Lead news: Ecuador defaults on ‘illegal’ bonds

Ecuador’s radical left-wing president Rafael Correa last month declared his country’s foreign debt illegal and defaulted on its bonds. The country’s bond prices slumped after the decision not to pay the $30.6m coupon on the country’s Global 2012 bond.

A new global financial architecture

Incoming US presidents often face significant financial headwinds. Barack Obama is facing a force-five hurricane. The world economy has swiftly transitioned from a position of reckless financial risk-taking to a situation that may be even worse – no financial risk-taking. To add to these difficulties, the emerging challenge is deflation. By David Smick.

Investors should learn lessons too

Institutional investors are up in arms again; this time at Deutsche Bank’s decision not to call its 2009-14 subordinated bond. “We are disappointed and concerned at this action taken by Deutsche Bank, a leading global capital markets operator with no capital or liquidity issues,” fulminates the Association of British Insurers.

China must refill ‘iron rice bowl’ during crisis

While the credit crunch was ‘made in America’, it may be China and the ‘made in China’ economic model that becomes the biggest casualty of the crisis.

Philip Hammond

London’s role as a global financial centre has been damaged by the current crisis and the UK’s ruling Labour Party must bear some of the responsibility for this. However, there is a political consensus to remedy the situation.

S Ramadorai

The global financial crisis is a time of opportunity as well as challenge, to be grasped with both hands.

Jose de Lima Massano, Angola

Occupation: Bank chief executive.Age: 39

Nathan Reddy, South Africa

Occupation: Graphic designer.Age: 39

Yolanda Cuba, South Africa

Occupation: Company chief executive.Age: 30

Dr Joseph Adelegan, Nigeria

Occupation: Chartered civil and structural engineer. Age: 41

Erik Charas, Mozambique

Occupation: Entrepreneur.Age: 34

Nigel Chanakira, Zimbabwe

Occupation: Entrepreneur and business owner.Age: 42

The Banker Awards 2003

The Banker Awards 2004

Awards 2007

Awards 2008

Macedonia

NLB Tutunska bankaOwned by Slovenia’s Nova Ljubljanska banka, NLB Tutunska banka of Macedonia enjoyed a record-breaking year in 2007, with profits rising 39%, and return on equity climbing to 16.2%, from 15.1% in 2006.