The growth of Iceland's banks – now centred on three main groups, profiled on the following pages – is one of the success stories of the past decade. The pace of development has led to concerns that such growth might be problematic and unsustainable. But the banks themselves are confident they are well placed for the future.

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UK retail investors to get easy access to IPOs again

Slovakia plans to establish a primary dealership system for 2006, and expects to decide on which banks have made the grade by the end of this year. According to Daniel Bytcanek, director of Ardal, the Slovak debt management agency, between eight and 10 banks will be appointed as primary dealers, made up of a combination of international investment banks that are most active in Slovak debt, and three or four local banks.

Investors should look beyond speculating on further renminbi moves and consider equity in the broader region

Banks offering real estate investment trusts

The latest target of the hedge fund activist is Time Warner

A recent survey by US law firm White and Case throws light on the overseas ambitions of China's larger companies. According to 80 Chinese business leaders, Asia is the most popular destination for overseas expansion, with more than 75% of companies looking there. That compares with 50% of Chinese companies looking at the US and 44% in Europe. Other regions of interest include eastern Europe. Latin America and Africa

Two landmark bank loans will reinforce the dominance in Russia's oil and gas sector of two of the largest state-controlled companies – fuelling rivalry between them.

Poised between stellar growth and a spectacular new collapse.

High oil prices threaten Kazakhstan's economy with inflationary pressures.

Ukraine's president Viktor Yushchenko has had a roller-coaster 12 months. He was poisoned, faced rigged election results and was then swept to power on the back of a peaceful revolution that split Ukrainian opinion in two. Now the time has come to show whether he can deliver on his pledges. Euromoney quizzed Yushchenko on how he intends to do this

As tensions mount between Iran and the west over the Islamic state's nuclear ambitions, Tehran seems to be adopting an Ostpolitik, looking to China and India for political and energy ties. Opec's second-largest oil producer, which also has the world's second-biggest gas reserves, is wooing Asia's fast-growing and energy-hungry economies.

As restructuring rather than default becomes the norm for credit events in the emerging markets, it is time for those involved in the market to reappraise the effects of distressed situations on credit default swap prices, argue Manmohan Singh and Jochen Andritzky

Eastern European equity had a summer of love, as stockmarkets from Budapest to Istanbul hit all-time highs. Russia, last year's chronic underachiever, has been the best performer of all.

Sabic's upcoming $267 million Shariah-compliant domestic bond should set the pattern for issuance in a Saudi market that has seen little corporate paper up to now.

Several leading private Saudi companies are preparing to go public by launching IPOs following the successful flotation of dairy company Al Marai in July.

Riad Salameh has been governor of Lebanon's central bank, Banque du Liban, since 1993. He talks to Kate Luxford about bank consolidation and the need for capital market growth

From quiet beginnings as one of the world's smallest states, Qatar has emerged as a regional player as a result of shrewd investment in natural gas and sound economic management. Although oil and gas revenues still account for about 60% of GDP, the non-oil sector grew by 10.8% last year, and the financial sector is performing particularly strongly.

Central and eastern Europe's leading institutions have been quick to praise UniCredit's acquisition of HVB, which creates the region's biggest bank. But, they warn, it had better stay on its toes, as rivals will look to profit from any loss of focus that the alliance brings.

Jihad Azour, Lebanon's finance minister, was director of UN Development Programme and World Bank projects at the ministry before his cabinet appointment in July 2005. He talks to Kate Luxford about Lebanon's economic priorities

Companies from Egypt to India and from Turkey to South Africa are hoping that the opening of the Dubai International Financial Exchange, set for the end of September, will open the doors to a vast well of unemployed petrodollars.

After a long dormancy, Kazakhstan's equity market might be about to wake up, thanks to some large IPOs.

The imminent liberalization of Gazprom share ownership rules will introduce the world's biggest energy company to the world's biggest investors. But is Gazprom ready for the world, or the world for Gazprom?

Governor of the Central Bank of Libya Ahmed Menesi talks to Kate Luxford about plans to prepare Libya's economy for a more competitive environment after privatization

Dragos Neacsu, a former civil engineer and latterly investment banker, has taken on the challenge of overcoming the many shortcomings of Romania's debt strategy from the foundations up.

Legislation to guarantee the position of foreign investors is being followed up with a proposed comprehensive capital markets law.

Despite previously criticizing ABS, the new regime can't ignore benefits

As Kazakhstan prepares for an election, foreign institutions should remember that autocrats are of little benefit to investments in the long run