The Chicago exchange aims to make currency option trading easier, bridging the gap between the cash and exchange markets

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.

%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

China's currency revaluation is more evolution than revolution but will have a number of knock-on effects

Banks and listed property companies are finding ways to respond to interest in international investments

Fund management AXA Investment Managers has acquired Framlington Group from HSBC and Comerica for £174 million. The deal adds about £4 billion to AXA's £52 billion ($93.5 billion) in UK assets under management, and puts an end to rumours that AXA IM was considering scaling down its UK business.

Banks offering real estate investment trusts

S&P lists the top 100 companies in the PRC, the 10 largest accounting for 56% of total revenues

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

There are signals from Korea that the government and regulators are taking an increasingly tough line with foreign participants in the local markets.

Equity managers in Europe, Japan and Asia might benefit from swapping stocks for convertibles

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

Persistent rumours are circulating in China that mainland authorities are likely to auction off a controlling interest in state-owned Guangdong Development Bank. Although unconfirmed, if the rumours prove accurate the GDB sale could presage the start of the true privatization of China's banking sector.

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

UK retail investors to get easy access to IPOs again

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.

Improved fundamentals have undoubtedly fuelled the emerging-market debt boom. But that's by no means the whole story. Excess liquidity might be forcing values unjustifiably high, and hedge fund and credit derivative strategies are vulnerable to an overdue yield-curve readjustment.

Toshihiko Fukui has overseen a successful policy U-turn in Japan's fight against deflation. Despite intense pressure, he has kept interest rates low until sustained inflation returns.