The current Zambian case not withstanding, most distressed debt traders form a valuable part of the financial system.

The establishment of a set of voluntary guidelines for project finance has handed pressure groups a stick with which to beat banks.

According to a report by the Pelorus Group, payment volumes for contactless, mobile and biometric payments will rise to $400bn by 2011 from today’s measly $27bn. This misses the real point, which is that traditional payment mechanisms are rapidly becoming obsolete.

For the first International Finance Facility for Immunisation debt issue to succeed, lead managers Goldman Sachs and Deutsche Bank had to devise a way of frontloading development finance at an affordable cost. Edward Russell-Walling reports on a scheme designed to ensure reliable funding for vaccine projects.

While rejecting numerous overtures from suitors, the London Stock Exchange has failed to go on the offensive and risks being left behind.

The UK bank’s US exposure should only be a short-term liability and shareholders will again benefit once the economy rebounds.

This may be the year that the US pendulum swings away from excessive regulation towards balanced principles.

Despite China opening up banking to foreigners, incomers will face difficult challenges to make an impact on such a gargantuan market.