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Minister of higher education Hassan Risheh - the ministry with responsibility for pre-university students is run separately - is convinced of the importance of tertiary education to Syria's economic future. "Investment in human resources development (HRD) plays a very important contribution to building a sound economy," he says, "and to building an economy which is able to compete in an era when we are seeing globalization all over the world and the opening of economies all around us. But investment in HRD means a complete reform of the system, which is why we are not only talking now about economic reform but also about educational reform in Syria."

Syria’s commitment to the development of export-oriented sectors and new trade ties is paying off, with new incentives for domestic and foreign investors in place. Privatization, though, is not part of the package and the government is pledged to retain a mixed economy.

Best bank:

European airport IPOs and secondary share offerings are keeping equity capital markets teams busy. Vendors hope to raise up to e20 billion from selling shares in airports in the next few years. But the upcoming privatizations of Amsterdam's Schiphol airport and Milan's Società Esercizi Aeroportuali airport authority, along with a secondary offering by Unique, the manager of Zurich Kloten, seem set for a rough ride as local and political issues put a damper on investor enthusiasm.

A small number of international banks now regularly compete for Euromoney's global awards. The margin between these same leading firms in any category is narrow. The pecking order shows minor adjustments this year, with universal banks Citigroup, JPMorgan and Deutsche doing well, while Goldman Sachs still hangs in. Simon Brady, Jonathan Brown, Chris Cockerill, Antony Currie, Anja Helk, Peter Lee, Julian Marshall, Jennifer Morris and Felix Salmon report

The world’s most improved investment bank

After a four-month absence from the market, Yann Gindre - ex UBS, BZW, Commerzbank and Chase - has finally resurfaced. But he's not going back to banking. Gindre was always one of the more colourful bond origination professionals, but he has decided to hang up his Euromarket hat and become, of all things, a headhunter.

April's budget proposals from UK finance minister Gordon Brown contained a few little noticed but significant measures that might benefit UK companies, notably the proposal to make purchases of intangible assets, including goodwill, tax deductible bringing the UK into line with the US.

Privatization has been the fate of all but a few of Europe's unquoted financial institutions. Demutualization is all the rage. Non-shareholder banking models are few and far between, but Spain is a notable exception. Here, the private savings banks are growing and consolidating and show no signs of letting go of their special legal status. The Spanish savings bank model has virtually no critics. It has proved itself a successful structure because of a number of features. Most notably, since the creation of these unique financial institutions over a century ago, there has not been a single default.

In the May Issue of Euromoney the result of the vote for hotels in Tokyo were omitted from the Business Travel Poll.

Western Europe: KfW

Is all that talk of looming recession and job losses getting you down? Sick of being told to look for bargains? Was last month's recommendation of Smith and Wollensky's Nasdaq special lunch just too depressing? Then perhaps the millionaire's margarita is for you. Yes, in a determined effort to appeal to the would-be obnoxiously wealthy in us all, Grand Marnier is trying to promote the millionaire's margarita as the drink to have to celebrate a deal or just simply spend your severance package.