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Japan's ruling political party has been hit by a triple whammy of financial scandals just when the economy needs strong leaders.

John Chalsty might at first seem a strange choice to be creditex's new adviser to its board. The veteran banker spent most of his career at DLJ, starting in investment research before becoming head of investment banking and then CEO.

As Seoul Bank faces being dragged into the government's financial holding company, CEO Kang Chungwon explains how he plans to get the bank back on track.

Securitizing telephone bills could become the new wonder medicine for stricken European telecoms companies to reduce their debt burden. An asset-backed transaction offers the invaluable advantage of not increasing a company's debt ratios - as do normal bonds - and it also generates financing at a much more attractive price, with spreads roughly 20-30 basis points lower than secondary level single-A telecom straight bonds. As for equity, deals are going to be a tough sell for telecom companies with their shares prices at all time lows. They are therefore increasingly looking into selling their future revenues.

Japan's government debt is frighteningly large – larger by far than any other country's has ever been. Some Japanese economists contend that because the overwhelming bulk of it is held domestically there is no fundamental problem. Yet others, and most outside observers, reckon indebtedness cannot be overcome by growth or fiscal means and is a threat to worldwide stability.

Malaysia has emerged from the Asian crisis to find itself occupying a lower place in the regional pecking order. From being one of the must-have equity markets for foreign investors, it has become an also-ran. Domestic equity demand is also depressed and it’s likely that in the near future bond markets will offer more interest.

Turks are responding enthusiastically to the high-pressure promotion of internet access. So far, though, there’s not much money to be made from the business. Access providers will soon have to reconsider their cultural aversion to business consolidation, or else think smaller.

Vietnam’s newly created stock market boasts only five stocks, yet one foreign investor reckons its dematerialized system is far superior to London’s. Strong economic growth rates are attracting direct and portfolio investors. Enthusiasts reckon valuations are at their lowest and likely to rise before long.

Three years after the Asian financial crisis confidence has still not returned to the area. Many investors are sceptical that these countries have done enough to avoid repeating the same mistakes. Singapore’s deputy prime minister, Lee Hsien Loong, outlines the changes that have been taking place in his country and his vision for the future.

The world's largest non-sovereign borrowers made further efforts to position their bonds as alternatives to increasingly rare sovereign issues in 2000. Futures on US agency bonds began trading, borrowers stuck to calendars in volatile markets and embraced the internet.

Doing business with politicians is a wretched business, as independent power producers in the Indian subcontinent have learnt lately.

It's easy to be pessimistic about Asia now the US is slowing. US growth and imports helped Asia rebound from the crisis in 1998. In 1999, Asian finance ministers proclaimed to the IMF/World Bank meetings in Washington that exports had kick-started growth - Korea's economy grew by 7% in 1999, following a 5.8% decline in 1998; Thailand's grew by 4% after a 10% fall in 1998. Huge current account surpluses restored currency reserves to healthy levels, rebuilding sovereign creditworthiness despite the assumption of huge contingent liabilities from derelict banking systems.