Russia is facing its first real economic test since the fall of the Soviet Union. The strong growth of the past two years is slowing down as the last of devaluation’s beneficial effects wear off.

Dubai is busily preparing to host the annual IMF/World Bank meetings in 2003 which it hopes will showcase the city’s credentials as an international financial centre.

You will find them in the leafier, tonier suburbs of London, Frankfurt, New York, San Francisco, Chicago. Well-groomed, satisfied-looking men and women sipping cappuccinos, enjoying the afternoon sun on a working day. The new investment banking unemployed are rediscovering the pleasures of family life and ample leisure.

Equity exchanges

When it comes to corruption, some things never change. While Nigeria is consistently seen as one of the most corrupt countries, Finland, Denmark and New Zealand are viewed as perennially clean.

Asia

Issuer: Republic of LebanonAmount: $750 millionLaunched: August 2 2002Bookrunner: Morgan Stanley

Euromoney’s analysts have taken a measured view of such hyperbole as the “axis of evil” and resisted over-reacting to the situation in such regional crisis points as southern Africa. Latin America’s troubled economies suffer the severest downgrades.

Ian Macfarlane points to the dynamism of Australia’s economy, neglected by a market that went hi-tech mad, as part of the reason for his success at the Reserve Bank of Australia. But he’s made a few good calls of his own.

The Korean government’s sale of Seoul Bank to another domestic player has upset foreign bidders . But the sale is likely to prompt further consolidation.

The robber-baron days of the Yeltsin-era oligarchs might be over but high-level power play is still a feature of Russia's economy, fuelled by a still underdeveloped legal system.

When investment bankers decide it is time to leave their industry, many take extended leave or choose to retire altogether. Milen Veltchev went straight to being Bulgaria’s finance minister.

Global bond strategist, Pimco

Kazakhstan has had more success than most former Soviet states in reforming its power sector. Electricity suppliers hope prices can be pushed higher but the abundance of oil and gas will limit rises.

Fund management

Despite robust GDP growth in 2001 in most Arab countries, their banks suffered falling earnings because of more domestic competition, weakness in global investment markets, tighter margins, and higher loan-loss provisions.

Head of EMEA debt markets, Merrill Lynch

US business leaders fear a heavy-handed legal and regulatory response to accounting scandals. The same fear was widespread in the 1930s. But the much hated laws and regulations laid down then set the foundations for a vibrant financial sector.

Will it be fourth time lucky for Luiz Inacio Lula da Silva in Brazil's presidential elections? If he wins, the result will not be welcomed on Wall Street. What are the repercussions for Brazil, already teetering on the brink?

A minority of a minority – five holders of part of the 15% active capital of Icelandic mutual savings bank Spron – are crucial to the takeover bid being made by commercial bank Búnadarbanki.

Russia

In a region where private-equity flows are rapidly drying up, many investors regard Korea as a relatively lucrative safe haven. But even in Korea it’s an arduous task putting deals together and successful exits have been few and far between.

The IMF has disbursed $13 billion to Tukey this year and claims to see widespread support for economic reform in the country. But the summer’s political crisis has raised the prospect of electoral success for the Islamists.

Finnish telecom Sonera’s writing off of unpromising 3G licences has delighted its prospective partner, Sweden’s Telia. But the merger deal is not quite sealed and investigations continue.