Krause and that the chief financial officer of Deutsche Bank had a particularly good Christmas break.

Paypal’s Elon Musk, Microsoft’s Paul Allen and Charles Simonyi, Amazon’s Jeff Bezos and Richard Branson – all billionaires associated with investments 62 miles beyond Earth in space. But space is now on the radar of institutional investors and is being pitted as the next great innovation economy.

Macroeconomic risks, such as the euro crisis, are increasingly impinging on cash management and increased financial regulation is a concern for corporates and their partner banks. Euromoney’s panel of treasurers and bankers examines the issues and the way they are handled.

The country’s entrepreneurs are increasingly drawing on private bankers’ skills as they seek out new sources of income and ways to pass on wealth to younger family members.

Bond markets trounced equities and M&A last year as central bank intervention and low global rates spurred a bull run in fixed income. However, as 2013 kicks off there are faint whispers of a pick-up in IPO and acquisition activity, so long as confidence is not undermined by an ugly mix of macro risks. That’s a big hope.

Spain, Italy and Greece should not expect a happy new year – the eurozone’s bumpy ride is set to continue.

After more than two decades of unusually strong bond returns and more than a decade of sub-par equity returns, the tables have started to turn.

Now extended from a laggard emerging Europe to post-revolutionary Arab countries, the EBRD’s mandate has never been so stretched. But the multilateral lender’s new president, Suma Chakrabarti – its first British head – says that under him the institution has what it takes to change and fulfil its role.

News of the death of the commodity bull market might be exaggerated, according to seven vital signs identified by Ned Davis analysts. But don’t expect a ripe old age for the bull either.

As China continues to liberalize its economy and the renminbi gains in importance, efforts to make the currency international are gathering pace. How will London get a piece of the action?

The Hong Kong equity market’s heavy dependence on big listings from mainland China has been its fortune, but is now its bane. Diversification has been tried, but seems misdirected by not focusing on Asia. What will it take to reverse the decline?

Regulators and shareholders are channelling their concerns over banks’ slow progress in shifting to new and sustainable business models to a new cadre of activist chairmen. Often experienced in the industry, independent of executive management and with strong personalities, these chairmen are increasing the pressure on bank CEOs to abandon unrealistic ambitions and reshape their banks to a new world. Expect more ructions ahead.

A trio of successful listings out of emerging Europe has boosted bankers’ hopes of an equity primary markets renaissance in 2013, with prospects for further supply from Russia, Turkey and beyond.

Sovereign borrowers in central and eastern Europe have been key beneficiaries of the tide of liquidity washing into emerging market bond funds over the past 12 months. Can they maintain their success into 2013?

A central securities depository, liberalization of the local bond market, movement to T+2 settlement and a stock exchange merger – it’s all very welcome in Russia’s capital markets. But work remains to be done if its infrastructure is to catch up with its peers.

The Guelphs have papal blessing, but to preserve your wealth you are better off sticking with the Ghibelline camp.

Oleg Tinkov is at the forefront of the consumer-banking boom that is changing Russian finance. Tinkoff Credit Systems encapsulates all that is innovative – and risky – about the sector. This bank and others like it have everything the state banks lack. But in Russia that can mean trouble.

All banks must be Basle III-proof; Regulatory avalanche stifling business

Negative rates weaken capital inflow; Piles pressure on SNB

AIG raises $6.45 billion; Pipeline ready to flow

Growth-focused monetary policy from the new BoE governor would stir a heated debate.

There was a lot of talk last year about global markets climbing a wall of worry, as credit underwent a spectacular rally and equities too climbed beyond most people’s expectations.

Demand pressure weighs on fixed-income market.