Euromoney January 1998
They were sent from Athens, London and Madrid. They burned the midnight oil and engaged in intellectual debate, hammering out the finer points of monetary union. But by spring, the economists will be rolling up their spreadsheets and leaving Frankfurt as the European Monetary Institute is transformed into the European Central Bank. In the meantime, the battle for influence has to be won all over again. In the committee rooms, it is already beginning. By Laura Covill.
Euromoney January 1998
Rating agencies have been strongly criticized for failing to spot the Asian crisis. Investment-grade bonds have been downgraded to junk status - but only after problems have appeared and without much warning. For the first time the agencies are having to justify themselves. Are they as good in Asia as they are in the US? Steven Irvine reports.
Euromoney January 1998
When markets crash canny investors seize the opportunity to buy cheap. A few will make huge profits from the turmoil. But it's a risky business. Calling the bottom and selecting recovery stocks is challenging the analysts. No wonder the majority of investors are too terrified to come off the sidelines. Peter Lee talked to strategists about their 1998 plans.
Euromoney January 1998
On Friday November 21, when the board of Yamaichi Securities met to discuss downsizing the firm, president Shohei Nozawa stunned board members by proposing instead that it should wind itself up. Andrew Horvat reports on the events leading to the collapse of one of Japan's big four securities houses.
Euromoney January 1998
With trillions of dollars of securities lent or temporarily sold each day the risks, once thought minimal, began to look higher in November. There's a rethink on counterparty risk and the practice of making a spread on lower-grade collateral, but the credit-spread business is growing. Michelle Celarier reports.
Euromoney January 1998
Investment bankers' pay has been pushed through the roof as European firms seek to compete with Wall Street. But now banks are squeezing costs as they see their growth prospects fade. For all but the very best employees, the days of sky-high salaries may soon be over. So don't spend that seven-figure bonus all at once - it may be the last for some time. By Suzanne Miller.
Euromoney January 1998
Euromoney's definitive annual guide to winners and losers in the world's capital markets charts the struggle to join the select group of top-flight firms. But a number of banks have failed to boost their position through acquisitions, and some of the most improved firms are those that have grown organically. A synthesis of all the polls run in the magazine in 1997, the poll evaluates underwriting, trading and advisory activities over the past year. By Rebecca Dobson.
Euromoney January 1998
An easy transition to capitalism is proving a mixed blessing in the Czech Republic. The so-called Velvet Revolution has left many essential works undone. Banks remain in state hands and underegulated markets have encouraged asset stripping and fraud. Then as former prime minister Vaclav Klaus began to get serious about change, his government fell. In the ensuing political stalemate, reform is the chief victim. Nigel Dudley reports.
Euromoney January 1998
Will Asia's economic crisis knock eastern Europe off course? Will political disagreement stall privatization? Will the region's small companies flock to join the stock market? Rebecca Bream gauges the flow of new east European equity in 1998 and looks ahead to the year's biggest deals.
Euromoney January 1998
Spanish banking is clearly segmented by strategy, domestic banks competing for the retail markets and foreign banks heavily involved in offering services to multinationals and attempting to develop lower-level corporate business. With some privatizations still to be undertaken and rapid development of the equity market at both issuer and investor level there's substantial growth to play for. Margaret Popper reports.
Euromoney January 1998
The crisis in Asia is changing perceptions about almost every currency, and no-one is certain what will happen next. Suzanne Miller reports on uncertain times in the currency markets.
