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Even pension funds are showing an adventurous streak and investing in Russian equity. A tremendous inflow of foreign capital and an increasing foreign ADR market has made Russia the world's best performer so far this year and left some fund-managers waiting for a correction.

Asian brokers: The old hands fight back

Intersec 250: Clash of the titans, once again

Emerging market banks: Turbulent times

In an interview with Euromoney, Bundesbank vice-president Johann Wilhelm Gaddum outlined the Bundesbank's thoughts on maintaining influence after Emu and touches on the gold revaluation issue. Here are some of his main points:

Flexibility of staff, good systems and local knowledge will decide which banks will emerge as winners from Emu. John Leonard's tips include Deutsche Bank, ABN-Amro, Den Danske Bank, Barclays, Santander and Allied Irish.

If the terms for accessing Target - the proposed interbank payments system - are unfavourable, banks from countries outside Emu might decide to forget about the official euro markets and create a Euro-euro market.

The trend in Europe is for banking supervision to be split off from central banks. So, after Emu, who should have ultimate responsibility for the safety of the banking system: national central banks, the European Central Bank, or some new regulatory agency?

Asian brokers: The old hands fight back

Emu will have an enormous impact on European fund managers. That in turn will force global custodians to rethink their strategies. By Sue Kingman.

Mexico's recent elections proved beyond a shadow of doubt that the country is headed toward democracy - an outcome welcomed by investors even though the new political environment raises doubts about the direction of economic policy.

As the tobacco industry and the US government inched towards finalizing their historic $368.5 billion settlement on tobacco-related health claims, the news for the powerful industry was none too good. President Bill Clinton criticized the deal for undercutting the Food & Drug Administration's regulatory authority over tobacco. Joe Camel, the cartoon character that became a symbol of teenage nicotine addiction in the US, was relegated to marketing history by maker RJ Reynolds. And there was growing congressional criticism of the settlement's proposal to make the payments tax-deductible, which the White House said would rip a hole in the federal budget. Any deal must ultimately be approved by congress, and signed by the president, which is not expected until next year.