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With equity returns staying stubbornly low, pension funds have been forced to reconsider investing in property. What had become an unfashionable asset class in many major markets has turned out to be the best performer of the past decade.

Zbigniew Brzezinski, Jimmy Carter's national security adviser when he was US president, spoke to Euromoney's Global Borrowers and Investors forum in June. In this edited version of his address, he analyzes the complexities of the Bush administration's fragmented foreign policy and the constraints on its freedom of action.

The UK's Inland Revenue has made what some view as an embarrassing climbdown on a tax change that could have forced leading private-equity players overseas.

The performances that underlie this year's listing of the 250 biggest emerging market banks reflect regional differences as much as broad general features. ? Philip Guarco, Sam Theodore and Elisabeth Jackson Moore report.

This ranking of emerging market banks was compiled by Moody's Investors Service from commercial banks' annual reports and financial statements.

It will go down as one of the most short-lived trading venues ever. It had been in development for months, and its owners claim to have spent $600,000 setting it up. Yet within 24 hours of becoming public knowledge it was killed off. Goodbye, and good riddance, to the Policy Analysis Market (PAM). The brainchild of the Defense Research Projects agency (Darpa), an arm of the US Department of Defense, it aimed to trade futures contracts to enable bets on certain events taking place in the Middle East. Examples included the assassination of Yasir Arafat and the overthrow of Jordan's monarchy. The website even floated the idea of a nuclear attack by that evil Middle Eastern power North Korea.

Was it a disgruntled employee? A computer glitch? Or does google.com have the inside track on the strategic thinking of Ken Lewis, chairman and CEO of Bank of America?

If you thought lawyers were shy and unassuming, happiest drafting opinions in some backroom, think again.

Remember how the technology boom wasn't a bubble at all, because this time things were different? Bankers love telling people how certain events are unique and unprecedented. Most of the time, though, they're wrong.

Motoring broadcaster Jeremy Clarkson, who presented Euromoney's awards for excellence last month, kept things hustling along like a Mercedes-Benz S-600 on an autobahn.

Issuer: ELoC 16

Rupee currency options have started trading for the first time under new guidelines from the Reserve Bank of India. The move comes as part of a series of efforts to develop Indian derivatives markets.