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Since New York state attorney general Eliot Spitzer went public last year with his investigations into the bias and conflicts of interest in research, the equity research landscape has been changing. A number of analysts at investment banks have set up or joined independent research companies causing a huge influx of new firms on the research scene.

The UK has avoided adding an extra layer of complexity to M&A transactions after a legal ruling that the Office of Fair Trading can maintain a degree of discretion in assessing proposed deals. The ruling sends a positive signal that the UK is sympathetic to mergers.

ABN AMRO Private Bank has added to the ever-growing jargon bandied about by bankers. "Internet cockpit" is its contribution. The bank's new office in Marbella boasts two of them. The Dutch bank is pulling out all the stops in its latest bid to win international high-net-worth clients with second homes in the Spanish resort. And the internet cockpits seem to be doing the trick. ABN says it has already seen lots of interest, particularly from Dutch clients.

Country risk index: The strong currency is damaging economic performance in the eurozone. But the outlook for some emerging markets is brighter, thanks to rising commodity prices and improving prospects for Asia. Paul Pedzinski and Andrew Newby report.

Latin American bond markets have maintained unexpected buoyancy so far this year. But the restructuring of Argentina's debt still looms as a prerequisite of the investment flows it needs, and Brazil is yet to institute the reforms that will enable its private sector to generate growth. Trade agreements would help. Felix Salmon reports.

The Dominican Republic, formerly a star regional economic performer, is officially the most risky country in the Caribbean in 2004. After the collapse of one of the nation's largest banks, investors are looking to presidential elections this May as a way out of the financial gloom. "The country is going through a very delicate time," says Carl Ross, head of Latin American sovereign research at Bear Stearns in New York.

Enthusiasts for a Caribbean free trade zone see an opportunity to boost the region's economies. Sceptics recognize the value of this goal but point to many obstacles in the way of greater integration. Leticia Lozano reports.

Central bank and government profligacy in the west and Japan looks set to buoy up the gold price for some time to come.

Offshore bankers are coming under greater scrutiny and pressure to reform. The collapse of Italian dairy products group Parmalat and the EU's decision to target offshore centres and tighten corporate governance have helped to focus the attention of international authorities on this issue.

Iran's banking sector is dominated by five large state-owned commercial banks, accompanied by five smaller ones, which are required to conform to Islamic banking principles. As a rule, the public banks post weak profits, are undercapitalized and over-staffed, and are run by risk-averse managers. James McCormack at Fitch Ratings says the sector's weakness is state induced. "Sectoral credit allocations, deposit rates and lending rates are prescribed by the authorities based on economic development objectives as opposed to credit risk or monetary policy considerations," he says. The banks are thus "direct instruments of public policy". New licences

Iran is finding it difficult to cope with high levels of unemployment in a youthful population. Despite vast energy resources, accelerated reform is vital if the economy is to be transformed. Kate Luxford reports.