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Deflation is on the way, summoning up a long and dreary financial winter. But it should be preceded by a burst of autumn sunshine

South African banks are working out how to structure and finance the Black Economic Empowerment (BEE) deals that are altering the ownership structure of the country's financial services industry. Under South Africa's voluntary Financial Sector Charter, direct black ownership in financial institutions should reach 10% by 2010.

Citigroup's trading on European government bond platform MTS on August 2 has provoked a lot of hyperbole. Citigroup sold e11 billion of European government bonds on MTS and bought e4 billion back a few minutes later at a lower price, making a profit and causing losses at other primary dealers. According to one financial newspaper, Citigroup has "systematically targeted other market makers' mandatory price quotes", which has "shocked rivals". Consequently, the eurozone government bond market has been "thrown into turmoil" and apparently national debt agencies have been forced into a period of "intense soul searching".

The EU's decision in December on Turkey's bid for membership will have dramatic effects on the country's economic development. But even if the formal accession process begins, major reforms will still have to be undertaken.

Central bankers have been the financial market heroes of the past two decades, for asserting independence from profligate politicians, conquering inflation and resolving financial crises not of their own making. But they have managed themselves out of a job. And what lies ahead for the next generation is frustration and loss of influence.

Low interest rates and improvements in financial stability and management in large parts of Latin America are putting banks on the path to increased lending capacity as demand for credit increases.

Hero Brahms, the former CFO and board member of Linde, the German-based technology group, has decided to make the leap from the corporate world to the banking world with his move to SG Corporate & Investment Banking (SGCIB). Brahms, 63, has become a non-executive senior advisor in Germany and will assist SGCIB in its development strategy in Germany. Brahms will also use his CFO and corporate background to help with the bank's approach to corporate and financial institution clients; with so much focus on the importance of banking relationships his experience should prove very useful.

For years, Deutsche Bank's Asian equity business was little more than an also-ran. The bank had a reputation for aggressive tactics and profligate hiring but failed to build a credible business, to the amusement of rivals. But with new management hired to fix the problems, Deutsche seems to be getting it right.

A slowdown in the growth of China's asset pool is not deterring new entrants among fund managers.

Anvar Saidenov, the new governor of the National Bank of Kazakhstan, speaks to Euromoney's Nick Kochan about efforts to diversify the economy, control the inflationary effects of foreign currency inflows and develop more active financial markets.

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Methodology | Activist investors set governance agenda