Life and logistics are still not simple in Libya. A lot of damage has been done that cannot be fixed overnight. “Everything in Libya, every apartment building or inch of asphalt for a road, involved corruption and fees,” says one Libyan. “In every sector – oil, construction – there is a cloud of doubt hanging over it, not just the LIA, and there is no sense in singling out that one institution.

Jenkins is at a dead-end. This is what happens when you have no strategy and just muddle through instead of taking the necessary and painful decisions.

Apple has reopened the market for jumbo bonds as it steps up its share buyback plans and other borrowers are likely to follow suit as mergers and acquisition activity revives.

Turkish operators such as Turkcell, Turk Telekom and TAV Airports dominate Euromoney's latest rankings of the region's best managed companies.

Who would be a global head of foreign exchange in a market like this? Most of them are spending the vast majority of their days dealing with investigations, rather than thinking strategically about their business or going out to see clients.

The top five global foreign exchange banks have been saying for many years that the banks ranked just outside that top tier are under pressure: they must maintain similar levels of infrastructure in terms of people and technology as the biggest players, but cannot compete on revenues in an ultra-low-margin business.

Investigations into allegations of market fixing in foreign exchange are spreading into the very heart of the business. Those running the world’s biggest FX houses live in fear of what analysis of hundreds of millions of calls and emails will unearth. Do investigators and regulators risk bringing down the axe on a market that has always provided unrivalled liquidity and ultra-tight pricing for clients?

This year Spanish bank BBVA has risen into the top 25 in the Euromoney survey for the first time. Over the past three years, the bank has risen nine places in the overall rankings and more than doubled its volumes.

For the first time since the merger of Bank of America and Merrill Lynch in 2008, the firm is starting to make serious inroads into the Euromoney FX survey. This year it jumps from 10th to seventh place in the overall rankings, with a market share of 4.38%. But this is not a short-term improvement; over the past three years BofA Merrill’s market share has increased by 1.43 percentage points, and its volumes by almost 90%. And its ambitions are far from sated.

Citi reclaims top ranking in benchmark Euromoney Foreign Exchange Survey

View the results now.

Nadir Mahmud smiles at the irony of it. He’s been global head of Citi’s foreign exchange business for only a matter of weeks, and he’s already achieved something that has been a clear ambition of the bank for more than a decade: to reclaim its position as the leading global foreign exchange house.

The star performers in the Euromoney global FX survey over the past three years are clearly the big-three Australian banks. Each has been beefing up its presence in FX, and since the financial crisis they have also benefited from maintaining high ratings, which has helped them to win business from real-money clients.

Standard Chartered has shown steady improvement in the survey over the past three years. Its market share has risen 0.31 percentage points, and its volumes by 64%, propelling the bank to 14th place overall in the global rankings.

At the beginning of the year, Euromoney went on the hunt for Africa’s rising stars: outstanding individuals who are driving the continent’s financial and economic transformation, and setting a standard for those to follow in their wake. Here are profiles of the top 20 rising stars.

Africans are reclaiming their future and flocking back to a continent that many left in search of a better life. Home is where the heart is, but now it’s also where the opportunity is. Euromoney’s rising stars are grabbing the opportunities Africa has to offer and setting the standards for others to follow.

Concerns about the Crimea crisis risk taking the gloss off euro entry for Latvia and Lithuania, but it is the legacy of recession that still poses the biggest challenges for the region’s banking sectors

Fallout from the Ukraine crisis has not yet hurt the country’s planned infrastructure development programme. But sanctions or not, Russia will be hard pushed to meet its long-term target in the domestic finance market alone.

Differentiation has become the name of the game in emerging Europe as regional banks fight to maintain profitability, but the region’s markets still have much in common.

There is plenty of interest, but not much action yet because the region has had a good crisis. There are country-specific regulations to negotiate too, as well as slowing economies. Perhaps banks will come to market to optimize their capital structures

The country has new wealth thanks to some big natural resource discoveries. They spell opportunity for both foreign and local institutions. How does such a small economy cope with such big demands?

The ECB view that eurozone disinflation is slowly reversing is unconvincing. QE might be the only strategy left, although it is not risk free

Why would three businesses that are focused on the continent base themselves in a north European city? The answer is access.

The Federal Reserve is playing mind games by trying to persuade investors that the biggest danger to economic stability is deflation. It is both disingenuous and bad news for the dollar.

Caja Laboral Kutxa doesn’t pay sky-high salaries, nor does it want to join the slick commercial banks and turn its worker-led structure upside down. Such social motivation has enabled it to weather the storms that have crossed Spain’s economy, but it hasn’t all been plain sailing

Salesmen hold the key to improving liquidity in corporate bonds. They just need to capture the network effect.

Intermediating the bond markets is shifting from a principal risk-taking business for banks to a brokerage business. At a time when the IMF is warning of bond market illiquidity, innovative solutions are springing up. In the high-volume government bond markets, trade-execution algorithms will be new drivers of efficiency. In the corporate bond markets, new systems will drive efficient internalizing of orders and matching across networks of dealers.

Fears that African states have over-indulged in sovereign issuance are exaggerated.

Will the opportunity at home be enough for Africa’s talented diaspora?

Pork producer WH Group underwhelms as potential saviour of Hong Kong market.