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Making up the rules in Brazil

Type of deal: attempted purchase

Making up the rules in Brazil

Brazil long needed a heavyweight in the central bank chair and now it's got one. Gustavo Franco earned his spurs in last October's Asian meltdown. His policy regime, especially the use of capital controls, is being studied around the world. Brian Caplen reports.

Must the IMF grow in size just to stomach the next bail-out, or should it reinvent itself as a tougher, global rating agency of countries and their banking systems? Such an IMF would not whisper advice into the ear of crony capitalists and then pay off their creditors - it would be a lean, mean agent of transparency and would deal out pain where pain is due. James Smalhout reports.

The market, like nature, is red in tooth and claw. It has no concept of ethics, morality or justice. Its agents are predatory and are concerned mainly with their own survival. They have no thought for the good of the system. That doesn't mean the market is bad or that it doesn't work. It means that present prescriptions for emerging economies do not reflect these realities. Nothing highlights more starkly the inappropriateness of the blind application of free market thinking to emerging markets more than the role of hedge funds. By Simon Brady.

Before he left Turkey for the US to study civil engineering at Oregon State University in Corvallis, Husnu Ozyegin bought a notebook and started keeping his accounts.

You've heard of America's forty-niners, well these are the ninety-niners, preparing for the gold-rush when Europe's single currency rolls into play in January. A frenzy of asset-allocation has already started. With a single interest rate, corporate bonds will begin to outweigh government issues, equity markets will take on new importance, and cross-border competition will drive M&A. Peter Lee reports.

Overgrown and full of deadwood

London stock exchange - Now for the details...

The love affair between increasingly yield-hungry European investors and corporate borrowers is becoming ever more passionate. Their sweet nothings include high yield bonds, convertibles, exchangeables and dealer remarketable securities. Rebecca Bream checks out some of the hottest dates in the market.

So far, Australia has emerged from the Asia crisis remarkably unscathed. In fact, it seems like just the right sort of stable market for European investors seeking diversification. Australian borrowers are responding by getting on the euro issuance bandwagon. Albert Smith reports.