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Can the local banks hold on?

Mexican corporates are raring to go but the borrowing outlook is grim. International markets are expensive, the local banking sector weak. The big names can raise funds but may be hit because their customers are cash-strapped. By Matthew Doman.

In an uncertain world, one thing is clear. Persistent rumours that a displeased or desperate Japan will cause financial mayhem by suddenly offloading its US government bond holdings is nonsense. This possibility is so universally reject by informed market participants that it's hard to see how it ever gained any credibility.

Trevor Manuel, South Africa's finance minister, has surprised many critics. This former anti-apartheid activist has opened trade barriers, removed exchange controls and supported privatization. But with money tight and all emerging markets under growing pressure, the targets in his Gear plan for market reforms with more equitable wealth distribution are under pressure. Sam Swiss talks to Manuel about Gear, interest rates and the cost of underpants.

From the Silk Road, to Basingstoke, to Buenos Aires, the HSBC Group has grown into one of the most formidable names in international banking. Its recent spurt of acquisitions - which have made it the most profitable bank in the world three years running - were masterminded by the workaholic Scotsman William Purves, who gave up the role of chairman this year. His long-time deputy, John Bond, is today the taipan of a bancassurance group that grew out of the old HongkongBank founded in 1865 in a diversification strategy that is looking wiser by the day.

The situation in Russia changes day by day. By the time you read this the country could have a new government, an impeached president and no functioning financial infrastructure. Euromoney's Brian Caplen visited Moscow in mid-September. He found chaos, paranoia and a banking system bleeding to death - fast. He also found a handful of institutions that should survive.

Different ways to skin a cat

What's behind Lehman Brothers' decision to form an executive committee? The news this August that the heads of the major businesses would join chief executive Richard Fuld in a six-member committee came four years after Lehman split from its marriage with American Express Bank. Ostensibly, the team is being set up to formulate strategy.

George Jedlicka, managing director and chairman of Expandia Finance finds it hard to call Tomas Pardubicky, his colleague, Mr Pardubicky, as formality demands. It's understandable: Pardubicky is a fresh-faced 23-year-old who has been at Expandia just a year and confesses that he is still finishing a university degree. With a laugh, Jedlicka gives up, and reverts to the more familiar Tomas.

Different ways to skin a cat

Following in Russia's footsteps?

The career of a Russian politician is rarely boring. The head of Russia's federal tax service from May - and for six days in August deputy prime minister in charge of debt restructuring - Boris Fyodorov was sacked along with the rest of Sergei Kiriyenko's government in August. He has had two previous stints as finance minister under Victor Chernomyrdin both of which ended with his sacking. But he may well be a player in whatever government emerges from Russia's political crisis - in mid-September he was back as first deputy prime minister in the provisional government of Victor Chernomyrdin and was credited with authoring the Plan for Economic Dictatorship - which amounted to a call for inflation. Like many other Russian leaders he also plays in the financial markets. Along with US banker Charles Ryan, he founded the United Financial Group, one of Moscow's leading investment banks. He spoke to Ronan Lyons in late August.