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Syndicated loans; Australia; Asset-backed Eurobonds; MTNs; Germany

Cheaper to issue and less stringent than their American cousins, global depositary receipts are gaining popularity. New programmes have been developed by several emerging markets. For investors the advantage is a clean trade and the removal of forex risk. "It's dollar, boom, done," says one. Graham Field reports

Union Bank of Switzerland and Deutsche Bank are focusing on cracking the US market in their plans to become truly global investment banks. With a stable of expensive Wall Street talent on board, their willingness to commit time and money to establishing a US presence is already starting to pay off. Michelle Celarier reports

Olivetti strongman Carlo De Benedetti is clinging to power at the company he has dominated for 17 years. Stripped of all executive titles and controlling only a 15% stake, he remains very much in charge. UK and American fund managers who thought the Italian corporate was a turnround stock with new go-ahead management have been rudely shocked. The share price has halved as bad news has heaped up. They now realize that De Benedetti doesn't care how low the stock goes as long as he wins the fight against them. As they slug it out, foreign investment in Italy suffers. Peter Lee reports

Robert Mohamed; Robert Gray; Joan Beck;

In the long term there will probably be room in the Danish banking market only for Den Danske Bank and Unibank. But before then they will have to adjust to the EU's single-currency system, which Denmark is unlikely to join at the outset, and to competition from consolidated banks in neighbouring states. Jules Stewart reports on their prospects

Foreigners love the Turkish stock market because it behaves like none other on earth ­ driven by forces only a few can understand, involving politics, hidden assets and the so-called "chatterers". It's been referred to as one big inside trade. But there are serious attempts to clean it up. And Global Securities, the market leader, is under pressure to change its act. David Shirreff reports

Emerging market Yankees; overnight swaps; Deutsche's rating tussle; Tobin put to bed. Edited by Peter Lee

Why London will lose

Hillboot Strictly Private Banking, Moorgate, London EC2 (Representative offices in Grand Cayman, Lugano, St Petersburg, Vatican City)

Offsite and off the pointJean-Claude Komarovsky attends Black Knight's first offsite, and finds that generating ideas is a tough business

by David Roche