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A special report prepared by Chemical Bank and The Chase Manhattan Bank NA.

There's a good chance the next UK government will be left-of-centre Labour, whose previous terms of office have usually ended in inflation and currency crisis. Soft-spoken Labour politicians can't allay fears - among foreign investors and City practitioners - that a change of government will trigger a market correction and more controls on the financial sector. The reason for the fears: new-look Labour's overtures to private capital are vague and non-committal. Even Labour supporters are saying it's time to put flesh on the bones. By David Shirreff

The abolition of exchange controls and the start of privatization should do wonders for the illiquid Johannesburg Stock Exchange, but fuller representation of black businesses on the equity market is a vital change that's not so easily accomplished. Mark Ashurst reports from Johannesburg.

A special report prepared by Chemical Bank and The Chase Manhattan Bank NA Background.

A new system for holding and transferring collateral for derivatives overcomes the potential risk of third-party claimants. By Christopher Stoakes.

A special report prepared by Societe Generale.

A special report prepared by Credit Suisse.

A special report prepared by Banque Indosuez.

Go Johnny go go go, Not Liars' poker, I mandate you in the name of the law, Japan's bulletproof bankers wear blazers, MTN stars ain't cheap, Chase's Indiana Lynch.

A bid so finely priced as to put profits in doubt, a smouldering argument over 500 years of iron ore reserves, the lack of a new story to tell investors - these are the problems Merrill Lynch faces after winning the mandate to privatize Companhia Vale de Rio Doce. Competitors that failed to secure the contract say they are sleeping better now it has gone to someone else. Brian Caplen reports.

So much rests on the success of the Dm15 billion share issue for Deutsche Telekom, scheduled for November - not least the credibility of Frankfurt as a financial centre. But the odds are stacking up against a trouble-free issue. There's discontent in the top-heavy syndicate, the anti-trust measures under which Telekom will operate are still not clear, the German economy looks shaky and there are no plans to sweeten retail investors. Laura Covill reports.

Competition is driving down the fees banks charge for running privatization issues. Last year's 3% is heading below 2%. Top firms argue that skimping on fees damages issue quality and, especially, after-sales service. But the same firms are cutting their charges to stay in the game. Peter Lee reports.