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AUTO DEALS

So Sandy Weill has a successor at last. Or does he? The chairman and CEO of Citigroup has announced that Bob Willumstad is being promoted to president.

The world is in recession. But it won't be by the end of the year. It will be the US economy that will show the way out of the mire. And it will be the US consumer that will hold the centre in the battle against recession.

US MARKETS

GREECE

At a gala dinner in Karachi in January Euromoney finally managed to present the finance minister of the year award for 2001 to Pakistan's Shaukat Aziz.

Europe's high-yield debt market is on its knees. Investors have had two years of heavy losses and new issuance has ground to a halt. But bankers predict rapid growth in a related area: the issuance of high-yield CDOs (collateralized debt obligations).

A rash of European high-yield defaults has pointed up the skills of specialist law firms practised in pursuing the interests of bondholders.

MEXICO

INDIA

Did Kenneth Lay's call of doom to Paul O'Neill contain a germ of truth? The Enron chairman claimed in an October telephone conversation with the US Treasury secretary that the collapse of Enron could lead to a systemic decline in the US financial system. It was easy to deride it at the time as the desperate ravings of a man scrambling to save the company he and fellow executives had crashed into the ground. For a while the Enron saga unfolded as an extraordinary but somehow remote and isolated event, rather like the collapse of Argentina. Financial markets took the biggest ever bankruptcy in America calmly. Neither credit nor equity markets sold off. But now, three months on, it seems Lay had a point.

For financial institutions from Europe, the US and Japan, China is the last great frontier. Though the country's membership of the World Trade Organization, which came into effect last month, will bring major changes across the economic board, the revolution is likely to be most radical in banking, share markets, insurance and allied services.