Editor's note

Unfortunately, the beginning of this year is not at all optimistic. I would like to choose only two clear examples. 

First, the regular January’s Davos-summit, which provided the forum for global problems’ discussion. The general opinion was that for the first time since 2003, the global business leaders gathered with less hope in world perspectives, according to the PwC survey): only one-third in the North America were on “the positive side” (last year – more than half), about 44% - in Europe. However in Asia, China and India the “positive” rating was about 73-90%. The summit discussions, no doubt, will be on people’s minds for the several months to come: a good insight is the FT review of Davos on February 5, 2008.

Second, a new financial “mini-crisis” in Europe (Societe General issues).The worst thing, actually was not a single person’s mistake (equity derivatives handler), but the bank’s rouge trading scandal with money-laundering and dirty cheques ring. The French government will tighten banking regulations after court investigations. The whole affair can serve as a good reminder for the Baltic States’ banks. 

Then, we have to start calculating the countries that have already ratified the new reform Treaty (Lisbon 2007). Hungary made it on 17^th of December, Malta and Slovenia – on 29^th of January, Romania – on the 4^th of February, and the lower house of the French parliament is due to vote on ratifying the treaty on the 6^th of February (however, the French constitution must be revised before the treaty becomes law. 

And the last remark: it happens that February is the time of the official start-up of our new BC-web Magazine’s version; we have already informed our readers about the event in our press-release. So, it is, in fact, a good occasion to raise a glass of wine for the good perspectives. And so we hope that a good beginning makes a good end!