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Author: David Roche Bank of Japan governor Masaru Hayami missed a step when the bankruptcy of the Japanese retailer, Sogo, stopped him ending the zero interest-rate policy (ZIRP) at the BoJ’s July meeting. But he looks determined to end ZIRP within the next two months.

Author: Philip Eade

The first major online retailer to go from dot com to dot gone, sports clothes site Boo.com blunted the eagerness of venture capitalists and internet incubators to back virtually any start-up that crossed their paths. European private-equity investors remain in the race to spot and back the most promising new entrants in the dot com arena, but they are treading much more carefully. Many have given up on business-to-consumer start-ups entirely and only back business-to-business ventures. Other specialist investors are searching for opportunities in internet infrastructure and wireless technology. Crafty internet entrepreneurs are redrawing business plans to fall in with the latest investment enthusiasms. Plenty still dream of making internet fortunes, but most recognize the need to embrace old-economy business disciplines. Britt Tunick reports

Managing director, European fixed income distribution, Barclays Capital

Mitsubishi, Japan

Author: Rupert Wright

As investors load up on European high-yield bonds they are faced with problems in every direction. Credit portfolio models are unreliable because of the lack of data on everything from default rates, rating downgrades, recovery rates and correlation between assets. Only when European corporates have been through a severe crisis will the required performance data be available. Anja Helk reports

Credit Suisse First Boston

Goldman Sachs

Merrill Lynch

At last there's a business-to-consumer internet company to keep the most skeptical bankers happy. Wineby.com was launched on March 1st by the aptly-named Jeff Hock. "So many of my customers are investment bankers," says Hock. "Looking down the list we've got so many Wall Street names down here. Our service appeals to them because they've got no time to go shopping, are comfortable ordering on-line in the day, and can have it delivered to their doorman before they get home."

Citibank and HSBC battle it out to be the best pan-Asian bank.Morgan Stanley Dean Witter succeeds in M&A and HDFC Bank had a great year in India. Kathryn Hanes