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It's always helpful to find a scapegoat when things go wrong. Scapegoat hunters in Thailand think they have found one - or rather two. A pair of ceremonial wooden elephants were installed outside the ministry of finance, only a few weeks before the country was rocked by the resignation of two finance ministers and the collapse of the baht. Coincidence? Not according to those who remember that they used to be there, until they were removed in 1990 because of their allegedly inauspicious influence. Can we expect more violence to the baht until whoever put them there has the good sense to remove them? RM

Why tinker with international currency speculation by throwing sand in its wheels, when you can block its path completely with a big boulder? That's the view of Paul Davidson, professor of political economy at the University of Tennessee. A 1% round-trip Tobin tax (after Nobel laureate James Tobin) discourages only the small-time short-term speculators. It needs a radical overhaul of the relationship between currencies and economies to end damaging medium-term attacks, Davidson says.

The recent news that Cherokee, an entertainment company, was listing on Ofex - which stands for off-exchange - was greeted in the City of London with smirks and raised eyebrows.

Following recent devaluations in the Philippines peso, Thai baht, Czech koruna and, latest, the Indonesian rupiah, international bond investors are asking themselves, where next? A report by Deutsche Morgan Grenfell points to the mounting pressure on such currencies as the Malaysian ringgit, Brazilian real and Greek drachma.

The Sharif government has acted fast to bring in funds, introduce economic reforms and reassure international lenders. Privatization efforts, particularly the sell-off of PakTelecom in the coming year, will be a test of its good intentions. Nick Kochan reports

In their quest for a broader investor base, Pfandbrief issuers are venturing out of the Deutschmark. Some deals did well, some not so well. And the cost is high. But diversification is the key in the run-up to the euro. By Antony Currie.

Aside from the odd foray into the yen market, Fannie Mae has always been a devout US dollar issuer. But, since the start of 1997, something has changed. Of the 11 international bonds the US agency has issued this year, only three have been in its home currency. Does this signal a definite shift in Fannie Mae's borrowing strategy?

SBS-Agro: $250 million, three-year maturity

Total-return swaps, options on credit spreads, default swaps - they all tend to be more talked about, than transacted. Except, that is, in Latin America, where banks and portfolio investors are starting to realize the big advantages of using credit derivatives. Andy Webb reports.

The volatility of equity derivatives markets in some emerging Asian economies, fed by regulatory anomalies and liquidity shortages, offers the potential for big gains for those with strong nerves. Hong Kong's new status will open up opportunities as well. By Andy Webb.

There have been so many bank acquisitions in the US in the past few weeks it is tempting to think that the financial mergers & acquisition boom must now be over. Simply, it seems there are few suitable banks or investment banks left to buy. In truth, the acquisition wave has only just begun.

Why does Chase Manhattan Bank's television commercial feature Manchester United slotting goals into the net to a Cantonese commentary? The footage appears courtesy of the biggest football match in Hong Kong this year, which Chase sponsored and made possible - the clash between English champions Manchester United, and the top Hong Kong side South China. Chase is believed to have spent HK$10 million ($1.3 million) to persuade Manchester's "red devils" to come to post-handover Hong Kong.