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In 1999, Newbridge Capital, a US-based private equity firm, acquired a 48.5% stake in Korea First Bank. The bank was reeling from the 1997-98 Asian financial crisis, having taken heavy losses caused by a slew of corporate defaults, forcing it into insolvency. Seven years on KFB is one of the better performing banks in Korea and HSBC is eyeing to buy it from Newbridge. It has one of the lowest NPL ratios in the country, and a rapidly growing retail-finance business. Asiamoney talks with KFB's CFO, Ranvir Dewan, about how the bank has successfully navigated the stream of economic challenges that Korean banks must contend with.

The Indian coalition government has pledged to raise the standard of living of India's rural poor while maintaining conservative fiscal policies. Meeting both goals will be a difficult juggling act, especially when the coalition government, headed by a reformist prime minister, includes reform-opposed parties, including Communists. Richard Morrow reports.

A few of India's largest companies are very prominent on the world stage. Now its medium-sized players need to step up the pace and follow suit, writes Chris Cockerill.

With India's GDP growth touching a 15-year peak of 8.2% during FY2004 and the continued growth momentum in FY2005, the country is emerging as an important economy. The economic liberalization process that was ushered in the early 1990's, has evolved India into a globalised economy. Real sector globalization has given rise to increased cross-border financial interlinkages. Recent evidence suggests that Indian financial markets are increasingly getting integrated with the world markets. Rising financial integration has provided positive spillovers in the form of financial efficiencies, rising asset returns, improved corporate performance and strengthening of domestic market infrastructure.

China's mountain of bad loans is a conundrum for foreign investors. It's the second biggest stock of non-performing loans in the world, yet the official agencies charged with disposing of them are selling them in slow motion. Joanne Gray reports on the intriguing potential of a market that is testing the patience of foreign investors.

At the Ministry of External Affairs we understand the importance of economic diplomacy and promoting India's engagement with global business. We invite the international business community to avail themselves of the support and promotional services being offered by the Ministry and our network of missions. India is today recognized as an attractive destination for investment and a large and growing market for business. The fundamentals of the Indian economy have never been as strong and stable as today. There has been consistent high growth in recent years and there are clear indications of continuation of this trend in the future. With its large pool of scientific and creative human resources and R&D facilities, India is emerging as a global player in Information Technology and is at the forefront of the new era of the Knowledge Economy. The Indian market is being driven by a powerful new force of entrepreneurship unleashed by the economic reforms and liberalization of recent years.

It's the last step towards fully privatizing Australia's telecommunications giant. The deal may be big, but as Fiona Haddock reports, it requires a delicate touch.

Palaniappan Chidambaram has made a good start to his second stint as India's finance minister ? but the toughest challenges lie ahead. Chief among these will be bringing in foreign investment, reining back the fiscal deficit and marshalling Left wing colleagues to support him. Chidambaram talks to Nick Parsons about his priorities.

Of all the financial products that have boomed in India over the last12 months, equity has been the most impressive market, in both size and breadth of issuer type. Deals of $1bn are now possible, and domestic and international investors cannot get enough exposure to Indian IPOs and add-ons.

The re-emergence of Indian issuers in the international bond markets after six years has undoubtedly been one of the most exciting and talked about developments in the Asian capital markets this year. However, as Adam Harper reports, it has been a renaissance based on remarkably few transactions, thanks to a competitive local bond market and problematic withholding tax issues.

In Prime Minister Manmohan Singh and Finance Minister Palaniappan Chidambaram, India has the dream team in place to transform the country's fortunes. Despite being in power for only five months, they have impressed the international finance community with their sense of urgency and sharp focus on economic reform.