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A ruling by a court in Denver, Colorado, threatened to frustrate all the Wharf group's dealings with US banks. US firms may be entitled to seek redress from their own courts - even if the dispute is on the other side of the globe - but to Hong Kongers this seems like US imperialism. Steven Irvine reports.

Privatization of Latin America's utilities has thrown up plenty of investment opportunities. Buyers need to finance not only the purchase but also capital expenditure - especially after years of underinvestment. Both have been affected by the Asian crisis. As general uncertainty about emerging markets persists, there are also concerns about the state of the all-important domestic US capital markets. James Rutter reports.

It enjoys solid growth, a stable currency and low inflation. Can Croatia's strong recovery from war and recession continue? Charles Piggott reports

Banks in the United Arab Emirates are better regulated than they used to be and have invested in new technology. But, as Nigel Dudley reports, the sector is still highly fragmented and vulnerable to outside shocks

Boosted by improving economic fundamentals, the Riga Stock Exchange also enjoyed a relatively successful year in 1997 although in common with its Baltic peers it experienced a sharp reversal of fortune in the fourth quarter of the year.

Despite the negative effects of the financial turmoil in emerging markets as a result of the economic meltdown in Asia, the Tallinn Stock Exchange (TSE) still enjoyed a successful year in 1997.

Korea stares into the abyss

Boothill Superhuman Resources (incorporating the Executive Exchange),

Korea stares into the abyss

The National Stock Exchange of Lithuania (NSEL) recorded a modest increase in 1997, with the leading LITIN-A index rising from 1660.7 to 1939.1. In 1998 the market is forecast to rise by 15% with a target figure of 2510 for the LITIN-A. Market capitalization is expected to increase from $2.55 billion to $3.5 billion although growth in the first quarter is predicated on a satisfactory solution to the economic turmoil in Asia which has hampered the expansion of the Lithuanian market. The major news for 1998 will be the privatization of government stakes in strategic enterprises such as telecommunications company Lietuvos telekomas, stevedoring company Klasco, shipping company Lisco, oil refinery Mazheikiu Nafta and fuel retailer Lietuvos kuras.

Deal: Trade sale

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.