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Controversial rules designed to monitor and control borrowing by private and public-sector companies are being finalized by Egypt's ministry of economy. Senior government officials say the measures will prevent the economy from becoming vulnerable to an Asia-style collapse. If they aren't blocked by another government department, the new regulations, the Sphinx Protocol, should be published in coming weeks. The ministry of economy's plan would create a database of all current and potential bond issuers. Advance details of issues would be required, including the volume, maturity, coupon, currency and market of issuance. The reporting system will also be used to control the quality and quantity of borrowings.

Something strange is happening in the Taiwanese banking sector. Despite the ministry of finance having stated its aim of allowing banks a universal remit, it is now planning to issue industrial banking licences. As Rachel Wu, banking analyst at Warburg Dillon Read in Taipei points out: "Industrial banks create another niche within the financial sector." Acting as an industrial bank in Taiwan entitles the licence holder to arrange a variety of funding instruments for corporates including commercial paper and to undertake venture capital projects. To date, only state-run Chiao Tung Bank has such a license.

Looking for a convergence play in Europe? There's still one bet left: Greece, potentially the last of the euro-bubbles. Investors keen to gamble on Greece's entry to Emu may find their chance in the country's privatization programme.

According to Moody's Investors Service, there were 82 downgrades of US corporate credit ratings in the second quarter of 1998, the most for any three-month span since 1991 when the US economy was deep in recession. For the first time in nine quarters, the number of downgrades outstripped the number of upgrades (79 ratings were upgraded from April to June 1998).

The world's biggest company, General Electric, has passed another milestone. On July 15 its market capitalization exceeded that of the entire Hong Kong stockmarket by $10 billion. At the close of business it was worth $306 billion. GE is covered by 42 analysts, Hong Kong by 498 analysts. So does that make Hong Kong overbroked or GE overvalued? SI

Euromoney's cover story in April "Sinking the unsinkable" raised the issue of apparent unwillingness among European governments, official bodies and even private-sector financial institutions to address the possibility of a break-up of European monetary union in the first years following the introduction of the euro in 1999. Consultants at Mitchell Madison, a firm set up in 1992 by five ex-McKinsey professionals and now employing more than 600 people worldwide, have been investigating the same question. In July, the firm released the findings of a survey of UK-based financial institutions including asset managers responsible for £1.1 trillion ($1.8 trillion), or 40% of the UK's assets under management.

What's the chance now of an Emu break-up? Euro-agnostics say the most likely event is the exit of a single country because euroland is too tough for it, or too weak. But just as likely, if not more so, is a fudge and fix by member governments desperate to keep the show on the road - ways would be found of pumping money into a country threatening default.

For some, life after a career in finance means the priesthood or opending a restaurant. But Anthony Hotson left Warburg Dillon Read last month to study old stones.

It's not often investors buy stock for reasons of charity, but Jardine Fleming achieved this feat on June 16 when celebrating its inaugural day as a member of the Singapore stock exchange. It decided to give half of its commissions to charity.

Too many people believe that the Asian crisis is over. It has only just started. Investors are encouraged by the reforms that Asian governments have said they will implement. The World Bank, IMF and US government - if those last two can still be considered separately - have added to the euphoria by praising the governments for the swiftness in capitulating to their demands. And the markets have responded. Capital gains on some Asian benchmarks were 18% in the first quarter.

"Show me the money." The catchphrase that lit up Jerry Maguire, the Oscar-winning film about a sports' agent played by Tom Cruise, could soon have added resonance in financial markets.

The ranking of top 200 banks in emerging markets was compiled in conjunction with Fitch IBCA. All information was supplied by Fitch IBCA from commercial banks' annual reports and financial statements. Where possible, figures are presented in consolidated form and banks owned by other financial institutions are not listed separately.