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  • Few would dispute that 2002 was an awful year for equities. The MSCI World index plunged nearly 20% and the same was true for the MSCI North America and MSCI Europe. While stock markets and investors' portfolios crashed in nearly every developed market except for New Zealand (where the index rose 16.2% last year) and Austria (up 9.5%), net capital flows to emerging markets turned negative.
  • Citi takes over top position from Deutsche in Euromoney’s annual poll of polls. Deutsche is beaten to second place overall by UBS.
  • A recent UK court judgment has stopped minority lenders blocking a workout because it is not in their interests. Rob Mannix explains why the ruling is good news for the banking industry
  • Russia’s central bank is launching a controversial new scheme aimed at creating stability and competition. Deputy central bank chairman Andrei Kozlov explains why the reforms are needed.
  • With trading costs bearing down on them, UK fund managers are tentatively exploring the savings offered by alternative trading venues.
  • Citibank opened its first retail branch in Moscow in November as Russia's leading commercial banks begin to slug it out for Russia's retail banking business.
  • Electronic trading
  • A radical overhaul of Russia's creaking pension system is set to release billions of dollars into the country's debt and equity markets over the next few years and will stimulate dramatic growth of the financial industry.
  • Kazakhstan has had a good run, but the easy things have been done and the strong economic growth of the past two years has eased. The republic is banging up against a ceiling that will only be breached if there is more reform.
  • It was billed as a "good-natured rugby challenge amongst representatives of corporate Hong Kong". But last month's Professions Sevens 2002 tournament, with CSFB, Goldman Sachs, Morgan Stanley, Deutsche Bank, JPMorgan, CLSA and HSBC among those fielding teams, turned into a free-for-all.
  • Last month's surprise resignation of US Treasury secretary Paul O'Neill and White House economic adviser Lawrence Lindsey smacks of desperation in the Bush administration. Only two weeks earlier, O'Neill had indicated that a costly stimulus package was unnecessary as the US economy was recovering nicely. He suggested that a simplification of the tax code was his sole priority and that government funds should be directed only to troubled sectors, such as the airlines.
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