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Portugal is a western European success story. For the past few years its citizens have grown wealthier, have started spending more and have grown keen to invest. The country's economic indicators could hardly be better and it should qualify for European monetary union in the first round. But Portugal's retail investors are leaving its domestic capital markets behind. The stock market remains small, companies are nervous of borrowing and the banks are wary of expansion. Margaret Popper reports on a country nevertheless charting a new course with a new-found sense of confidence

Korea stares into the abyss

It's been a period for emotional farewells recently. As investment banks merge, sell or close down, several familiar names have disappeared for good. Over the past few months we have said goodbye to BZW, NatWest Markets and Peregrine.

Until recently, the name of Nomura, Japan's largest investment house, did not mean much to the general public in Bulgaria. Recently, however, the Bulgarian media have been eager to find out more about Nomura as its European executives were due in town, intending to acquire one of the the country's best banks.

Nothing is ever quite what it seems in Thailand, as ING Bank learnt the hard way recently. A main board director flew from Amsterdam late last year to have lunch, shake hands and return smiles with executives at Thailand's eighth-largest bank, Siam City Bank (SCIB). A memorandum of understanding (MOU) was signed under which ING would buy a 10% stake in the Thai-listed bank for Bt1.32 billion ($30 million) as part of a recapitalization.

Choppy markets have brought large, liquid issues from highly rated credits to the fore. With sovereign borrowing down, supranationals are taking their place. In this environment, getting investors interested in smaller corporate issues is tough. Rebecca Bream reports.

Korea stares into the abyss

Journalists are a pretty useless bunch who drink too much and should be kept at arm's length. That's a view many people in the markets openly or secretly harbour. Not Dresdner RCM Global Investors.

Do countries learn by their mistakes? Latin America has made many but this time it got things right. Prompt government action has contained volatility so far. Economists have been studying the winning policies. But can these lessons be taught or must they be gained from experience? Brian Caplen reports.

Cars and washing machines yes, financial services, no. Finanzplatz Frankfurt can't yet offer home-made products and services - lawyers, accountants, printers - to replace those coming out of London and the US. Time isn't on its side. Once the Deutschmark disappears it will have little edge over Paris, Amsterdam or London. In a country where bank staff aren't allowed to work on public holidays, one thing Frankfurt needs less of is regulation. Laura Covill reports.

Frankfurt's capital markets brokers have endured a constant squeeze on their commissions. And banks don't like them trying to swell their income by adding advisory services or touting downstream for clients. But the fierce competition leaves them with little alternative. A few of them have decided it's do or die, but tact is needed. Laura Covill reports.

Less than a year ago a damaging scandal over payments to Japanese gangsters by senior officials at Nomura Securities suddenly propelled a little-known and comparatively young executive, Junichi Ujiie, to the office of president and chief executive. There he took on the task of stamping out corruption and modernizing management at Japan's largest securities firm.