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Contagion from US domestic corporate bond markets infected Latin American debt in the last months of the year, reversing earlier strong performance by Latin bonds that rallied on the improving credit fundamentals of Mexico and Brazil. It’s one of the downsides for Latin borrowers of having their foreign debt now predominantly owned by so-called crossover investors, not Latin specialists. These nervous buyers bring added volatility to a market where periodic panics, such as that recently surrounding Argentina, are a regular feature. They won’t even consider financing the region’s corporate borrowers, which must now hope domestic markets develop quickly. Danielle Robinson 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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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.

Daniel Vasella has had a tough time as chief executive of life sciences company Novartis, with a collapse in its agribusiness, management turmoil in pharmaceuticals and weak performance in the US. But he's restructured the company and now hopes new drugs can deliver growth.

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.

The complex demands of global capital market dealings suggest that law firms that have close links with accountancy arms should be able to attract an increasing amount of business

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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