Investors in the US need to decide which numbers to believe. Typically, statistics such as unemployment or capacity utilization are on average revised up or down by 30% within 12 months.

Ibrahim bin Abdulaziz Al-Assaf, Saudi Arabia's minister of finance and national economy since 1996, has steered the economy through a difficult period. He has played a leading role in the modernization, diversification and liberalization of the Saudi economy and managed its finances prudently in a period in which oil prices have swung between $10 and $30 a barrel. Al-Assaf, a 54-year old economist who has served as the country's executive director at the World Bank for six years and as vice-governor of the Saudi Arabian Monetary Agency (Sama) and wins Euromoney's finance minister of the year award for 2003, spoke to Nigel Dudley in his office in Riyadh.

A bull run in the Indian stock market is usually cut short by a scam, and then a collapse. Yet, this time the market regulator seemed determined to check market abuse even as the Bombay Stock Exchange Sensex index climbed close to the 4000 mark.

Banks reported strong results for the first half of the year, so it seems odd that senior executives at US banks are so concerned about stagnant revenues. It has been an issue for two years, but there were ways of getting around it. First came cost-cutting. Then revenue from the consumer sector held up, with sustained buying and remortgaging of houses, and spending on credit. Third was what banks call yield-curve plays and the rest of us proprietary trading.

David Mulford, chairman of CSFB International and long-term friend of the banks, is set to follow such luminaries as JK Galbraith by becoming US ambassador to India. If his past is anything to go by, expect India to do a billion-dollar debt swap within months.

The murder of prime minister Zoran Djindjic and the ousting of central bank governor Mladjan Dinkic hurt Serbia's free-market reforms. Now the government's hopes lie in privatization.

Advisers: UBS (Cordiant); Goldman Sachs (WPP)

Royal Bank of Scotland is beefing up debt headcount aggressively. In its fixed-income division, RBS Financial Markets, staffing was up 25% last year. This year it aims to accelerate that growth. If it is to fulfil its ambitions to grow from a strong sterling and loan house to a broader business in euros and dollars, it has no choice but to recruit fast.

Bedlam Asset Management | OneWorld Securities | ABS Investment Management | Gramercy Advisors Bedlam Asset Management

After two years' frantic activity and expenditure banks are still struggling to understand, let alone control, terrorist financing. Governments have failed to support the financial community with resources, skills and systems. The implications for global security are alarming.

Junk mail drives most westerners mad. But if a Russian gets a personally addressed letter on his birthday offering a tempting gift at half price he might be so pleased he will include a thank-you note with his order.

Schadenfreude greeted the demise earlier this year of Violy Byorum & Partners. Founder Violy McCausland's uncompromising style had irked those inside and outside the firm. Now she's trying again, this time on her own.

Property consultant

All numbers in this directory are Dubai area code prefix (04) unless stated otherwise. If dialling from abroad prefix the number with country code (+971 4). If you have difficulty with the numbers listed below, please call directory enquiries on (04) 180, or refer to your domestic international directory enquiries service if calling from overseas. While numbers are subject to change, we have made every effort to ensure the information in this handbook is correct.

Results of Euromoney's corporate governance poll suggest that the efforts a company makes to ensure appropriate practices are reflected in its share price.

China's A-share market has such a shady reputation that foreign investors might have been expected to revel in their exclusion from it. But its recent opening to outside institutional investors has been greeted with enthusiasm.

Promontory Financial; Scalene Capital Management; USPowergen; Recovery Partners; Schechter & Co; Van Oss

Oman