A new breed of industrial group

In Russia, large financial-industrial groups exist alongside a new breed of commercially-minded and successful industrial groups that have made their money by more traditional and honest means.

The sovereign imperative

Understanding sovereign risk is the key to investing in central Europe, where foreign investors have an important role to play, says Ashmore Investment Management’s Jerome Booth

Egypt: Time for action

Egypt has weathered the economic storms of the past two years and looks set for steady growth over the next decade.

Pfandbrief issuers’ business overhaul

The German Pfandbrief market, in particular the jumbo sector, has grown dramatically in recent years and assumed a larger and larger slice of European bond fund managers’ portfolios.

Uneasy lies the head

Kemal Dervis, the new mega-minister of the Turkish economy and former World Bank vice-president, talks about the Turkish economy and the growing sense of imminent change in his country.

Specialist principle comes under scrutiny

HypoVereinsbank’s decision to combine its mortgage banks under one roof has revived the long-running debate about the validity of the specialist bank principle - the foundation of Germany’s system of mortgage banks.

Why the marble remains tarnished

The marble floors are still in place at the EBRD’s office on London’s Bishopsgate, the grand pillars and glass still deck the waiting area and the presidential suite remains with its grand vistas.

The politics of privatizing power

Those central and eastern European countries that have pushed furthest and fastest with privatization have benefited from healthy government finances, restructuring and modernization of key industries and enhanced economic growth.

Russian companies try to be well behaved

Ruben Vardanian, president of Russia’s leading broker Troika Dialog, talks about the changing structure and behaviour of Russia’s companies and investment opportunities in them.

Buyers name the top teams

Euromoney polled investors at 3,000 investing institutions in 31 countries, asking them to rank the individuals and teams whose credit research they rate most highly.

How to engineer a financial gallows

Turkey’s idiosyncratic form of financial engineering involved the creation of a web of corruption linking the governing elite, through the state banks, to its cronies.

Power industry put on slow charge

With south-east Asian economies recovering, governments are making cautious moves to restructure and expand their power industries to meet increased demand.

Offering a challenge to Gazprom

A cooling in relations between Sergei Dubinin, former governor of the Russian central bank and now deputy chairman of Gazprom, and the EBRD lies behind the very public dispute between the bank and the management of Russia’s largest company.

The difficulty of defining a default

Credit default swaps have proved a popular derivatives instrument with banks and other credit investors, but one possible trigger for default – the restructuring of a bond or loan – has cast uncertainty over the market.

Privatization all over again

Whatever Russia's government is or is not doing, Russian companies have found their own reasons for making improvements in corporate governance and boosting shareholder value.