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Remember Allerdale, Waltham Forest, Hammersmith and Fulham? The failure of international banks almost a decade ago to force these UK local authorities to pay out on their swaps contracts and loan guarantees has held back the development of municipal finance in the UK. While municipal bond markets have grown up in many other European countries and even emerging markets, banks' sour memories have hampered the UK private finance initiative (PFI), designed to encourage private financing of large infrastructure projects, including new road building, since its official launch several years ago.

First former Wall Street banker Jim Rogers did it. Now a Danish fund manager based in Hong Kong is to repeat his motorbike odyssey around the world, the result of which was the book Investment Biker.

No firm is better than Doughty Hanson at repackaging ropy European manufacturers and selling them off at a premium, or - to put it more kindly - transforming underperforming privately held businesses into dynamic public corporations. This secretive firm of venture capitalists is making money hand over fist and generating lucrative business for investment bankers. But can it find enough deals to keep up its impressive track record? Peter Lee reports.

Nordic borrowers are inconsistent users of capital markets and when they do use them tend to concentrate on price above all else. With the advent of Emu likely to shift investors' attentions towards credit quality and away from currency arbitrage, this short-term approach to the market could hurt Nordic government and corporate issuers. Jules Stewart reports.

The Kalff interview

With Japan's financial deregulation gathering pace - and foreign players emerging as the clear winners - Japanese institutions have been slow to formulate defence strategies. Some see their salvation in growth areas such as investment banking and asset management. But as Jack Lowenstein reports, their real future may lie in linking up with outsiders. And foreign acquisition of Japanese firms may not be far off.

The recent volcanic eruptions on the Caribbean island of Montserrat have brought death to its inhabitants, destroyed several towns and villages, and forced the evacuation of over half the island's 11,000 population. But despite the turmoil, Royal Bank of Canada is not leaving - yet.

Canada's six largest banks dominate their home market, so it's hardly surprising they are looking abroad for growth opportunities. But their expansion strategies could hardly be more different: while Nova Scotia is buying up Latin American banks, CIBC is becoming a player on Wall Street and Toronto Dominion is cultivating a niche as a discount broker. But what would really allow Canadian banks to become serious global players would be if the government were to allow them to merge. Richard Blackwell reports.

Last month's announced merger of bulge-bracket firm Salomon Brothers with brokerage Smith Barney creates something bigger than Morgan Stanley Dean Witter. But the chairman of its parent, Travelers Group, may have overreached himself as he triggers another culture clash on Wall Street. By Michelle Celarier.

Issuer: Rheinische Hypothekenbank

Sandy Weill bounces back

When the Choksey dynasty sold its stake in India's leading paint company, it unleashed a drama fit for a Bollywood movie, embroiling foreign securities firms and a UK multinational in a tale of intrigue, betrayal and family feuding. Steven Irvine reports on India's first hostile takeover bid.