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At this year's Euromoney borrowers and investors conference, one of the bond market's most respected and outspoken heads of borrowing will be notably absent from the borrower panels and roundtables. Mark Cutis, former treasurer of the EBRD, has jumped back into the banking world, whence he came following stints at Merrill Lynch and Dresdner Bank. After six years at EBRD - he originally committed to stay for just 18 months - he now sits on the management committee of Nomura International, running its international market division.

Private investigator Kroll Associates has worked hard to restore its reputation following allegations in the early 1990s that its subcontractors employed unsavoury tactics to uncover company information. It has also adapted well to changing business patterns. Now, though, it faces competition from big accounting firms. Public ownership may be the answer, but could its absorption into US insurance information services company Equifax dull its investigative edge or turn it into big brother? Michelle Celarier reports.

Bank atlas 1997: The world's leading banks

These are nervous times for investors in Pakistan's power sector, which has attracted around $3 billion since 1994. Allegations that agreed tariffs were set too high and that several of the 18 independent power projects (IPP) that have achieved financial closure involved illegal gifts to members of Benazir Bhutto's government have prompted Nawaz Sharif's administration, which took office in February, to scrutinize terms and conditions.

Corporate risk management is advancing dramatically because of computer power, communications, the Internet, and the value-at-risk (VAR) concept borrowed from banks. Several companies are leading the charge, and attempting to quantify risks that aren't just financial. But can that help the treasurer do his job? By David Shirreff.

Saudi Arabia's capital markets will require reform and liberalization if the kingdom is to build a dynamic economy on what is left of its oil wealth. The Saudi authorities are as aware of this as outside observers and their own bankers, but have been ultra-cautious about implementing change. Philip Moore reports on signs of a quickening pace.

Borrowers: Borrowers start to play a strategic game

By all accounts the City of Moscow is in good shape.

Sir,

Borrowers: Borrowers start to play a strategic game

US interest rate rises are an ever-present threat to Latin American bonds, but market bulls reckon such rises won't be as destructive as they were in 1994. Sovereign borrowing is easing, privatization is under way, rating upgrades of some corporates have left more room for lesser names and securitization is taking off. So corporates look likely to capture a much bigger market share. Michael Marray reports

It was a twist of fate. In the same month as Jardine Fleming sacked one of its senior executives for being involved in gun-running for rebels in Papua New Guinea, another man with miltary ties was airing his views on the similarities of banking and soldiering in Fleming's monthly research reports.