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By 2002 Capital One's rapid growth took it deep into sub-prime territory, stirring up a crippling rise in its borrowing costs and scaring off bond investors. Having learnt its lesson, the credit card firm has made a remarkable return to favour.

It's a wonder that the Philippines is still afloat. Rafael Buenaventura, central bank governor, has steered it clear of disaster. But with a presidential election this month, an unimpressive line-up of legislators and the governor's term coming to a close, the republic faces an uncertain passage.

“When I arrived, Depfa wasn’t just German,” says Gerhard Bruckermann. “It was ultra-German. This was 13 years ago, just after privatization, and nobody thought about profitability.”

It took a year and at least one false start, but John Walsh has finally returned to the markets. He turned up at Royal Bank of Scotland, nearly a year after he walked out of his role at CSFB as global head of debt capital markets. His title at RBS is head of North American corporate credit markets.

By Camilla Palladino

Macquarie has steered a profitable course, avoiding head-on confrontation with global competition through niche strategies. So its acquisition of ING?s Asian cash equities business is puzzling. Can it succeed where ING failed or could this mark the unravelling of the Macquarie miracle? Chris Leahy reports

Treasurers might be familiar with the basics of IAS39, but it's the details that will force them to change their funding and hedging strategies. Euromoney's panel of experts discusses the profound implications of this complex piece of regulation.

Between them, UBS and Deutsche Bank now handle almost a quarter of all client trading volumes in foreign exchange. Their global dominance reflects crucial changes in clients' behaviour. Other banks that have been slow to emulate their strategies are suffering.

Afghanistan International Bank, owned by a consortium of Afghan and US investors and managed by ING?s Institutional and Government Advisory group (ING-IGA), has opened for business in Kabul.

Asian research brokerage CLSA has not found it easy to move into new markets. But after costly forays into non-Asian countries it has started to expand again. Its decision to open in Tokyo was impeccably timed and well executed.

Evare LLC, a technology company specializing in the acquisition, transformation and delivery of financial data, has announced the availability of IDocs formatted bank data for use in the SAP treasury model.

Fresh regulations aimed at standardizing processes in the financial sector have created poorly defined compliance rules and have resulted in increased IT spend, according to research published by the Economist Intelligence Unit (EIU) for Changepoint, a provider of governance and business IT software. The report concludes that billions in investment will be necessary to comply with regulations ? such as Basel II ? and that 59% of respondents to the EIU research are investing heavily in existing IT systems with a further 34% planning on acquiring new IT systems.