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Corporates need bank liquidity more than ever as the capital markets can close suddenly. Bank providers sense an opportunity and loan volumes, though down, have remained healthy. But banks also need to shore up their defences or risk drowning in bad debt.

After Argentina, emerging-market professionals are facing up to the prospect of a default in Brazil. The effects could be so disastrous that collective action clauses in bond documentation are winning more and more favour. But broader IMF measures look necessary if such restructuring mechanisms are to work effectively.

Latvia

Wimm-Bill-Dann, the first Russian company to launch an IPO on the NYSE, posted flat profits in the first quarter. The dairy and juice producer is already demonstrating its skills in the art of positive spin. It says results are good if one-off seasonal promotional expenses and the higher cost of raw materials over the Russian winter are taken into account. It claims that its 2001 and first-quarter 2002 net profits are in line with company targets, although its net profit margin remained flat over 2001 at 4.8%, below analyst expectations.

Czech Republic

Western corporate governance scandals have prompted a flight to quality in emerging markets that are seen to be cleaning up their acts. But investors need to keep their wits about them: in some cases corporate governance may only have improved from "horrible" to "bad".

NORDIC/BALTIC REGION

Awards for Excellence 2002

Awards for Excellence 2002

Awards for Excellence 2002

Awards for Excellence 2002

Awards for Excellence 2002