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Cypriot finance minister Charilaos Stavrakis wants to cement his country’s role as a centre of capitalism.

Austria’s Erste Bank has bought a 9.8% stake in Bank Center-Invest for an undisclosed sum. Bank Center-Invest is a leading bank in southern Russia, which is one of the most economically diversified regions with limited reliance on the oil and gas industry and particular strength in agriculture. Founded in 1992, Bank Center-Invest is headquartered in Rostov-on-Don, employs about 2,000 staff and has 110 branches, the second largest network in southern Russia. Other major shareholders in the bank include the European Bank for Reconstruction and Development (27.5%) and German development agency DEG (22.5%).

Troika Dialog, Russia’s oldest investment bank, has announced appointments to strengthen its market position in Russia and the Commonwealth of Independent States.

Abu Dhabi state-owned investment fund Mubadala has agreed to set up an $8 billion joint venture with General Electric. It will "focus exclusively on investment opportunities generated through GE Capital’s existing origination and servicing capacity, with targeted assets of $40 billion," they said in a joint statement. Mubadala will also become one of the 10 biggest stakeholders in GE by buying shares in the open market.

Alliance & Leicester is the latest rabbit that Emilio Botín has pulled out of his hat as Santander continues its inexorable rise. Botín has now cemented his reputation for being a dealmaker as well as one of the most talented retail bankers in history. What else does he have up his sleeve? Clive Horwood reports.

One might be forgiven for doubting that an invitation to a pension fund conference could bring light relief from the doom and gloom of the financial markets. But a US fire and police pension fund conference being held in September might prove an exception. The California forum is called Guns ’n’ Hoses. If that isn’t reason enough to go, the "beer round tables" might be the clincher.

Bernardo Parnes has been named as the new chief country officer for Deutsche Bank Brazil. Parnes has more than 23 years’ banking experience. Most recently he was chief executive of Banco Bradesco’s BBI unit. Before that, he spent 14 years at Merrill Lynch. "Brazil is a key growth market for Deutsche Bank and an important part of our emerging markets business," says Dalinc Ariburnu, global head of emerging markets at the German bank.

Halbis, the active management arm of HSBC Global Asset Management, has recruited Ed Conroy to its global emerging markets team, where he will focus on researching Russian equities. Conroy joins from Aberdeen Asset Management, where he was previously an investment manager in the global emerging markets equity team. Based in London, Conroy reports to Douglas Helfer, senior portfolio manager and head of Russian equities at Halbis.

Investment into UK mortgage bank Bradford & Bingley by private equity firm TPG has been scrapped following a downgrade of the firm. TPG was due to invest about $350 million in B&B but had protected its agreement by including an escape clause that allowed it to withdraw if Moody’s downgraded B&B twice prior to investment. Moody’s downgraded B&B from A3 to Baa1 last month.

Regulators have put huge pressure on the CDS market to address counterparty risk. And the collapse of Lehman Brothers shows why. But in doing so they might be creating a bandwagon that exacerbates rather than solves the problem. Louise Bowman reports.

There will be more rallies but the equity market trend is downward, and there’s a worrying backdrop of rising inflation mixed with declining growth.

Investors worry that proposed regulation will punish the European market for weaknesses in US sub-prime origination.