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A law that was passed virtually unnoticed will come into effect this month and has prompted many strategic and financial investors to question whether any investment in Korea’s financial sector is wise.

Société Générale paid Eu1.2 billion for 60% of Komercni Banka as it moved into the Czech Republic in June. The move was criticized as too risky. Now, it appears that it was right on target.

Russia’s vast utilities are gravely afflicted. In desperate need of investment to rebuild worn-out plant and distribution networks, they are also drained of income because of uneconomic pricing and persistent corruption. Ben Aris reports on the progress of restructuring

Russian bonds are looking much safer than equities, offering good growth potential while still guaranteeing favourable yields. Once again, investors have their eyes on bonds.

Dubai prepares for the IMF/World Bank meetings in 2003 by building five-star hotels, new roads and upgrading the transport system.

It is over a year since president Vladimir Putin moved to bring unruly Russian regional governors to heel, but it is still unclear whether the system of federal districts he introduced will help or hinder foreign investors intrepid enough to venture into Russia.

Equity buyers are increasingly basing investment decisions on companies’ records on corporate governance as well as on projected real shareholder returns. The challenge for investors is to measure and reward good corporate governance practice as readily as they have criticized bad corporate governance in the past. Euromoney offers its own contribution, with a new corporate governance ranking and also reproduces analyses by banks. For investors and companies, especially in emerging markets, new rules of engagement are being drawn up. Kapila Monet reports, research by Andrew Newby

World Bank president James Wolfensohn responds to the many criticisms being thrown at the institution, points to some of its recent achievements and outlines a vision of how it might work in future.

The tango effect is being felt in the international bond and currency markets and in the halls of the central bank in Brasilia, but so far it has had relatively little effect on the average Brazilian.

For some hard-bitten corporate executives and the more cynical investors, the concept of corporate governance is doubtless too nebulous and idealistic to bother with. But for many it has acquired sufficient substance to serve as Euromoney surveyed companies contained in one or more of the following categories as of June 15 2001:

Saudi Arabia’s banks are bracing for a period of intense retail competition by preparing to launch new products, especially for Islamic and internet banking, and developing personal and mortgage lending.