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  • Edited by Brian Caplen
  • Moves to develop a tax-neutral pension fund pooling scheme should help propel UK fund management to the centre of the international stage. By Christopher Stoakes
  • by David Roche
  • Edited by Peter Lee
  • A diamond bubble is forming, so slowly that people haven't noticed it yet. When they do, prepare for a crash. The crash will come when a dazzled public recognizes the precious jewel for what it is ­ a lump of carbon that can be built by the ton in laboratories. Very soon the predicted volume of future mass production will affect today's price, which is kept artificially high and stable by a cartel. Now is the time to go short, if only you could, argues Mark White
  • It seems a thankless task. Arrangers of Euro medium-term note programmes are expected to work on a mandate for months, be the butt of dealers' gripes ­ but then don't get paid a cent. So why do they bother? Antony Currie finds out
  • Wafer-thin margins and favourable conditions have tempted many borrowers to refinance in the syndicated loan market. But the cycle may now be shifting a gear. Much of the refinancing is done and lenders are venturing lower down the credit rankings. They may get stung. Christopher Spink reports
  • The New Zealand government is withdrawing from the debt market ­ it plans to have zero net foreign debt by the end of this year. Opportunities for foreign investors are therefore focusing on newly privatized companies, government-owned commercial corporations and even some yet to be deregulated industries. By Albert Smith
  • The trend towards consolidation and globalization is continuing, according to InterSec's ranking of the top 250 asset management firms outside the US. However, it also indicates that this will slow in the future as the difficulties of implementing economies of scale become more and more apparent. Jim Sirius reports
  • The great shake-out in European banking has barely begun. But driven by poor returns, overcapacity and fierce competition, a major consolidation in the banking sector is inevitable. First it will happen within country borders and then more slowly across them. Peter Lee reports on the coming turmoil
  • François Narmon hopes to make Crédit Communal de Belgique one of the world's largest lenders to municipalities, merging with France's Crédit Local to that end. But the actions of Belgium's second-biggest bank could trigger another Belgian merger. The key is Crédit Communal's shareholding in Banque Bruxelles Lambert. Steven Irvine reports