CEO, Epic Investment Consulting

Jochen Friedrich arrived at DZ Bank last year to become head of fixed income. This bank, along with WGZ Bank, is one of the two central institutions linking Germany's mutual banking network. Consolidation is under way among the cooperatives as well as the Landesbanken. DZ itself is the product of a difficult merger between DG Bank and GZ Bank, and expects the total number of German cooperative banks to fall from about 1,600 today to roughly 800 by 2008.

The Indonesian banks that best coped with the 1997 crisis were focused on retail and small business customers. Now those banks that are restructuring are intent on the same sector.

Few people would want Michael Conolly's job. As the chief financial officer of Portugal's state-owned carrier TAP, he faces all the problems his airline peers are struggling with, plus a few that are specific to his own company.

Financial markets seem to be assuming a short, sharp US assault on Iraq with finite post-war costs. But there's well-documented evidence that Iraq is only the first step in a strategy of total war that could undermine both the US and global economy.

With much of south America in economic turmoil, central America has become a safe haven for high-yield bond investors. But oversupply and renewed instability might soon undermine the region's attractiveness.

Issuer: Deutsche Telekom

Paul Myners' address at Institutional Investor's European equity research awards' dinner was a neat second act to New York state attorney general Eliot Spitzer's attack on US equity research analysts at the magazine's awards dinner in New York in November.

With so many corporates under pressure to raise cash, and understandably loath to sell off holdings at depressed prices in a weak market, the hunt for higher valuations is driving a wave of complex structured equity deals.

Russia

For someone who lists the presidency of the Institute for the Development of Eucalyptus Applications on his CV, Jorge Armindo Teixera is remarkably personable. The main achievement listed on that CV is his position as the president and CEO of Portucel - Portugal's leading pulp and paper manufacturer and the country's best hope for a privatization in 2003.

By 2005 Germany's Landesbanken will lose their state support. Then, say the private commercial banks, the country's banking system will benefit from a level playing field. But none of the banks will be able to turn a profit if they don't make radical changes.

Jose Isidro Camacho, secretary of finance of the Philippines, is a former investment banker - he was Deutsche Bank's country head in the Philippines from 1999-2001. He talks to Euromoney's Chris Cockerill about what the Philippine government must do to regain the market's trust.

Pension fund shortfalls have come to the fore as new accounting requirements and credit rating agencies factor them in to assessments of corporate health.

Oil prices have helped cushion the effects of slack global growth for many energy exporters. Asian and European growth is accelerating but there are wide regional variations and the World Bank warns that the world economy may well slide into recession.

A series of problems for other retailers seemed set to spoil the show for Metro when it issued in January. In the event it attracted e11.1 billion of support from euro investors. Then came Ahold.

Privatization looked to be the answer to Portugal's widening budget deficit but poor market conditions have stymied it. The government, though, has cut costs and boosted revenues, with favourable capital market effects.

There can't be many countries where the finance ministry gives visiting journalists an information pack including a graph entitled "Social protest events during 2002". Such events are helpfully defined as "crowd concentrations, mobilizations, blocking highways and downtown streets, partial and total strikes, takeover of establishments, and so on." Apparently the number of such events has fallen from over 2,000 a month in the first four months of the year to fewer than 1,000 a month since June.

For luxury goods company Richemont, whose brands include watchmakers Jaeger-LeCoultre and Baume&Mercier, raising money was not a priority. It did, though, have a delicate timing problem. It owned 27.7% of British American Tobacco. But it also held just over 120 million convertible preference shares into BAT due to mature in June 2004 with a redemption price of 675p. If, at maturity, the shares were trading below 675p, Richemont would redeem the bonds and receive £820 million in cash. However, if the share price rose and the bonds converted, Richemont would go above the upper holding limit under the UK takeover code and be obliged either to launch a full bid - which it did not want to do - or become a forced seller.

IN NOVEMBER 2001, a 73-year-old businessman defeated an anti-US ex-president to lead a troubled central American country. The news was celebrated in the US, but more because Daniel Ortega had lost again than because of any hopes surrounding Enrique Bolanos. What no one-expected was that Bolanos would turn out to be something of a revolutionary himself, embarking on a crusade to clean up Nicaraguan politics and rehabilitate his country not only in the eyes of the world, but, more important, in the eyes of its own citizens.

Following three years of disappointing earnings - and plummeting stock prices - leading Greek banks hope 2003 will be a turnround year. Their hope is based on a firm foundation absent elsewhere in Europe: strong loan growth underpinned by a growing economy and a largely under-leveraged household sector. Tapping that customer base should finally boost their bottom line.

A unified European securities trading infrastructure finally appears to be within reach. But will the market appreciate it when it gets what it's always asked for? After all, inefficiencies present opportunities to make money. If cross-border trading gets cheaper the benefit should be passed back to the end investor. Yet banks and fund managers, under pressure to slash costs, might not be ready to hand it over.

UK prime minister Tony Blair is facing the biggest test of his political career as he tries to persuade the British public to support military action against Iraq in alliance with the US. But his government is not just dealing with a major foreign policy problem. The UK economy is also under scrutiny.

The new euro-denominated 30-year bond market found natural buyers in insurers with long-term liabilities. But when the market broadened into a rush, things rapidly went wrong.

Roberto Lavagna is that rarest of breeds in Argentina: a popular politician. As finance minister he has put the economy on a steady growth course as elections approach.

IT WAS THE kind of grouping that could only happen at Davos. Five Latin American presidents were assembled in one place in February, for a panel discussion: Alvaro Uribe of Colombia, Eduardo Duhalde of Argentina, Alejandro Toledo of Peru, Vicente Fox of Mexico, and Lula of Brazil. Uribe explained the economic reforms that he had managed to push through with the aid of his finance minister, Roberto Junguito, who was sitting next to Francisco Gil Diaz, his Mexican counterpart.

Malaysia

John R Taylor Jr is the CEO and founder of FXConcepts, a global investment management and research firm specializing in currency risk (mail@fx-concepts.com). Uncontrollable major disruptions in financial markets are a distant memory. That's about to change.

Credit derivatives

Oil

Despite investment banks' profits being under pressure, with share prices on the slide, bonuses and jobs being slashed and a general state of panic and insecurity throughout the industry, all the major banks will still be shelling out for a box or suite at this month's CSFB-sponsored Hong Kong Rugby Sevens.

Germany's banking elite struggles to keep a secret, it seems. Confidential talks between executives from the country's largest banks and government officials wound up being anything but.

There's a war that's always being fought in financial markets - sometimes beneath the surface, sometimes in plain view - between the interests of debt holders and shareholders.

The focus of consolidation of European equity exchanges lies in the triangle of Deutsche Börse, Euronext and the London Stock Exchange. To the impartial, dispassionate observer, there might seem little problem with any tie-up between London and a continental European player. But to those who work and live in the markets, exchanges, like national airlines, are a mark of a country's honour and something to be fought for.

Portugal

Pity small investors. After three years of being kicked around by the markets, now they're being kicked by the people who encouraged them to have a punt in the first place.

Bankers have long been fond of jargon and they do a good line in euphemisms too. As we reported in December, some will do anything to avoid actually saying that the economy is in tatters and people are being sacked.

Not so long ago, a large stake in Deutsche Telekom would have been a nice asset for any company to have on the balance sheet. When telecom companies were all the rage, such holdings could be sold for a healthy profit. By last year, however, such a block of shares was far more of a millstone than a jewel.

India

Foreign exchange

In volatile equity markets, more deals than ever are being done with no documentation and little if any due diligence. Are banks taking too many risks?

Director of research, Hermitage Capital Management

President Arroyo took office in the Philippines with ambitious plans to increase revenues, curb corruption and cut the state deficit. But after two years in office little has been achieved on these fronts. Now pessimistic country analysts are making worrying comparisons between Asia's busiest sovereign borrower and Argentina.

If you can make it here, so the song goes, you can make it anywhere. But New York hasn't been that accommodating to Duncan Goldie-Morrison. The towering Scot, head of global markets for Banc of America Securities, only moved there from Chicago last year.

Impending full liberalization of Malaysia's banking system is encouraging local players to grow their investment banking business, with RHB Sakura and CIMB taking the lead.

Argentina is coming out of crisis, but few investors have noticed. Those that have can do little to profit from their knowledge. But there's a long way to go and the aspirations of the 1990s are unlikely to be fulfilled.