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For a while in the early 1990s, Vietnam looked set to make a late sprint to catch up with its much richer neighbours in south east Asia. A far-reaching programme of economic liberalization attracted a wave of foreign investment and unleashed strong economic growth. But in the past few years foreign interest has flagged and investment projects have frequently become bogged down in bureaucracy and corruption. With the latest industrial output figures showing the lowest growth rate in years, it is becoming clear that the country's underdeveloped financial markets are holding back the pace of economic growth.

Canada's six largest banks dominate their home market, so it's hardly surprising they are looking abroad for growth opportunities. But their expansion strategies could hardly be more different: while Nova Scotia is buying up Latin American banks, CIBC is becoming a player on Wall Street and Toronto Dominion is cultivating a niche as a discount broker. But what would really allow Canadian banks to become serious global players would be if the government were to allow them to merge. Richard Blackwell reports.

Just as Wall Street bankers go back to work from their summer vacations, the latest financial thriller is hitting the bookstores.

No firm is better than Doughty Hanson at repackaging ropy European manufacturers and selling them off at a premium, or - to put it more kindly - transforming underperforming privately held businesses into dynamic public corporations. This secretive firm of venture capitalists is making money hand over fist and generating lucrative business for investment bankers. But can it find enough deals to keep up its impressive track record? Peter Lee reports.

The recent volcanic eruptions on the Caribbean island of Montserrat have brought death to its inhabitants, destroyed several towns and villages, and forced the evacuation of over half the island's 11,000 population. But despite the turmoil, Royal Bank of Canada is not leaving - yet.

First former Wall Street banker Jim Rogers did it. Now a Danish fund manager based in Hong Kong is to repeat his motorbike odyssey around the world, the result of which was the book Investment Biker.

When high-flying Hong Kong investment bank Peregrine decided to set up a joint venture in South Korea six years ago, its partner must have seemed an excellent choice. A medium-sized conglomerate, the Dongbang group was a reasonably well focused business, the leading maker of cooking oil, a producer of food materials and owner of a restaurant chain. Inexperienced in investment banking, it was not likely to interfere in the day-to-day running of the business.

Banca Popolare di Milano (BPM) has come up with an innovative bond linked to top names in the clothing, eyewear and accessories industries. The L20 billion ($11 million) self-led fashion-linked bond is based on an underlying basket of 12 international stocks ranging from Benetton, Bulgari and Gucci to Escada, Hermès, Luxottica and Louis Vuitton Moët Hennessy. The securities pay interest when the paper matures in two years' time: the holders will receive the appreciation between the value of the basket on payment date and its average price over the life of the bond.

Issuer: ITT Promedia

The legalistic stuff at the back of loan agreements is too dull for most bankers to bother about. But you need to know why it is there. By Christopher Stoakes.

Slovenia is the wealthiest country to have emerged from communist rule, but is it losing its way? Exports are flagging, industry is becoming politicized and the stock market is shaky. Even the country's successful banking reforms have ground to a halt. Gavin Gray reports on the dangers ahead.

For all the talk of designing exotic derivatives for hedge funds, the most useful service a bank can provide is often good old-fashioned credit. Even so hedge funds are prompting banks to reorganize since their demands straddle many departments. The funds' importance as customers is starting to outstrip that of institutional investors, and the banks are dancing to their tune. Andy Webb reports.