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French banks are starting to restructure and consolidate. But they remain obsessed by the domestic market and are more concerned with market share than return on equity. All that will change with the euro. Rebecca Bream reports.

To lose one fortune, Mr Meriwether, may be regarded as a misfortune. To lose two fortunes looks like carelessness.

Some of the bigger players in European equities reckon the single currency isn't a major driver of the sectoral approach - they were heading that way long ago and the real goal is to look at sectors globally. As Emu approaches, though, smaller local brokers will have to adapt to the new ways or go under. Some will sink but others will survive on specialist knowledge, particularly of small and mid-cap companies. Julian Marshall and Sudip Roy report.

A decline in oil prices and a regional economic crash should be bad news for an oil-based economy in south-east Asia. But Brunei is insulated from the worst of this economic turbulence. And this quiet country of 300,000 people is focused on the longer term. Nigel Ash reports

It is rare that the interests of investors and issuers coincide exactly, and when they do they have generally been forced to. That is what has happened in the European convertible market. Right now, this halfway-house hybrid does make sense as a defensive outperformer for investors, and a cheap, flexible funding tool for corporates and privatizing governments. Simon Brady reports.

Why did Isda beg the CFTC for more time? The International Swaps & Derivatives Association (Isda), with a long history of success in Washington, needed a few more days to frame a response last month to a movement from left field a petition from one of its associate members, the London Clearing House (LCH), to Isda's old arch-enemy, the Commodity Futures Trading Commission (CFTC).

Early days for corporate bonds

With markets in turmoil and attention switching from returns to credit quality, new ways for assessing counterparties are needed. Our second emerging-market bank (Emba) ratings bring a temperature-taking approach to credit. While rating agencies pore over accounts and spend hours interviewing managers, we use the raw financial ratios that drive much of the ratings process. The results are always provocative. This year Emba highlights island paradises in the Caribbean and the Mediterranean where economies and banks have stayed clear of the fallout from global markets. Those seeking banking peace and pina coladas should read on. Brian Caplen reports.

For Latin American corporates the doorway to international bond markets is now locked and bolted for the foreseeable future. But what about the loan market? According to Eugenia Wilds, head of the Latin American loan syndication group at JP Morgan, the key bank lenders will hold fast in a storm.

Sigma triggers global meltdown

Luis Cezar Fernandes had planned to retire in two years' time when he turned 55. The founder of Brazilian investment bank Pactual was looking forward to a more leisurely life on his farm. But that was before two crises erupted - the global meltdown that has challenged all Brazilian bankers and the rift inside Pactual that led to staff breaking away to start their own operation and a change in the firm's ownership.

Striking out for the sectors