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A big focus for credit hedge funds and other traders in the past couple of months has been the opportunities created by the rapid increase in liquidity in high-yield credit derivatives. Since the two rival index providers merged in July volumes have taken off.

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Banks in Arab countries enjoyed much better results in 2003, especially during the second half. In 2002 earnings fell on the back of weakness in global investment markets, tight margins, and higher provisions. Net profit bounced back in 2003, rising by over 15% for the top 100 Arab banks.

Country risk index: The latest Euromoney country risk survey, which for the first time incorporates data on perceptions of corruption, reflects continuing upheaval in the Middle East and Africa that is only partly compensated for by a favourable global trade environment.

Bulgaria cleared an important hurdle when it finally approved the sale of mobile phone company BTC to a consortium led by Advent International in February, in one of the region's largest leveraged buy-outs. Financing for the deal finally closed in June. Gyuri Karady of Baring Private Equity Partners says: ?It tested the legal framework in Bulgaria, and it looks like the rule of law prevailed, which is a triumph for Bulgaria.? Progress on the deal was one of the factors that helped the country obtain an investment-grade rating later in the year.

A major obstacle to domestic corporate financing for Iranian companies is the cost of borrowing from the banks, whose lending is largely directed by the government.

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

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".

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.

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.