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Amid speculation about how emerging markets specialist Caspian Securities is faring, a new chief executive is to replace its founder, Chistopher Heath.

When the Czech Republic privatized its communist-era industry in the early 1990s it made a serious mistake. It left the banks in state hands. Selling the banks is more difficult now. Their stock has fallen; their loan books are weak; and political opposition to the sell-off is strong. Nigel Dudley reports

Peregrine's last days, by Andre Lee

Investment bankers scouring Russia for the next juicy deal are salivating at the prospect of mortgage-backed securities written off Russian property.

He has been brought back to save Malaysia, just as he did in the mid-1980s when he dragged the country out of recession. Can he do it again? Tun Daim Zainuddin spoke to Steven Irvine about transparency, empty monorails and the problems with Malaysia's financial system.

Issuers: Pub chains

It's all in the price

Telstra fuels an equity boom

Simon Brady becomes editor of Euromoney from next month. He succeeds Garry Evans who has worked for the journal for the last 12 years, eight of them as editor, and who has moved to Tokyo to fulfil an early ambition to work in Japan. Evans became a great editor of Euromoney, swinging its editorial into the different mainstreams of international finance with growing dexterity and judgement, setting a pace that impressed professionals in markets across the world. He will be missed.

Bargain hunters spread to Europe

The European Central Bank's governing council might not be meeting yet, but Deutsche Bank - who else? - has the inside track. For about six months its leading economists in 10 locations have been acting out a "shadow" ECB council which, in a monthly conference call, sets a shadow interest-rate policy for the euro.

European corporates may enthusiastically be embracing the idea of shareholder value, but does this create value for bond investors? This was a question that investors were keen to ask Diageo - the new company created in last year's £9.75 billion ($16.25 billion) merger of Guinness and GrandMet - during its roadshows for a debut $500 million Eurobond. As the trend for European corporate M&A continues, debt investors will increasingly find that recognized names are absorbed into new companies with unfamiliar credit stories. That puts an emphasis on both borrowers and lead managers to explain developments to investors. The trend of hiring highly creative and expensive consultants to come up with new and apparently meaningless company names, scarcely helps.