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Investment bank bonuses are set to reach up to $5 million this year, up 50% from 2002, according to a survey by headhunters Armstrong International.

Deutsche Bank is set to offer tailor-made corporate governance research on FTSE 350 companies before the end of the first quarter of 2004. Aimed at fund managers, it offers systematic analysis of corporate governance issues at top companies, providing further context for the financial numbers.

Headlines exposing torrid tales of corporate miscreants and tough talk by governments and regulators about imposing new standards have kept the issue of corporate governance bubbling over in recent times. Investors suspect companies are paying no more than lip service. However, a few Asian companies have been quietly setting their own standards - and reaping significant gains. Chris Leahy reports.

By Mike Monnelly & Camilla Palladino

Hopes that fiscal consolidation would begin paying off for Lebanon in 2004 were dashed by the draft budget approved by the cabinet in late October.

The US economy is growing at over 8% a year. Jobs are returning, industrial production is improving and households are still spending. Everybody expects this business cycle to be like those before and they've lapped up stocks in the US and Europe, in anticipation.

Will Germany finally start to generate true-sale securitizations next year, with all that means for the German economy?

By Brian Mooyart

The article entitled “The World’s Best Banks” published in the July issue mentioned Sheikh Khalid bin Mahfouz in the context of his stewardship of NCB in the 1990s. He has asked us to clarify a couple of issues. Sheikh Khalid wishes to make clear that he was not fined by the US regulators for his part in the collapse of BCCI. Sheikh Khalid settled the matter without any admission of guilt in relation to the charges brought against him. Sheikh Khalid also wishes it to be made clear that he was not ousted from NCB following the collapse of BCCI. He states that he chose to stand down in order to devote his time to defending himself against the BCCI charges. Euromoney wishes to further clarify that while new management then set provisions for possible loan losses in 1999 at 10 times higher than any previous year, no dramatic increase in actual loan losses has since occurred.

A growth rate rivalling China's has thrown up compelling corporate stories from India. Analysts polled by Euromoney favoured its companies for their investor-friendly qualities Kathryn Tully reports; research by Andrew Newby, Paul Pedzinski and David Skalinder.

Since the Madrid meeting of the Basle Committee on Banking Supervision in October, a new realization has dawned on the senior managements of banks around Europe and the rest of the world. The Basle II accord will go ahead - having looked in doubt at various times this year - and the time is fast approaching when banks must move beyond arguments over complexity, pro-cyclicality and inappropriate incentives. They must start implementation.

Most bankers would have said the stakes were high enough at the Rugby World Cup final between bitter rivals Australia and England in Sydney. But that was not the case with Aussie investment bank Macquarie. It upped the ante by publishing research confidently predicting a home victory, entitled "Rugby World Cup - quant style - Why the Wallabies will win".