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The accession of 10 new states to the EU on May 1 provided an opportunity to reflect on the success of the European project. For a continent riven by centuries of war and rivalry to build peace and prosperity is a momentous achievement.

A high-spending chancellor and a continuing consumer boom might not be in the long-term interests of the UK. They are, though, fundamental to foreign investment that is pushing up sterling.

GlaxoSmithKline used careful timing to make the most of the dearth of jumbo dollar corporate issues so far this year.

Cheap, profitable and geared for growth - that is how Moscow?s investment bankers are selling Russia?s burgeoning steel sector. Years of investment are bearing fruit and high international prices are boosting bottom lines. But the big-four steel companies are getting too big for their boots. As they turn their attention to landing large international contracts, the leading companies are getting ready to step into the big league by getting their corporate governance act together and analysts are expecting a round of mergers.

IAS39 problems and solutions

The completion of several high-profile corporate restructurings in Japan has convinced many investors that at long last the country is shaping up to come out of recession. Domestic value investors are driving change. Others fear that it's too little too late and that time is not on Japan's side. By 2007 public debt could be three.

Barry Colvin gave up his competitive running career years ago to devote himself to keeping Tremont?s fund of hedge funds business on track. ?My favourite hobby is working to run this business,? he says. While he exudes dedication to his job he says: ?If I wasn?t doing this, I?d run a health club. I love that environment.? In his position as president and CIO of Tremont since the beginning of 2002, Colvin leads the firm?s research and investment management activities. Over coffee at the Park Lane Hotel in London, he explains he?s in the city to research hedge fund managers. He spends a lot of time on business travel, so his wife usually joins him.

With foreign players set to start investment banking operations in Saudi Arabia, local banks are confident that they can meet the challenge.

Small private banks wanting to offer their clients investments in soft commodities are increasingly using hedge funds as a point of entry. Interest in commodities has risen as high-net-worth investors seek diversification, but small private banks lack choice when offering third-party products.

As the award of the best bank in sub-Saharan Africa category to Standard Bank indicates, South Africa remains the major driving force in introducing efficient, hi-tech banking systems across the continent.

Recent cases involving sovereigns have shown how open to interpretation pari passu clauses are. Do they dictate equal payment to all similarly ranked creditors? If so, the international financial architecture faces a huge new risk.

Pakistan's economy is growing at an unprecedented rate but foreign investors, exercised by doubts about political stability, haven't heard the good news.