Investors are still piling into US corporate bonds but there’s little sign of improved credit quality to justify this desperate enthusiasm. What’s more, interest rates must rise sooner or later. • Kathryn Tully reports

The history of legislation on banking foundations in Italy is not a happy one. Successive governments have tried to stamp their mark, with the aim of eroding the foundations' power. This government is no different. Finance minister Giulio Tremonti has tried to wrest a bit more influence from them and next month, or perhaps the one after, could be the moment of truth. That's when the constitutional court will present its decision on whether the foundations must sell the shares they hold in banks. It isn't difficult to see why what these bodies do interests the government. Between them, the 89 foundations hold almost e40 billion in assets, including big stakes in Italy's banks. This ownership dates back to 1990, when the government decided to split savings banks into two in recognition of their different and sometimes conflicting functions. One body - the bank - became a joint-stock company responsible for financial operations. The other - the banking foundation - retained charitable status and a social role, maintaining cultural attractions and historical monuments for example.

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.

How do you entice a highly rated, well-respected and conservative issuer to use a product they've never used before? You offer them a whole new investor base willing to buy a security that bags the issuer savings of 40 basis points over Libor. That's what Wells Fargo managed last month when it issued its first convertible in at least 25 years.

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?

When e-enthusiasm cooled, swap trading platforms hadn't got far. Now, though, old ideas are being revived and new ones mooted. ? Tom Marshall reports

UK brokers and fund managers are confronted bold new plans drawn up by regulator, the Financial Services Authority, to force them to separate trading and non-trading costs when they charge clients. Thomas Williams talks to Christina Sinclair, head of the FSA’s business standards department, about the proposals

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.

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.

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.

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

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.