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Issuer: UPM-Kymmene

Only the best will survive

Global Economic Projections: Overall Rankings

Country Risk December 1997: It could be worse

Asian banks: Now comes the real crisis

Global Economic Projections: Overall Rankings

What will go wrong next?

A snowboarder in Utah says we're heading for a global liquidity squeeze: capital will self-destruct and the world financial system will need to reinvent itself, as it did after 1929, 1945 and 1971. He may be wrong. If he's right, what does it mean for the dealers and investors who grew rich and famous on global euphoria? David Shirreff reports.

Euromoney's tables were compiled using data from Capital Data Bondware and Capital Data Loanware for the period January 1 to October 31 1997. The regions covered in the rankings were north Asia, south-east Asia, the Indian subcontinent and Australasia. However, Australian and New Zealand dollar transactions were excluded from the table of Asian currency bonds. Both public and private issues, where available, were included in the tables and were correct at the time of going to press.

When the world started to melt

In the week that South Korea sought IMF assistance and Yamaichi announced bankruptcy, it was easy to miss the tiny column inches devoted to Jardine Fleming's flagging results. The latest figures show a continued decline in the Hong Kong-based investment bank's profitability. In the first half of 1997 it made a net profit of $29 million, meaning its contribution to parent Robert Fleming's profits had reached an all-time low of 16% of the Scottish bank's earnings. This is down from 28.8% last year, and well short of the target 25% to 33% Fleming wants.

Issuer: Matav