Only incorporated in 2005, Almaty-based Max Petroleum shows that smaller, independent energy companies can still make their mark against the more powerful Russian and global firms.

Richard Lark, CFO of low-cost airline Gol Linhas Aéreas Inteligentes, exemplifies the increasing sophistication that ex-bankers are bringing to Brazilian corporate finance. He is a qualified pilot, was formerly a vice-president at Morgan Stanley and is a borrower whose company’s stock value has doubled since its IPO. Lawrence White spoke to him in São Paulo.

When Fitch put Iceland on a negative rating outlook in February the country was facing a heavy current account deficit as well as an asset price and credit bubble. But the banks and politicians think that it was all a misunderstanding. Laurence Neville reports.

The country’s newly revitalized banking system throws up colourful characters and eccentric approaches to marketing. But overseeing it all is a rigorous central banker with solid US commercial banking experience. Eric Ellis reports.

Kazakh investment banking boutique Visor Capital believes it can offer clients a bridge between local and international markets. It is looking to open up new avenues for corporates and international investors alike. Can it compete with the more established competition?

For many years the accepted wisdom in global banking has been that bigger is better. The full-service banks dismiss smaller competitors, saying that to succeed in modern finance you need to offer all things to all clients. And yet a number of European banks continue to demonstrate success in their chosen specialist fields. Peter Koh profiles the financial institutions that prove you don’t have to be everywhere and everything in the world to be a world-class operation.

French bank BNP Paribas is being sued in the US federal courts by a hedge fund over the financing of contracts for oil from Congo-Brazzaville. Rather than settling out of court, BNP says it will fight the lawsuit all the way. Felix Salmon reports on a grey area of black gold.

Iceland’s financial supervisory authority, the FME, has kept a close eye on the health of Iceland’s big three banks, says Jonas Fridrik Jónsson, director general.

Oji Paper’s bid for rival Hokuetsu breaches a Japanese taboo on hostile takeovers. It has also prompted some extraordinary, perhaps illogical, defence tactics. Is this the shape of things to come in Japanese M&A? Chris Wright reports.

Companies with optimized financial supply chains have 30% to 35% better market capitalization than companies that haven’t. However, forging the links between treasury and operational departments is hard, particularly as supply chains enlarge and globalize.

Bank TuranAlem is growing fast and has set its sights on toppling the largest bank in the country, Kazkommertsbank. The next stage in its growth strategy could involve an IPO to attract international investors.

In less than two years the Philippines has transformed its sovereign debt programme from laggard to leader in emerging markets. The work of the republic’s treasurer, Omar Cruz, lies behind much of the change. Euromoney talks to the Philippines’ market man about the changes and the challenges ahead.

“The events of February and March can be blamed in part on the relative lack of knowledge about the Icelandic economy and its peculiarities, which was reflected in some reports,” says prime minister Geir Haarde.

With a successful Eurobond behind it, the republic is beginning to fulfil its promise as a strategic part of the Balkans. Oonagh Leighton reports.

Compass Asset Management’s chief investment officer expects his funds under management to grow from $20 million to $100 million in the next 12 months. Is Kazakhstan the next great emerging Europe play?

Big banks are beginning to look beyond the kudos that socially responsible investment brings and are introducing microfinance to the capital markets as a viable, profitable business. Zach Fuchs reports.

The London-based asset management firm has taken the lead in persuading institutional investors worldwide, including central banks and pension funds, to go for long-term investment in emerging market assets. Felix Salmon reports.

Despite a cyclical downturn – which has itself prompted the country’s banks to sharpen up their operations – the sector is in unprecedented good shape. But the banks need to be encouraged to lend more, and this is in part dependent on the consolidation a newly powerful central bank is keen to promote. Nick Parsons reports from Jakarta.

The recent dramatic widening of euro swap spreads means that euro-denominated debt is becoming cheaper for agencies and supranationals. Could this signal the start of a fundamental shift away from dollar bonds for these issuers? Lawrence White reports.

The latest in a string of initiatives to encourage companies to list domestically has been unveiled.

As HSBC buys Banistmo for $1.8bln, analysts predict that the region is ripe for consolidation.

The second exchange of Soviet-era FTO (foreign trade organization) debt into Eurobonds is being formally launched this month, following a first debt swap in December 2002. The first exchange involved $184 million of 2010 paper and $1.2 billion of 2030 paper issued on London Club terms, with about 35% of debt written off. The new one will be carried out on the same terms, and the finance ministry estimates that up to $600 million of claims are eligible.

Azerbaijani company raises funds from outside the country by issuing bonds, a first from this country.

The governing council appears to be split between raising rates incrementally, at 25bp a time, and the short sharp shock of a 50bp hike.

Reports of the death of currencies as an asset class are surely exaggerated. Look for mean-reverting volatility to turn around the performance of currency funds.

The world’s biggest EM portfolio fund manager is scaling back its tactical allocation to the asset class.

Government takes advantage of foreign appetite for Turkish assets by approving privatization plan.

The tiny Caribbean nation of Belize hasn’t been able to catch a break since being devastated by four hurricanes and major storms between 1998 and 2002. The cost of rebuilding following those storms, along with a certain degree of fiscal recklessness, resulted in a massive increase in Belize’s debt: private-sector obligations alone rose from $296 million in 2001 to $646 million in 2003 – an increase that has now led to imminent default.

Caribbean wireless operator Digicel is proving to be one of the most sought-after borrowers in the emerging markets. Sudip Roy speaks to CFO Lawrence Hickey about what makes the company such a popular credit.

Gazprom became the largest stock in the MSCI EM index on September 1, after its foreign inclusion factor was increased from 20% to 40%. It now makes up 5.4% of the MSCI EM index (up from 2.8%), 18.6% of MSCI EMEA, and 35.9% of MSCI Eastern Europe. The decision means that Gazprom overtakes Samsung Electronics as largest included company; Samsung has a weighting of 3.7%.