CSFB CEO John Mack's resurrection of the dormant role of head of fixed income has triggered a few high-profile departures from the division. But the bank is confident this is just a short-term issue, and its top executives have taken advantage of these departures to start pushing through changes to the organization that they hope will increase its deal flow. ? Antony Currie reports

Who says economists are dull? Three of Wall Street's finest, and most bearish, took part in an early-morning debate about the impact of the Iraq war on the US economy at the Council for Foreign Relations in New York last month. At times it was like stand-up comedy, with Morgan Stanley chief economist Stephen Roach as the main act.

Last month HS Securities of Japan secured the 100% purchase of Agricultural Bank of Mongolia when its head, Hideo Sawada, delivered $6.85 million to Ulaanbaatar.

Following last year's surprise jump up the rankings, UBS has now made it to the top of the market share table in Euromoney's annual forex poll. Katie Astbury reports; research by Andrew Newby, Paul Pedzinski and Dave Skallinder.

Block trades help to make ECM bankers look busy in quiet times. But their success rests on a knife edge. • Peter Koh reports

Head of EMEA debt capital markets, Banc of America Securities

Barclays' appointment of investment banker Bob Diamond as chairman of Barclays Global Investors last summer indicated the group's commitment to fund management. But can BGI, which only contributes a fraction of Barclays' profits, gain the recognition it wants?

Uruguay is seeking to push out the maturities on its bonds to give it time to get its economy back in shape before having to repay its foreign debt. It's doing this by means of one huge exchange offer, with which it is trying to swap all of its outstanding bonds for similar bonds of longer maturity.

The president of the Philippines, Gloria Macapagal Arroyo, speaks to Euromoney's Asia editor Chris Cockerill about the state of the economy, the battle against corruption and the future of the country after her term of office finishes.

Barclays Capital's CEO, Bob Diamond, talks to Antony Currie about his ambitions for the firm, explains why it is not delving into prop trading and why it won't be hurt by a bursting of the bond market bubble. And he reveals that one of his favourite businesses right now is equities.

Oil majors Yukos and Sibneft tied the knot in Russia's first mega-merger last month and have created what will soon be the world's biggest oil company. At a stroke the creation of YukosSibneft drew a clear map for the development of Russia's oil sector, forcing the country's three largest companies to ready themselves for battle over the remaining oil and gas assets.

The aftermath of war in Iraq may delay a few project finance deals in the Middle East but the market is in good health. Development diversification will spur large projects. Sponsors, however, may have to accept more costly financing.