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The unthinkable is happening in European covered bonds. German mortgage banks no longer sneer at any attempt to mimic their market and its proud history of never producing a default. New and sophisticated covered bond laws in France and Luxembourg have improved on the Pfandbrief model. Because of this, German banks are now scrambling to copy other issuers’ refinements. Lack of uniformity is still a problem. International investors must comb through the different laws and regulations that characterize distinct European covered bond markets. Perhaps one day a single European market will finally emerge. Anja Helk reports

Investors' memories are notoriously short but a 1,000% increase in the share price of Yukos, Russia's second largest oil company and its most notorious shareholder rights abuser, seems to denote nothing less than mass amnesia.

If you opened up the Financial Times on Thursday October 26 and turned to the people section, you might have read that Michael Buckley is chief executive designate set to replace Tom Mulcahy at the head of Allied Irish Bank when Mulcahy retires in June. Buckley has been running AIB's Polish operations. In September he told Euromoney about the increasing competition among foreign bank entrants and AIB's hopes to turn its Polish branches quickly to profitability.

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The Turkish government is committed to banking consolidation, privatization and restructuring. It will also sell off the ailing banks it has taken under its wing. The country’s numerous banks are no longer able to live off interest payments from government debt. Metin Munir reports

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It's just one piece of bad news after another for markets at the moment. Falling stocks of oil in the US and the Arab-Israel nightmare are keeping oil prices well above Opec's stated target of $28 per barrel. Major US corporations announce each day earnings results that disappoint investors. The dot com and hi-tech sector takes a huge pounding.

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Details of the inaugural euromoney.com internet awards were made available through the homepage of euromoney.com three months before publication of the results. We listed the main categories – such as fixed income, equities and foreign exchange – in which we would be judging sites, along with the contact numbers and email addresses of our researchers. Companies that we expected to be major players in a number of categories were also contacted directly.

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Not for the first time Ghana, called by independence leader Kwame Nkrumah the Black Star of Africa, has sought to build on prosperity to create a regional leadership position. As before, such hopes have crumbled as commodity prices have fallen, the local currency has depreciated and import dependency has persisted. Chris Cockerill reports