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"Much may be made of a Scotchman if he be caught young." So Dr Johnson had it. In the case of the Hongkong and Shanghai Banking Corporation (HSBC), an institution founded by Scots and still governed by one, it has grown to be the world's most profitable financial group. The unique international officer culture that has driven it –­ young men caught young, trained up, messed together, posted, reposted, in the bank for life and rarely back in the UK ­ will have to change, but it's bending and adapting rather than breaking. Steven Irvine reports on its fitness for the 21st century.

Robert Kuok's conglomerate empire was built on political astuteness, an Asia-wide network of contacts and a willingness to take risks. Its 73-year-old presiding genius is inclined to keep a low profile and operate as if he was still heading a private company. Funding needs and a reshaping of the business with succession in mind have, however, forced greater dependence on public equity. Jonathan Kandell reports.

Remember Cresvale, the one-time high-flier in Japanese convertible bonds and equity warrants? Cresvale was as much of a 1980s success story as Baring Securities. Both companies made huge profits on the back of the Tokyo stock market boom. Baring Securities survives thanks to Dutch courage and sympathy. Cresvale lies somewhere on the Euromarket Boot Hill in a shallow grave.

The key figure in China's financial reform process is Zhu Rongji, vice-premier in charge of the economy and a 68-year-old often described in western media as China's economic tsar. Though keeping a somewhat lower profile over the past year, his role as overseer of the financial reforms thus far implemented has been crucial.

Two years ago in the wake of the Mexican peso crisis, Latin American issuers were unable to raise even short-term debt. Now a Chilean credit has launched the continent's first 100-year bond obtaining the tightest pricing for an emerging market issuer in this niche area. Strong demand for the bonds of electricity generator Endesa pushed up the size of last month's issue from $170 million to $200 million.

Meet Europe's biggest investor: Diethart Breipoh, Allianz

Emerging market strategists looking at making a New Year foray into Chilean stocks would be best advised to adopt a strategy of "Buy into heavy rain" and "Sell on prolonged sunshine". In a new twist on the term "market barometer", the Chilean market is being dragged down by the weather, as the country endures one of its worst droughts this century.

How did Crédit Local de France and Crédit Communal de Belgique come to chose the name Dexia from over 100 suggestions, for their newly-merged banking group? "The name has been imagined by Bessis, which specializes in name conceptions," explains a spokesman at Crédit Communal de Belgique/ Dexia.

The temptation of St David

Rock star David Bowie has thought of an ideal birthday present for himself. The singer, who went by the name of Ziggy Stardust in the 1970s, turns 50 this month and is considering a $50 million bond issue.

Austrian equity visionaries remain optimistic that Vienna can yet become the market for trading in eastern European stocks. But it's likely to take more than the current reforms to lift a dismal equity performance. John McGrath reports.

Argentina, for so long judged by so many to be on the verge of a devaluation, has taken its boldest move yet to prove the doubters wrong by issuing an international bond denominated in pesos: its first investment-grade issue.