Analysts said the Russian devaluation re-ignited fears about the ability of China, Hong Kong and Brazil to hold their currency pegs.The German electronically-traded Xetra DAX index closed down 0.76 per cent at 5,432.03 after dipping more than 3 per cent earlier in the day. Analysts expressed concerns about the exposure of German companies - particularly banks - to Russia, and the mark hit a five-week low against the dollar of 1.81 marks before making up ground in late trading.The FTSE 100 had a jittery start, but closed up 12.2 points or 0.22 per cent at 5,467.2. However, the biggest fear is that one of the top 20 really big banks may go under.SBC Warburg, which is to axe 80 staff at its Moscow offshoot Warburg Brunswick, said last night it was unable to comment on its exposure to Russia ahead of half year results due out later this month. Other top 20 banks believed to be on the critical list include Inkombank and Rossikskiy Creditbank.Analysts say that as many as 400 banks could be at risk following yesterday's devaluation. Most Russian banks immediately raised their price for dollars to 7.50 or 8.00 roubles - above the new official floor of 9.5 roubles to dollar.The Russian stock market opened 15 per cent lower, but pared back some of its earlier losses to close down 4.85 per cent at 109.43 in thin trading.Russia's central bank has been bailing out SBS-AGRO as part of a lifeboat operation to keep the top 12 or so Russian banks afloat and avoid a wholesale meltdown in the financial sector. ALARM BELLS rang around the globe after Russia yesterday threw in the towel and announced a devaluation of the rouble and a suspension of debt repayments in an attempt to stabilise its ailing economy. The news came as it emerged that a clutch of Western investment banks have been stung for at least $100m (pounds 61m) after one of Russia's largest banks, SBS-AGRO, failed to meet margin calls because of mounting losses in the dollar-denominated debt market. Traders said blue-chip banks with big positions in the market include Goldman Sachs, Salomon Smith Barney and SBC Warburg.The authorities said they would allow the rouble to fall by as much as 50 per cent against the dollar, that there would be a 90-day moratorium on certain foreign debt repayments and trading in the government debt market would be suspended.Standard & Poor's, the leading credit agency, slashed its Russian long- term foreign currency rating from B- to CCC.George Soros, the New York-based financier whose intervention last week played a decisive role in the latest turn of events, said last night: "The government has bought itself a little time." He called the devaluation "necessary, courageous and timely," adding that the government "had stopped the collapse".The news - which came despite repeated official assurances last week that there would be no devaluation - hit investor confidence throughout the emerging markets.Russian foreign currency bonds plunged and other emerging market debt also fell.

It has preferred instead to concentrate on building Eureco, a loose alliance of five European mutual insurers, sharing similar aims. Some observers have suggested a merger between Friends Provident and at least one of these overseas mutuals.It has carved out a strong niche in the fast-growing ethical investment market, where its pounds 1bn Stewardship fund makes up almost half the total UK sector.In 1997, the mutual life insurer, recorded a sharp growth in new business figures, with total premium income growing by 28 per cent to pounds 958m.. It was also said to be in the sights of Sun Alliance, the insurer which decided two years ago to merge with Royal Life instead.But it has strongly resisted hostile approaches. The company is particularly strong in the group pensions market area.Friends Provident, has itself been regularly tipped as a takeover target, most recently of Prudential, the UK's largest insurer. It recently restructured its activities, creating 18 regional centres and also has a network of tied agents, who sell only its own pension and insurance products. The company was last year tipped to join forces with Britannic, another home service insurer.

Shares in L&M closed last night at 508p.In addition to its home service side, which employs some 700 salespeople, the company also operates an 80-strong estate agency chain in the south of England. After all, 150,000 came to gaze at the creation during its construction. But the success of World Cup merchandise underlines where the real passion - and the money - lies."Close your eyes, you can still feel the atmosphere," said a young fan before parting with Fr75 for a Stade de France T-shirt.Should the guided tour of the architecture and pitch not suffice, you can mail order for a piece of the semi-final turf for Fr175. "It's really important for him to be able to say that he was here."Mr Parenteau said: "The British already have a tradition of visiting football stadiums." This phenomenon is now taking the French by storm, who are flocking to pay homage to the ground where Les Bleus put France back on the sporting map.The authorities at the Stade de France in Saint-Denis insist that many visitors come to admire the stadium's architecture. A total of 18,000 paying visitors came in the first two weeks of August alone, a number that outweighs those visiting either of France's more famous monuments, the Eiffel Tower and the Chateau de Versailles. "The French victory has turned the Stade de France into a mythical place," said Xavier Parenteau, the director of tourism at the arena in the Paris suburbs.Bowing to popular demand, the stadium now provides tours for visitors.