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The privatization of INA is governed by a special law passed in March 2002. Under this, other than the 2003 sale of 25% plus one to a strategic partner, which turned out to be MOL; and the forthcoming IPO for 15%; a further 7% of the company is reserved for war veterans and 7% is to go to present and former employees of the company. The war veterans' shares will be transferred to a fund while the employees will be sold their shares on favourable terms, probably at the same time that the IPO takes place.

The ability to lend is closely tied to capital markets business, writes Laurence Neville

As real estate establishes itself as an asset class of choice for investors large and small, advisers are reaping the benefits. The next product in the production line could be property derivatives.

Malaysia's local electricity supplier is just one of the government-linked companies on Khazanah's books. And, like most of them, it has plenty of problems to deal with.

During the past few years land values in Manhattan have reached new heights, with more land below 110th Street selling for at least $300 per buildable foot, and strong locations priced in excess of $700 per square foot. The drivers for this market have been the worldwide real estate market's strength, low interest rates, the weakness of the dollar, domestic and foreign focus on Manhattan, the city's resilience after 9/11 and continued economic expansion. Many of these factors reflect temporary market aberrations. However, the most important drivers reflecting permanent market adjustments are what make New York an excellent long-term investment, according to US estate agent Studley. New York consistently emerges as the most expensive US city on both a cost of living and real estate price basis.

Íslandsbanki's acquisition of BNbank in Norway marks a significant acceleration in its growth plans. A small deposit base means the bank has to actively seek diverse sources of funding

While other state banking groups in Europe cast covetous eyes at Calyon, the investment banking arm of the Credit Agricole group, CNCE's Ixis is surprising many with its ambition.

The investment market is becoming ever more competitive as structural change brings higher allocations to real estate, writes Laurence Neville

We don't like to blow our own trumpet but... Euromoney trashed the competition and emerged as undefeated champions in the viciously fought mixed netball tournament hosted by Associated Newspapers, the sister company of Euromoney Institutional Investor within the DMGT publishing group.

As a new president takes office in Iran and deadlock hits talks with the European Union over Tehran's controversial nuclear programme, investors are pondering whether they should enter an economy that might soon be subject to sanctions.

Catella Property Group is used to punching above its weight. By investment bank standards – and Catella models itself as a "mini-investment bank" – it is tiny, with just 260 people in eight European countries focusing on high-quality property transactions services and property-related corporate finance. But for its clients and peers, Catella is in the big league, with a quality of service to rival the best.

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