After a long dormancy, Kazakhstan's equity market might be about to wake up, thanks to some large IPOs.

Movers and shakers

Well done to the estimable Rowan Staines of Dresdner Kleinwort Wasserstein's media relations team.

Funding real estate development and portfolios is changing. For some the bank market still makes sense; for others the unsecured bond markets. But the burgeoning CMBS market is becoming the vehicle of choice for many. Here's why.

Europe's government bond markets are built on a lie. Ministries of finance have adopted corporate financing techniques to give a false impression of their true debt levels. Regulators appear unwilling or unable to do anything about it. Investors and taxpayers ought to know. Mark Brown and Alex Chambers reveal all.

Equity managers in Europe, Japan and Asia might benefit from swapping stocks for convertibles

Central and eastern Europe's leading institutions have been quick to praise UniCredit's acquisition of HVB, which creates the region's biggest bank. But, they warn, it had better stay on its toes, as rivals will look to profit from any loss of focus that the alliance brings.

Such is the dearth of credible leadership in the Philippines that Filipinos, if they could, would probably vote former president Ramos back in by a landslide. If the ex-general pulls off his plans for constitutional change, that might just happen.

The investment market is becoming ever more competitive as structural change brings higher allocations to real estate, writes Laurence Neville

Tanzania's largest bank is sold to Dutch-led consortium

As Alan Greenspan nears retirement, it is time to assess his legacy. Does the Fed chairman deserve his reputation as one of the great central bankers? Frank Partnoy argues that he is in fact the beneficiary of virtuous circumstances, has rarely been in control of events, and has often made the wrong call – notably in his attitude towards credit derivatives.