November 2004
| Euromoney November 2004 The SEC is pursuing more and more hedge fund abuses. It hopes that requiring managers to register, as passed by the regulator on October 26, will eradicate the problem. It won't. Investors need to see independent valuations. |
Euromoney November 2004
French government and state agency issues have driven France's bond markets this year, with index-linked bonds taking a healthy share. Corporate issuance has been meagre by comparison, but loan markets have been active, M&A looks set to recover and IPOs have performed well, with a solid foundation of privatization issues.
Euromoney November 2004
Belief that a single number can capture the degree of risk being taken within a bank or an investment is mistaken, especially when that number is value at risk. Markus Leippold explains why the measure is flawed, points to the dangers of its widespread acceptance by regulators and investors, and suggests an alternative.
Euromoney November 2004
When Diageo offloaded its US Pillsbury food division to General Mills for stock in 2001, it did not expect still to be the biggest shareholder in General Mills three years later. But as pressure mounted to dispose of the stake, poor performance at Pillsbury, SEC investigations into General Mills and the overhang of the Diageo block held back the share price. It took an exceptionally well-structured and well-executed deal to overcome these obstacles last month.
Euromoney November 2004
With a history as old as the telephone itself, AT&T used to dominate US telecommunications. Now, after strategic blunders involving the disposal of key building blocks of business growth, its rump looks like a bite-sized takeover target. It might even have to sell at a discount to today's price.
Euromoney November 2004
UK regulator the FSA has given the fund management industry the opportunity to devise its own more transparent system of client commissions. But there is an impending time limit, and a crucial area - the creation of a competitive marketplace for research - is proving a recalcitrant problem.
Euromoney November 2004
As Singapore moves to meet the challenges of globalization and the greater influence of China and India, once-sleepy Temasek Holdings has been told to hike returns and promote a new vision. The result: frenetic activity.
Euromoney November 2004
India's Congress-led coalition government has forged agreements with leftist allies to maintain economic liberalization and reforms initiated by the previous administration. But the left has forced it to limit new openings for foreign investment and queried some privatization strategies.
Euromoney November 2004
The covered bond market is growing fast on heavy demand for alternatives to supra/agency debt and on buoyant supply as more and more countries pass enabling legislation. Pfandbriefe might still dominate but expansion is bringing in its wake a wide variety of variants on this classical model.
Euromoney November 2004
Getting regulators to understand complex industries is hard. Insurance companies are finding it harder than most. They are concerned current accounting proposals don't reflect their basic business model, let alone regional and product differences.
Euromoney November 2004
Turks of all classes were jubilant about the European Commission's decision last month that their country was ready to negotiate for EU membership. But it soon became apparent that this implied further substantial reform. Sceptics point out reforms already written into law are barely being implemented.
Euromoney November 2004
Few Russian companies have done foreign IPOs, and even fewer have issued domestically. That looks set to change in the next 12 months. Investors should expect more diversity, some big winners - and one or two unpleasant surprises.
Euromoney November 2004
African economies are in a growth phase, thanks in large part to rising commodity prices. Sustained growth, though, depends on industrialization and that in turn depends on much higher levels of foreign investment. Anything near adequate funding is a long way off but there are at last encouraging signs of capital market development in some sub-Saharan countries.
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
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Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
Euromoney November 2004
The Islamic capital market proves its capacity to fund one of the biggest ever deals outside the oil and gas sector in the Middle East.
Euromoney November 2004
Current data suggest a gradual tailing off of the house price boom is likely in OECD countries. But there's still room for a sharp decline that could fuel recession and have a serious impact on overstretched banking systems and agency lenders.
Euromoney November 2004
Are Russians getting soft? Mikhail Gorbachev tried - unsuccessfully - to curb vodka drinking. These days, though, it's the hazards of a boom in beer drinking that exercise legislators
Euromoney November 2004
Euromoney November 2004
