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Sistema: The power behind the phone

Global legal practice is on the point of going the same way as accounting - with a small number of dominant players. By Christopher Stoakes

Meet the Don

Trawling the bottom in Europe

Is there life beyond the P/E ratio?

Faster and more synchronised world growth is bad news for bond markets. But the prospect of accelerating growth in Europe and a slowing US economy next year points to the outperformance of US bonds vis-à-vis the EU.

Merrill Lynch has long been tipped to become the powerhouse in Asian equities. This year's survey of international investors shows that it has reached the summit, ranking first in pan-Asian research and execution. Its large-scale regional presence is paying off as Asian markets recover. And this time the recovery is built on stronger foundations than last year's ill-fated rally, says Marcus Walker. Research by Alexa Marx

Fund managers knew the euro would change their world. Some boosted their stock and credit focus, others decided it was best to wait and see. Here, eight investors from Germany, France and Italy talk frankly about how they fared in 1999. Their tactics and views differ. But a frequent strand is a degree of irritation about their decisions to believe the hype about corporate bonds. Marcus Walker reports.

Brazil has lived so long in its own world that adapting to outside forces involves a profound internal struggle. Vociferous state governors have strongly opposed reforms pushed by the federal government. They wield considerable influence in states bigger than some European countries. Sometimes it seems the governors' independent acts - refuting debts or rewriting contracts - could sink the whole ship or, at the least, scare off foreign investors. Maybe these men aren't as wild as their rhetoric. To find out, Brian Caplen took a closer look at three key Brazilian states and their leaders, in Rio Grande do Sul, Bahia and Minas Gerais

Thais won't practise safe banking

Spider strategem

Corporates from Scandinavian countries in and outside the eurozone have rushed to the debt capital markets this year. Although pricing isn't especially attractive, corporate treasurers across the region need new sources of funding to replace the shrinking bank loan market. Those operating in restructuring industries are glad that a new European corporate bond market provides long-term finance, even for lesser-rated issuers. But it may become harder to do successful deals. Charles Piggot reports.