March 2009
| Euromoney March 2009 The new US Treasury secretary took just three weeks to disappoint those hoping he could find a way to save the US banking system and give a lead to the rest of the world. He has put off creating a bad bank to purge the system’s toxic assets but its day will surely come. There are bad banks aplenty now and when they inevitably collapse, taxpayers will pick up the mess. Peter Lee reports. |
Euromoney March 2009
Eike Batista is intent on bucking the market. He wants to make idle private equity work. Bankers love his energy and mining businesses despite the downturn in global commodities. Can Brazil’s richest man keep delivering? Chloe Hayward reports.
Euromoney March 2009
In Brazil, private equity is in vogue. Local billionaires Eike Batista and Andre Esteves are not the only people tapping the low valuation opportunities. Fund managers can be more selective within wider risk parameters as the true power of their key asset – cash – becomes obvious. Chloe Hayward reports.
Euromoney March 2009
Thailand’s new finance minister is doing everything he can to get the country’s fundamentally sound banks lending again. He must also cope with political instability. Will Korn Chatikavanij be able to see the job through? asks Eric Ellis.
Euromoney March 2009
If you thought the credit market was dead, it’s not. It is now called the sovereign debt market. The crisis has boosted demand for their paper, but a day of reckoning for the government bond markets is coming. Alex Chambers reports.
Euromoney March 2009
The partly state-owned Brazilian oil company sees no conflict between profitability, state ownership and social responsibility, according to its chief financial officer, Almir Barbassa. Jason Mitchell reports.
Euromoney March 2009
The impact of the credit crunch spread across the world over the past 12 months. Eastern Europe was badly hit, and the Middle East and Asia could no longer claim to be immune.
Euromoney March 2009
One of the smallest EU sovereign issuers is determinedly fighting its corner, as Portugal’s debt agency head, Alberto Soares, tells Alex Chambers.
Euromoney March 2009
The relatively conservative approaches of the financial system and banks’ customers seem to be helping the nation deal relatively well with the financial crisis and recession. But there are still risks ahead. Laurence Neville reports.
Euromoney March 2009
Analysts predict that Spain will be hit hard by the global economic downturn. But Baldomero Falcones of conglomerate FCC tells Laurence Neville he’s confident the company is well placed to thrive.
Euromoney March 2009
The Turkish economy has made great strides forward since the financial meltdown of 2001. But has it changed enough to survive the global economic slump? Guy Norton reports from Istanbul.
Euromoney March 2009
Some senior bankers are still moving to Dubai; but at least one has already moved away again. Sending rainmakers to the UAE brings as yet unquantifiable rewards. Should global banks keep expanding their Gulf presence? Dominic O’Neill reports from Dubai.
Euromoney March 2009
Emerging market investors who gorged on an increasing array of corporate debt products face uncertain times as companies’ balance sheets come under pressure. Default and recovery rates will vary greatly by country, writes Sudip Roy.
Euromoney March 2009
Bad news from equity derivatives desks to have been relatively contained so far – although banks make it hard to find real numbers. But as investors remain wary of highly structured trades, and bank losses mount, will it be back to basics in 2009? Phil Moore finds out.
Euromoney March 2009
The market is relatively young but it has had a brutal education over the past year as the financial crisis has swept through every corner of the financial markets. Where next for inflation-linked products?
Euromoney March 2009
Credit default swaps market gets its house in order.
Euromoney March 2009
Debt drought might force Gatwick sale rethink.
Euromoney March 2009
Robert Bell and Robert Palache have formed Bell Capital Partners – a boutique advisory firm that will provided specialized financing advice in the real estate sector.
Euromoney March 2009
Aladdin Capital Holdings has launched a fund that will invest exclusively in debtor-in-possession facilities.
Euromoney March 2009
Today few banks in Europe could raise equity capital from private sources. Governments are now the leading providers and will continue to be so for some time. But Swedish banks are hoping to complete a little flurry of conventional rights issue recapitalizations this month, in a reminder of how equity capital markets used to work in the days before banks in Europe resorted to taxpayers to cover their losses.
Euromoney March 2009
Legislation to stop coupon payments could have wide consequences.
Euromoney March 2009
With Latin America’s equity markets still shut, some cash-strapped corporates will be able to turn to the debt markets to raise much-needed funds, although opportunities will be limited and only selective credits will have access.
Euromoney March 2009
Euromoney March 2009
Talk that several countries have entered a competitive devaluation race is wide of the mark.
Euromoney March 2009
Analysts at Royal Bank of Canada recently summed up the prospects for many of the non-G7 economies in a piece of research entitled Running out of bullets.
Euromoney March 2009
Multibank platform FXall, which has recently released a new service called Cross Currency Netting, says that changing conditions in the foreign exchange market have shown the importance of being able to deliver flexible workflow tools to the buy side.
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Hedge fund activists are finding it harder to spot opportunities.
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Bain Capital has reportedly proposed waiving the 2% management fee on several of its private equity funds.
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
More heat than light was generated when UK MPs interrogated hedge funds. Neil Wilson reports.
Euromoney March 2009
Euromoney March 2009
With Latin America’s equity markets still shut, some cash-strapped corporates will be able to turn to the debt markets to raise much-needed funds, although opportunities will be limited and only selective credits will have access.
Euromoney March 2009
The recession in the US economy is beginning to bite in central America, leading to a big slowdown in remittance flows that are vital to the region’s health. Guatemala and El Salvador, in particular, are most vulnerable to a drop in the growth in money flows from relatives in the US and elsewhere.
Euromoney March 2009
One region that will feel the force of a deep recession in the US is central America. However, recent financial reform could help soften the blow to an extent. Two of the region’s finance ministers tell Euromoney about their hopes and fears.
Euromoney March 2009
Despite their mounting woes, several US and European banks claim that they remain committed to Latin America, especially Brazil, according to their regional heads, although some are paring down their presence.
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
While corporate bond issuance in Europe has got off to a record start for the year, in Asia another trend is dominant: debt buybacks.
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
The International Finance Corporation has teamed up with Japan Bank for International Cooperation to launch a new recapitalization fund for struggling private-sector banks in the emerging markets.
Euromoney March 2009
Given the emirate’s imploding real estate market and economy, some local banks in Dubai announced surprisingly strong results for 2008. But developments in the second half, and especially the final quarter, reduced results for the year as a whole.
Euromoney March 2009
As gas exports from Qatar provide the country with a buffer from the Middle East’s financial crisis, investors are expected to favour Doha over troubled Dubai. Already, some regional and global banks are transferring staff from Dubai to Qatar’s capital.
Euromoney March 2009
Kazakhstan has witnessed a dramatic series of events in recent weeks as the central Asian state grapples with the growing challenge of the global credit crunch and associated economic slowdown. At the start of February it devalued its currency by 18% to about KT150 to the dollar.
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
The role of treasurer must be confined to prudent funding, investment and risk management, not making a profit.
Euromoney March 2009
Global firms are once again rolling back their commitment to Asia. Will they never learn?
Euromoney March 2009
If you are going to throw money at a problem, throw it at the right problem.
Euromoney March 2009
Regulators see a chance to hammer hedge funds and are determined to take it.
Euromoney March 2009
What good is abundant liquidity unless it flows into the wider economy?
Euromoney March 2009
Emerging Europe needs a coordinated bank bailout – and fast.
Euromoney March 2009
BNDES spending can only prop up the economy for so long.
Euromoney March 2009
UAE loan buys time and gives options – but which to take?
Euromoney March 2009
Eighteen months ago, the chief executives of major financial firms were revered. We envied their elevated status – the jets, the bodyguards, the limousines and the layers of gatekeepers. Now these men are reduced to squirming schoolchildren who’ve been caught stealing from the communal cookie jar.
Euromoney March 2009
The eurozone’s advantages for both strong and weak members far outweigh any disadvantages that might incline countries to walk away.
Euromoney March 2009
The current economic crisis exposes gaps at the heart of European policymaking. They will only widen as eurozone countries and the ECB grapple with the prospect of quantitative easing.
Euromoney March 2009
A risk manager at a large European bank now being propped up by its government after losing billions explains how the bank’s executives used to think about regulation. One question, he recalls, used to dominate its dealmakers’ meetings with the bank’s own legal counsel: “Can we get away with this?” No one ever asked: “Should we be doing this?”
Euromoney March 2009
Euromoney March 2009
If you have nothing, so do I.
Euromoney March 2009
It seems that no area of life can remain untouched in this financial downturn – not even the English language.
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
Euromoney March 2009
