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As a result of the overwhelming demand, the stock soared 40% when it debuted on the ZSE in early December, hitting K2,400 within minutes of starting trading.

Is it really likely that DK will now be able to persuade better-quality individuals to join the firm? It might be struggling to retain the ones that are left.

Better guide to risk than VaR. According to some hedge fund industry participants, stress testing is becoming a more widely used measure of risk among prime brokers and managers.

Cash management debate: Doing more with less – the treasurer’s lot

Asia’s nascent market in structured growth capital is hard to define and even harder to resist. Fat margins and tied clients are bringing more entrants and might engender greater risks.

“The share price hasn’t moved for a decade. Working for Citigroup has put an extra five years onto my working life. You make a pact with the devil when you work for an investment bank, I know, but you at least expect him to keep his side of the bargain!” One disgruntled Citigroup banker bemoans having his retirement plans indefinitely delayed

Transbank to raise statutory capital by USD 32mn. The Transbank decided to raise the statutory capital by UAH 160mn (USD 32mn) to UAH 200mn. The intended increase will be achieved via additional share issue for existing shareholders and foreign investors. Transbank presently negotiates with French, Israeli and South Korean banks to sell its shares to them. As of Oct 1, 2006, the net assets of the bank amounted to UAH 629.5mn, its credit portfolio – to UAH 469.5mn and equity - to UAH 70.68mn. The bank ended the Jan-Sep 2006 with net profit of UAH 4.352mn. As of Oct 7, 2005 Volodymyr Kosterin had 23.66% stake in the bank, Eurowest ltd - 9.99% stake, Natalia Zhylina - 9.4% stake, Vartons Management Ltd - 8.75% stake and Hrindel Ukraina - 8.59% stake in the bank.

Belarus threatens to stop gas transit if Gazprom cuts gas supplies to this country in 2007. Belarus threatened to stop transit of Russian natural gas through its territory if Belarus and Gazprom fail to sign the contract for gas supplies in 2007. It was stated by Belarusian deputy PM Vladimir Semashko. Gazprom wants to double the current gas price for Belarus in 2007. Otherwise the company may cut supplies on Jan 1. The current contract terminates on Jan 1, 2007 . Sergei Kupriyanov, a spokesman for Gazprom, said that the company would supply gas to Belarus only on the basis of a new contract. About 80% of the Russian gas supplies go to Europe through Ukraine and about 20% - through Belarus . Belarus proposed the gas price to be set at USD 75 per 1,000m 3. But, as Kupriyanov said, in this case Gazprom will receive USD 1.5bn for 20bn m 3 of gas exported to Belarus . In addition it will have to pay USD 2.5bn for a 25% stake in Beltransgaz and for the gas transit to Europe through this country. Intellinews comment : However, Gazprom is not likely to cut gas supplies to Belarus on Jan 1 because this will hamper its reputation and demonstrate low reliability of the company. Most likely it simply uses pressure to get the best possible deal with the country.

Russia, Moldova sign WTO accession protocol. Russian EconMin German Gref and Moldovan EconMin Igor Dodon signed WTO accession protocol. In order to sign this document Russia had to promise to reverse import embargo on Moldovan wine, which is the main export good of the country. On Nov 19, Russia signed a WTO agreement with the US, which opened way for further multilateral negotiations on WTO accession. Russia will be able to join WTO in 2007, German Gref said last month. Russia still needs to sign bilateral protocols with Guatemala , Costa-Rica and Salvador . However, the agreements with these countries already were reached. The most important thing for Russia is to get an agreement of Georgia , as it is the only country, which still does not support Russia ’s entry to WTO.

Bank of Moscow to raise USD 270mn from additional share issue. The Bank of Moscow plans to raise up to RUR 7.114bn (USD 270mn) from the placement of its additional share issue, the bank said. 6.9mn shares will be placed via public subscription at the price of RUR 1031 per share. Bank of Moscow, founded in 1995, has 83,000 corporate and 6mn individual clients. The bank has branches in Russia , Baltic countries, Belarus , Ukraine , and a representative office in Germany . In Aug 2006, Bank of Moscow obtained RUR 2.9bn in additional share issue, thus increasing its authorized capital to RUR 12.31bn from RUB 11.75bn. The bank's major shareholder is the Moscow government with 46.465% stake.

Foreign reserves inch up 0.5% w/w to USD 58.8bn. The Central Bank announced that foreign reserves increased 0.5% w/w or USD 296mn to USD 58.8bn as of Dec 8. The bank’s reserves jumped a by 16.3%, or USD 8.3bn between end-2005 and Dec 8. In mid-April, the bank’s reserves had reached a record level USD 60.4bn before they declined to USD 56.7bn as of July 30, following strong volatility in May-June.

M3 money supply rises by 1.5% m/m to PLN 465.6bn in November. Money supply in November was PLN 465,594.1mn compared with PLN 458,637.5mn (after revision) a month earlier, announced the National Bank of Poland (NBP) in a communiqué on Thursday. This means a rise of 1.5% m/m and by 12.9% from the end of 2005. Net foreign assets in November reached PLN 159,858.8mn, or EUR 41,885.0mn. In October, they amounted to PLN 168,320.2mn, i.e. EUR 43,302.2mn (after revision). Total deposits were PLN 385,281.4mn up 1.8% m/m, and 11.6% on the end of 2005, of which household deposits were PLN 214,780.2mn (0.2% m/m, +5.4% since December), whereas corporate ones – PLN 116,957.9mn (+2.8% m/m and +17.6% since December). Total credits amounted to PLN 361,632.4mn at the end of November, a rise of 2.4% on the month, and 21.5% since December, of which household credits were PLN 183,375.4mn (+2.5% m/m and +29.8% since December), whereas corporate ones – PLN 141,380.13mn (+1.3% m/m and +13.1% since December). ISB