Strategic buyers are getting increasingly bullish about M&A opportunities. So far this year, though, they haven't stolen any of the thunder of financial sponsors

Alpha-driven US volume growth starts to outpace that in UK

CFOs are in danger of becoming slaves of the leveraging cycle. It might be in their best interests to resist bankers' blandishments

What are shareholders to do? Sit back and allow the board to make obvious mistakes and lose them money? Or use their rights as shareholders to make the board take notice and maybe make some money? Dysfunctional corporate management has had too easy a ride from institutional investors.

Jumbo dollar bond provides rare natural gas exposure for corporate investors

The bid for plain-vanilla government/public sector debt professionals continues. BNP Paribas has plucked Heidi Crebo-Rediker from Bear Stearns to join its sovereigns, agencies and supranationals desk as a managing director. Crebo-Rediker reports to Chris Marks and is a long-overdue replacement for the vivacious Alex Corley Smith, who decamped to the New York office several months back. BNP Paribas also appointed product expert Jacques Delpla to work in its Paris office. Delpla worked most recently as an adviser in the French finance ministry but was previously also a fixed-income specialist at Barclays Capital in France.

The regulator's guidelines for UK issuers could have far-reaching benefits for Europe's covered bond markets

Would you credit it? European central banks looking for yield could soon start investing in credit, if market speculation is correct. Traditionally deeply conservative accounts that have never got into equities, they certainly face the same dilemma as other fixed-income investors. Yields on government and other AAA bonds are low and FX trading opportunities in Europe are limited these days, so credit is one of the few ways to generate positive returns. "They all own some gold, and they're earning very small returns on that," says a London-based credit analyst. A logical strategy would be to start looking at corporate bonds, bank capital, or even ABS – aided, no doubt, by helpful asset managers. Switzerland's Schweizerische Nationalbank has been investing part of its currency reserves in foreign equities and corporate bonds since June 2004, partly as a response to falling yields on 10-year Swiss Confederation bonds.

%3CBODY%3E%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3ELiberia%3A%20striking%20out%20for%20peace%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20He%27s%20more%20used%20to%20terrorizing%20opposing%20team%27s%20defences%20than%20mixing%20with%20world%20leaders%20but%20if%20George%20Weah%20has%20his%20way%20he%20will%20soon%20be%20on%20a%20par%20with%20George%20W%20Bush%20and%20Tony%20Blair.%20The%20former%20World%20Footballer%20of%20the%20Year%20is%20standing%20as%20president%20of%20Liberia%20and%20has%20a%20good%20chance%20of%20winning.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20The%20former%20Milan%20and%20Manchester%20City%20striker%20is%20one%20of%20two%20candidates%20leading%20the%20race%20to%20October%27s%20presidential%20poll%2C%20Liberia%27s%20first%20since%2014%20years%20of%20civil%20war%20came%20to%20an%20end%20in%202003.%20The%2039-year-old%20is%20running%20against%20former%20World%20Banker%20Ellen%20Johnson%20Sirleaf%2C%20who%20is%20bidding%20to%20make%20history%20by%20becoming%20the%20first%20woman%20to%20lead%20an%20African%20country.%0D%0A%3C/p%3E%0D%0A%09%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3ECameroon%3A%20anyone%20for%20a%20beer%3F%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20The%20people%20of%20Cameroon%20are%20buying%20goods%20with%20a%20novel%20currency%20%u2013%20beer%20bottle%20caps%20%u2013%20as%20consumers%20take%20advantage%20of%20a%20marketing%20ploy%20by%20rival%20breweries.%20Beer%20firms%20are%20enticing%20customers%20by%20selling%20bottles%20with%20caps%20that%20have%20stickers%20underneath%20them%20revealing%20prizes.%20These%20include%20mobile%20phones%2C%20luxury%20cars%20and%20more%20beer.%20As%20beer%20costs%20%241%20some%20people%20are%20using%20the%20tops%20to%20pay%20for%20taxi%20rides%20and%20other%20goods.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20No%20wonder%20Cameroon%20has%20one%20of%20the%20highest%20alcohol%20consumption%20rates%20in%20Africa.%0D%0A%3C/p%3E%0D%0A%3C/BODY%3E%0D%0A

This month, Euromoney seeks to debunk two of the great myths of the international financial markets.

Finance minister says the government is will keep the purse strings tight as it reforms taxation, banking regulation and bankruptcy law

%3CBODY%3E%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3EGovernance%20glitch%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20Singapore%20is%20often%20held%20out%20as%20a%20beacon%20of%20good%20corporate%20governance%20and%20sound%20international%20management%20practice%20in%20Asia.%20So%20a%20recent%20survey%20of%20corporate%20governance%20among%20listed%20companies%20in%20Singapore%20makes%20for%20slightly%20alarming%20reading.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20Conducted%20by%20the%20Corporate%20Governance%20and%20Financial%20Reporting%20Centre%20of%20the%20National%20University%20of%20Singapore%20Business%20School%20and%20commissioned%20by%20Jardine%20Lloyd%20Thompson%2C%20the%20survey%20polled%2078%20listed%20companies%20from%20the%20Lion%20City%2C%20two-fifths%20of%20which%20admitted%20to%20having%20no%20system%20in%20place%20for%20identifying%20and%20managing%20risks.%20A%20majority%20of%20the%20companies%20polled%20also%20believed%20that%20more%20needed%20to%20be%20done%20to%20improve%20corporate%20governance%20standards%20in%20Singapore.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%A0%0D%0A%3C/p%3E%0D%0A%09%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3EYahoo%20turns%20Chinese%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20Internet%20giant%20Yahoo%20has%20announced%20a%20strategic%20investment%20in%20mainland%20Chinese%20e-commerce%2C%20search%20and%20messaging%20platform%20Alibaba.%20The%20deal%20involves%20Yahoo%20handing%20over%20all%20its%20existing%20China%20businesses%20to%20Alibaba%20together%20with%20%241%20billion%20cash%20in%20exchange%20for%20a%2040%25%20stake.%20The%20deal%20is%20a%20tacit%20acknowledgement%20by%20Yahoo%20that%20its%20previous%20strategy%20for%20the%20mainland%20market%20was%20not%20making%20the%20headway%20it%20had%20hoped%20for.%20By%20adopting%20a%20strategy%20similar%20to%20that%20successfully%20deployed%20in%20Japan%2C%20where%20Yahoo%20teamed%20up%20with%20local%20partner%20Softbank%2C%20the%20company%20hopes%20it%20will%20attain%20a%20more%20Chinese%20identity.%20This%20is%20more%20likely%20to%20appeal%20to%20China%27s%20burgeoning%20internet%20population%2C%20which%20prefers%20homegrown%20online%20platforms.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%A0%0D%0A%3C/p%3E%0D%0A%09%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3EIndian%20growth%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20India%27s%20economy%20will%20grow%207%25%20in%20the%20fiscal%20year%20ending%20next%20March%2C%20the%20government%20forecasts.%20Prime%20minister%20Manmohan%20Singh%20said%20that%20if%20India%20could%20sustain%20this%20growth%20rate%20over%20the%20next%20decade%20it%20would%20be%20able%20to%20wipe%20out%20poverty.%20To%20that%20end%2C%20he%20added%20that%20the%20government%20would%20increase%20spending%20on%20public%20works%20to%20maintain%20strong%20growth.%0D%0A%3C/p%3E%0D%0A%3C/BODY%3E%0D%0A

%3CBODY%3E%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3EHugo%20Ch%E1vez%20watch%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%22We%20have%20the%20ability%20to%20take%20him%20out%2C%20and%20I%20think%20the%20time%20has%20come%20that%20we%20exercise%20that%20ability.%22%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%09%09%3Cem%3EUS%20fundamentalist%20Christian%20broadcaster%20Pat%20Robertson%20takes%20a%20charitable%20view%20of%20Venezuelan%20president%20Hugo%20Ch%E1vez%3C/em%3E%0D%0A%09%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%A0%0D%0A%3C/p%3E%0D%0A%09%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3EBrazil%3A%20Palocci%20denies%20allegations%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20Finance%20minister%20Antonio%20Palocci%20denied%20he%20had%20received%20bribes%20when%20he%20was%20mayor%20of%20a%20city%20in%20southeastern%20Brazil%20in%20the%201990s.%20Palocci%20was%20responding%20to%20accusations%20made%20by%20lawyer%20Rogerio%20Buratti%20that%20he%20received%20backhanders%20from%20waste-collection%20contracts%20when%20he%20was%20mayor%20of%20Ribeir%E3o%20Preto%20in%20S%E3o%20Paulo%20state.%20Palocci%20is%20the%20latest%20official%20to%20become%20embroiled%20in%20a%20series%20of%20corruption%20scandals%20that%20have%20gripped%20Brazil%20in%20the%20past%20few%20months.%20So%20far%20four%20aides%20close%20to%20president%20Lula%20have%20resigned.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%A0%0D%0A%3C/p%3E%0D%0A%09%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3EMinister%20moves%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20Pedro%20Pablo%20Kuczynski%20has%20moved%20from%20Peru%27s%20economy%20ministry%20to%20become%20the%20country%27s%20new%20prime%20minister.%20His%20deputy%2C%20Fernando%20Zavala%2C%20replaces%20him.%20Zavala%20takes%20over%20at%20at%20a%20time%20when%20Peru%27s%20finances%20are%20on%20the%20up%20after%20Kuczynski%20helped%20transform%20the%20country%27s%20fortunes.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20In%20Ecuador%20finance%20minister%20Rafael%20Correa%20has%20resigned%20following%20a%20disagreement%20with%20president%20Alfredo%20Palacio%20over%20a%20potential%20loan%20from%20Venezuela.%20Correa%27s%20deputy%2C%20Magdalena%20Barreiro%2C%20is%20the%20new%20person%20in%20charge%20of%20the%20economy.%0D%0A%3C/p%3E%0D%0A%3C/BODY%3E%0D%0A

Europe's leading companies are so threatened by competition from aggressive and multiplying private-equity firms that they need to mimic the firms' approach.

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.

Poised between stellar growth and a spectacular new collapse.

Further banking sector consolidation is on the cards in South Africa, analysts predict, as projected GDP growth of more than 4% for 2005 tempts foreign players in.

%3CP%3E%3CSTRONG%3EThe%20cost%20of%20things%3CBR%3E%3CEM%3ETurkey%3C/EM%3E%3C/STRONG%3E%20%3C/P%3E%0D%0A%3CP%3E%3CEM%3E%241.556%20billion%3C/EM%3E%20%26%23150%3B%20the%20amount%20GE%20Consumer%20Finance%20has%20agreed%20to%20pay%20for%20a%2025.5%25%20stake%20in%20Garanti%20Bank.%20It%20struck%20the%20agreement%20at%20the%20end%20of%20August%20with%20Dogus%20Holding%2C%20Garanti%27s%20parent%20holding%20company.%20The%20deal%2C%20which%20values%20Garanti%20at%20%246.1%20billion%2C%20is%20expected%20to%20close%20in%20the%20fourth%20quarter.%20%3C/P%3E%0D%0A%3CP%3EUnder%20the%20agreement%2C%20GECF%20will%20also%20pay%20%24250%20million%20in%20cash%20for%2049.2%25%20of%20Garanti%20Bank%27s%20founders%27%20shares.%20The%20agreement%20stipulates%20that%20both%20parties%20have%20agreed%20to%20form%20an%20equal%20partnership.%20%3C/P%3E%0D%0A%3CP%3E%3CEM%3E%3CSTRONG%3EUkraine%3C/STRONG%3E%3C/EM%3E%20%3C/P%3E%0D%0A%3CP%3E%3CEM%3E%24600%20million%3C/EM%3E%20%26%23150%3B%20the%20estimated%20value%20of%20Aval%20Bank%2C%20Ukraine%27s%20second-largest%20financial%20institution%2C%20which%20RZB%20International%20has%20agreed%20to%20buy.%20RZB%20concluded%20negotiations%20last%20month%20to%20buy%20a%2093.5%25%20stake%20in%20Aval.%20Neither%20party%20has%20disclosed%20the%20price%20paid.%20The%20deal%20makes%20RZB%20the%20largest%20player%20in%20Ukraine%2C%20with%20a%20market%20share%20of%2011.5%25%20including%20its%20own%20and%20Aval%27s%20operations.%20%3C/P%3E%0D%0A%3CP%3ERZB%20International%2C%20the%20eastern%20European%20subsidiary%20of%20Austria%27s%20Raiffeisen%20Zentralbank%20%26%23214%3Bsterreich%2C%20will%20pay%20for%20the%20bank%20using%20proceeds%20from%20its%20%3CFONT%20face%3DTahoma%20size%3D2%3E%26%23128%3B%3C/FONT%3E1%20billion%20IPO%20in%20April.%20%3C/P%3E%0D%0A%3CP%3E%3CSTRONG%3E%3CEM%3ERussia%3C/EM%3E%3C/STRONG%3E%20%3C/P%3E%0D%0A%3CP%3E%3CEM%3E%24100%20million%3C/EM%3E%20%26%23150%3B%20how%20much%20France%27s%20Soci%26%23233%3Bt%26%23233%3B%20G%26%23233%3Bn%26%23233%3Brale%20agreed%20to%20pay%20last%20month%20for%20Delta%20Credit%20Bank%2C%20Russia%27s%20leading%20mortgage%20provider.%20Delta%20Credit%20was%20founded%20in%202001%20by%20the%20US%20Russia%20Investment%20Fund%20and%20has%20been%20managed%20by%20Delta%20Private%20Equity%20Partners.%20%3C/P%3E%0D%0A%3CP%3EMortgage%20lending%20is%20a%20fledgling%20business%20in%20Russia.%20Moscow%20has%20a%20population%20of%20about%2010.5%20million%2C%20but%20only%20just%20over%2010%2C000%20mortgages%20have%20so%20far%20been%20arranged.%20Delta%20Credit%20has%20originated%20more%20than%20%24200%20million%20of%20mortgages%20since%20its%20creation.%20%3C/P%3E%0D%0A%3CP%3EThe%20deal%20should%20close%20later%20this%20year%2C%20subject%20to%20the%20approval%20of%20the%20Russian%20banking%20and%20competition%20authorities.%20%3C/P%3E

After months of debate about the number of companies to be reprivatized, progress is made

Latin nations' equity and debt markets are seeing greater issuance activity

Public-sector banks in Europe have hit on a new and potentially profitable idea. They're trying to turn themselves into localised versions of the universal banking model. Who are some of the successful early movers? And we look at how Europe's cooperative banks are teaming up in debt capital markets.

From electronic trading platforms to credit event fixings, inter-dealer broker Creditex regularly sets the pace in the electronic credit derivatives trading. But the market didn't know quite how to take spin-off of its post-trade processing platform T-Zero.

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

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

"I'm not interested in being prime minister. That'd be a demotion. I'm Tony Blair and the Queen in one!"

Recent Real estate industry award results

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.

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.

Grigorii Marchenko, chief executive of Halyk Bank and former governor of Kazakhstan's central bank, talks to Euromoney about bank capitalization, the development of consumer banking products, Kazakhstan's economic policy and the country's regional role.

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.