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Is the tide about to turn for the Nigerian Stock Exchange (NSE)? With major companies trading at very low P/E ratios, and with prospects of greater political stability, surely this is an emerging market that has been too long overlooked? Nigerian Bottling Company managers seem to think so. In March NBC did a N3.5 billion ($38 million) rights issue, Nigeria's largest ever.

Have you been wondering what, if anything, can cause bank stocks to fall? Last year's crisis managed to do it, but now it would appear to be little more than a temporary blip. And in the US at least, the first quarter of 1999 has been a profits bonanza for most of the banks, even for the likes of JP Morgan, which had been stuck in the return-on-equity doldrums for several years.

Middle East: Arab banks lay regional plans

FX Poll: Life after execution

There could be few clearer indications that foreign banks are smoking out the locals in the Japanese capital markets than Citibank's success in syndicating a $5 billion loan for Japan Tobacco.

Middle East: Arab banks lay regional plans

Why did Morgan Stanley Dean Witter decide in January to move the irrepressible Riccardo Pavoncelli from head of European debt capital markets to head its European media industry group.

It is flattering to be remembered by Paul Roby so long after the event (letter, "Begging to differ" April, page 13).

This year's splurge of big M&A deals have upped the pace in the race to be Europe's top M&A adviser.

Ecuador's financial crisis came to a head in mid-March. With 10 banks closed or subject to state intervention in the past nine months, depositors have lost confidence. A major run on the banks was only avoided when the government declared a week-long bank holiday on March 8 and imposed a freeze on $1.5 billion in sucre and dollar deposits, for up to a year. Already struggling to cut a severe fiscal deficit, the government could not make good immediately on last year's legislation guaranteeing deposits. Now it is looking for help from international auditors and multilateral financiers to cleanse, downsize and recapitalize banks.

FX Poll: Life after execution