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There can be a hefty difference between perception and reality on debt markets pay these days. One headhunter recalls: "A senior banker called me when I was on a ski lift at Christmas. He said he was going to get only $1 million in the current bonus cycle. He wanted to know whether he had been hard done by as he thought he was worth $2 million. I got a researcher to check what someone in his position and with his job title would usually earn right now. I called him back and said 'you're worth $600,000, so you're doing well'."

After a weak 2001, most Arab banks enjoyed little pick-up in their fortunes in 2002. However, early results in 2003 suggest that the tide may be turning.

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

The Central Bank Governor of the Year and the Finance Minister of the Year awards will go live on September 19. Visit the site then to find out who won.

Saudi Arabia's insurance industry will be competitive, properly controlled and fully accountable for the first time following the recent approval of a new insurance law. Modernization is expected to benefit not only those buying insurance but also to have a positive impact through the whole economy.

Significant new oil finds and the completion of several large liquefied natural gas projects will shortly give Egypt's hard-currency earnings a much needed boost. However, continued fiscal and regulatory reform is needed if Cairo is to succeed in creating sustainable and broadly based economic growth.

A bull run in the Indian stock market is usually cut short by a scam, and then a collapse. Yet, this time the market regulator seemed determined to check market abuse even as the Bombay Stock Exchange Sensex index climbed close to the 4000 mark.

What are the defining traits that good investment bankers share? Energy, creativity, entrepreneurship, willingness and ability to take risk, the strength of intelligence to form independent views of the world and the courage to back them: all traits that tend to be driven out of people when they become institutionalized within large organizations under cynical leaders. Everyone toiling at the coalface in a large bank should take lessons from the stories that follow of those who have quit to set up on their own. There's never been a better time to do it.

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