August 2002
| Euromoney August 2002 Until the market debacles of the past couple of years investment banks had grown used to new doors to profit opening as old ones closed. That's no longer the case and in the absence of anything better proprietary trading seems to be back in vogue. |
Euromoney August 2002
In the face of the most volatile markets in many people’s working lives, investors in the west are looking for safe havens away from New York and London. Is Asia the answer? Some market players think so. “There is something very special about Asia,” says one. Others label the region a perennial basket case. Who’s right?
Euromoney August 2002
Restructuring, cost-cutting and consolidation have enabled some emerging-market banks to post growth and profits that set them apart from stagnant global rivals.
Euromoney August 2002
These are not happy times in corporate credit. Accounting
and trading scandals, miserable results and defaults
have produced dire results for investment-grade issuance.
Now finance directors are doing their utmost to avoid suffering humiliation in the markets.
Euromoney August 2002
WorldCom symbolizes the pitfalls of the current market
Euromoney August 2002
Demand for prime brokers has never been so high, thanks to the proliferation of new hedge funds. Spurred on by this, State Street is the first custodian bank to offer prime brokerage. Will it succeed?
Euromoney August 2002
Italy’s finance minister, Giulio Tremonti, is engineering
major changes in the management of the country’s assets
and liabilities. His goal: tax and spending cuts. Can he pull off
this double feat? Probably not, but positive things may still
emerge from his efforts.
Euromoney August 2002
Investors reacted unenthusiastically to Pfizer's plan to merge with rival US drug company Pharmacia, sending the shares 11% lower. It's not that the deal doesn't make sense but in today's volatile markets any bold move is frowned upon.
Euromoney August 2002
CBOT, which bars futures block trading, remains its strongest opponent – most recently complaining about a rival’s reporting-time rules. Is this an objection to deals that make the market less transparent or a backstop defence of CBOT’s pit traders? And can it hold out against a strategy widely regarded as vital to modern markets?
Euromoney August 2002
What will the investment management industry look like
in the coming years? What are the forces and trends that will
shape that future? State Street’s David Spina looks forward.
Euromoney August 2002
US firms have responded to judicial findings about the integrity of their equity analysts with new safeguards. Do European houses face similar problems and if so how are they dealing with them?
Euromoney August 2002
Shareholders of Norwegian insurer Storebrand are disenchanted with DnB after it dumped the company at the altar. Did management lose its nerve as the merger loomed or is there more to it?
Euromoney August 2002
Project finance has been hampered by misperceptions of its riskiness — among bankers and regulators alike. Although its risk-return profile is better than vanilla corporate lending, the Basle II risk proposals could weaken the market further. Paul Ashley of Oliver, Wyman looks at the threat and possible solutions.
Euromoney August 2002
Andrew Clark of PricewaterhouseCoopers assesses the different
levels of implementation of anti-money-laundering measures
needed by financial institutions to keep up with the
flood of regulations from national and international authorities.
Euromoney August 2002
It could be crunch time for European convertible issuers as redemptions fall due with stocks at long-term lows. Others face the prospect of investors putting the bonds back to them. Yet again it's the telecoms companies in the thick of it all.
Euromoney August 2002
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Euromoney August 2002
Bank restructuring
Euromoney August 2002
Energy derivatives
Euromoney August 2002
European exchanges
Euromoney August 2002
Insurance
Euromoney August 2002
Bank regulators are getting tougher. There's no surer sign of that than when senior executives apologize in public. Sandy Weill, chairman and CEO of Citigroup, was the high-profile executive seeking forgiveness last month for his firm's dealings with Enron.
Euromoney August 2002
South Africa
Euromoney August 2002
India
Euromoney August 2002
Mexico
Euromoney August 2002
Philippines
Euromoney August 2002
Russia
Euromoney August 2002
Russia
Euromoney August 2002
Issuer: Bank Markazi Iran (central bank)Amount: e500 millionLaunched: July 10 2002Bookrunner: BNP Paribas, Commerzbank
Euromoney August 2002
“I think we needed examples of bad governance to force people to change”
