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Emerging markets Equity indices in emerging markets outperformed those of developed markets in 2007, rising 42% compared with a gain of just 9.4% in developed markets, according to Standard & Poor’s global stock market review, The World by Numbers.

Several international banks walked away from the Maxis deal, reckoning its size meant it couldn’t be done. ABN Amro and CIMB showed that it could.

In the past 12 months, KPMG has provided more than 50 Islamic financial institutions with assurance and advisory services. It is the geographical spread of this business that gives KPMG this award.

"It’s mainly America’s fault," says a Tokyo analyst with a smile as he walks to the elevator after a meeting. The US is often unjustly invoked as the cause of problems in Japan but this time it’s hard to argue with the assessment. On January 22 the Nikkei 225 stock average plummeted 5.7% to 12753, prompted largely by fears of a US recession. It was a depressing year for Japanese stocks in 2007, with IPO volumes shrinking by more than 50% year on year and the Nikkei creeping downwards. This year looks to have had a bad start too: blame the US or not, local analysts say the index could dip below 12000 this year.

The Depository Trust & Clearing Corporation and CLS Bank International have launched a central settlement service for over-the-counter credit derivatives transactions. The service is an automated solution for the calculation, netting and issuing of payments between counterparties to bilateral contracts.

Unprecedented co-operation between European banks has, at last, created a single euro payments area. It will transform the cash management business and possibly the whole banking industry. Laurence Neville reports.

"Richard Branson likes to make out he’s Robin Hood when in fact he’s more like the Sheriff of Nottingham"

The Sepa revolution quietly creeps in

The leaders are busy expanding in the Balkans and beyond in emerging Europe. But will buying more and more on their doorstep prove better than an organic growth strategy in the long term? Chloe Hayward reports from Athens.

"Subprime" (or sub-prime if you write for Euromoney) has been voted "word of the year, 2007" by the American Dialect Society.

CIMB Islamic

Banks must come to terms with higher costs of funding, putting some at a competitive disadvantage to their peers for the first time. The worst hit might have to rethink completely how they fund themselves.