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Hong Kong's premier sporting event, the Rugby Sevens, solved its sponsorship quandary last month. Credit Suisse First Boston has taken over the role from the now bankrupt Peregrine.

Do countries learn by their mistakes? Latin America has made many but this time it got things right. Prompt government action has contained volatility so far. Economists have been studying the winning policies. But can these lessons be taught or must they be gained from experience? Brian Caplen reports.

It would be comforting to portray the intense and speedy negotiations by which international commercial banks and Korean government officials staved off a default in that country as the turning point in the Asian crisis [see cover story, this issue: Korea stares into the abyss]. Indeed, there was much to note and praise in that effort, not least the way in which certain of the largest American banks lived up to the best traditions of leadership in such debt crises.

Portugal is a western European success story. For the past few years its citizens have grown wealthier, have started spending more and have grown keen to invest. The country's economic indicators could hardly be better and it should qualify for European monetary union in the first round. But Portugal's retail investors are leaving its domestic capital markets behind. The stock market remains small, companies are nervous of borrowing and the banks are wary of expansion. Margaret Popper reports on a country nevertheless charting a new course with a new-found sense of confidence

Less than a year ago a damaging scandal over payments to Japanese gangsters by senior officials at Nomura Securities suddenly propelled a little-known and comparatively young executive, Junichi Ujiie, to the office of president and chief executive. There he took on the task of stamping out corruption and modernizing management at Japan's largest securities firm.

Bahraini bankers worry about a new Gulf war and fall-out from the Asia crisis. But there may be a bigger threat: competition for Bahrain's role as the Gulf's financial centre. It is responding by strengthening regulation, encouraging deeper capital markets and pushing for greater regional cooperation. By Nigel Dudley

Korea stares into the abyss

Frankfurt's capital markets brokers have endured a constant squeeze on their commissions. And banks don't like them trying to swell their income by adding advisory services or touting downstream for clients. But the fierce competition leaves them with little alternative. A few of them have decided it's do or die, but tact is needed. Laura Covill reports.

It's been a period for emotional farewells recently. As investment banks merge, sell or close down, several familiar names have disappeared for good. Over the past few months we have said goodbye to BZW, NatWest Markets and Peregrine.

With markets so volatile, how is Caspian Securities, the world's only investment bank dedicated solely to emerging markets, coping with the situation? Fine, according to its founder and chief, Christopher Heath. But others are less sure, especially in the wake of Peregrine's fall.

Until recently, the name of Nomura, Japan's largest investment house, did not mean much to the general public in Bulgaria. Recently, however, the Bulgarian media have been eager to find out more about Nomura as its European executives were due in town, intending to acquire one of the the country's best banks.

Last December, Korea staved off default by a whisker. As the rest of the world dithered, the US banks came up with a rescue plan. It bought time while two heroes emerged to hammer out a deal: Citibank's debt-crisis veteran Bill Rhodes and Mark Walker, one of the toughest lawyers in the business, acting for Korea. The battle was all about bank relationships and the double-edged sword of market forces. Peter Lee reports.