Search results for

Russia will probably default on its Eurobonds. Other sovereigns may well do the same. That's not such a big deal, say the markets. It's all in the price. But are they ready for the consequences? The Euromarkets have grown up with the idea that Eurobonds are immune from rescheduling. But every debt crisis in history has been messy; the instruments involved have been discredited for years. What happens when international bond default becomes normal again? Antony Currie reports.

September's successful flotation of wine producer Federico Paternina reflects the IPO potential for family-owned companies in Spain. Although recent volatility in the stock market has slowed the pace of change, many other small to medium-size companies are poised to go public in response to increased global competition. Jules Stewart reports

There have been four changes of government in Italy since 1991 but Mario Draghi has rarely seemed threatened as director general of the republic's treasury. While treasury minister Carlo Ciampi - who also appears certain to keep his post in the new administration of prime minister Massimo d'Alema - has concentrated on reducing Italy's budget deficit in readiness for the European single currency, Draghi has emerged as the most powerful figure behind wide-ranging financial reforms. He and Ciampi were also central to the planning and implementation of the "euro tax" and a major deficit reduction, which enabled Italy to meet the criteria for entry to the first round of Emu.

Publicity-shy Investcorp has spent 16 years channelling Middle East wealth into property and corporate ventures in the US and Europe. Nemir Kirdar, the firm's head and founder, explains the Investcorp philosophy to Peter Lee.

When the Soviet Union collapsed, skills were short and contacts were everything. Putting together what they could of both, two young Russians, Vladimir Potanin and Michail Prokhorov, built from scratch Unexim, the country's largest private bank, as well as Interros, a leading financial-industrial group. This rapid growth has led rivals to accuse Unexim of acting unfairly and to wage a propaganda war against the bank. Despite Unexim's success little is known about its inner workings or about the style and strategy of its founders. Recently the bank agreed to open its doors to Euromoney in a way it has never done before. Brian Caplen reports.

Too many consultancies offering their services these days? No more niches to find? Not according to Rob Heyvaert, a 34-year-old financial entrepreneur from Belgium. Having already set up and run a software business, and having had a stint at IBM, he's now returned to running his own show. In April this year he started canvassing for capital, and partners, to help develop his new business, the Capital Markets Company, or CapCo.

Was it the summit meeting that saved world financial markets from Armageddon? Or was it the night on which Wall Street's crony capitalists, backed by the taxpayer, looked after their own - John Meriwether at Long-Term Capital Management? Whatever the interpretation, fear was in the air, and there wasn't much time to philosophize. David Shirreff reports on five days that shook the world. That's followed by a study of over-leverage, by Michelle Celarier, and another sad tale at UBS, by David Shirreff.

From his unassuming manner you would never guess that Alberto Albertini is one of the most influential figures in Italian finance. But when he decided to study economics at Milan's prestigious Bocconi university in 1974 he was embarking on a well-worn family path. His father had been a prominent stockbroker since the 1950s and in the early 1970s started the family business, now called Albertini & Compagnia, one of Italy's most well known and successful independent brokerages.

When Meriwether invited Union Bank of Switzerland to eat a special dish with him at high table, it seemed too good to be true. It was. Why did a bunch of Swiss bankers rush in where the rest of Wall Street feared to tread? By David Shirreff.

Striking out for the sectors

See Naples and buy

Which banks will weather the storm?