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Hungary's central bank president took the view that the government had to invest heavily in putting the banking system in good shape as a prelude to a root-and-branch privatization that did not obstruct foreign participation. As Nigel Dudley reports, foreign strategic investors are already bringing greater efficiency

Strapped for the cash to build international-style hotels, the Ukraine government is sprucing up its Soviet-era buildings and housing EBRD delegates on boats instead. But the real difficulty will be creating a service culture in time for the conference. Suzanne Miller reports

What country would be desperate enough to issue a Eurobond with a yield of more than 16%? Ukraine, reports Suzanne Miller, is a country becoming truly desperate. Investor confidence is collapsing, reforms are paralyzed and a liquidity crunch looms.

Last month, Kendrick Wilson, a vice-chairman of Lazard Freres in New York and one of the firm's most senior bankers, left to join Goldman Sachs. Goldman now boasts the strongest line-up of all financial-institutions groups in the US. Wilson, and Goldman's head of FIG, Christopher Flowers, are the two biggest names in the M&A advisory business. Wilson worked on several of last year's tie-ups between commercial and investment banks and was also involved behind the scenes in one of the biggest deals that got away, representing American Express in talks with Citicorp

Business travel poll 1998: A hard landing in Asia

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

A corruption scandal at the Bank of Japan (BoJ) has provided an excuse to install a new team, and to pave the way for a more truly independent central bank. But will it all work out? The institution's image has suffered from the realization that commercial banks have been lavishing entertainment on all-powerful and seemingly unaccountable officials as a way of resolving business issues. An even bigger question mark hangs over the bank's independence from political interference in its interest-rate policy.

Australians, big exporters to Asia, are bracing themselves for economic trouble. But, as Ian Rogers reports, stock prices are still rising. Investors can't get enough of big new issues such as telecoms company Telstra.

After more than a decade of trying, convertible bonds have emerged as a genuine asset class in Europe. At the same time, a once-vibrant Asian market is in reverse. But in both markets there is evidence that participants are struggling to keep up with the sophistication of the product. An overly simplistic approach can be disastrous. By James Rutter.

First it was a trickle, now it's a stream. The deal-flow in high yield debt issues is swelling in Europe as buyers and issuers prepare for even lower interest rates and the homogenous euro currency bloc. They're all looking for opportunities in the narrow line between debt and equity: the high-yield market. But please don't call it junk. Rebecca Bream reports

Peregrine's last days, by Andre Lee