April 2011
| Euromoney April 2011 Many of the world’s leading banks are struggling to cross a key threshold in their business – where their return on equity exceeds their cost of equity. That’s only likely to get worse as their capital requirements rise. The hopes of the industry are based on an improvement in market conditions. Right now, it’s struggling to make a convincing case for itself. Peter Lee reports. - The answer that bank chiefs can’t bring themselves to contemplate
If banks can’t increase their return on equity through the markets, they might have to look more closely at components of their cost base, chiefly compensation.
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Euromoney April 2011
The tables have turned for Craig Donohue. Until recently the Chicago Mercantile Exchange was seen as the chief aggressor in the global battle for bourse market share. Now, as rivals announce ever-more grandiose consolidation plans, the CME’s chief executive is standing firm on his strategy for organic growth. Helen Avery reports.
Euromoney April 2011
The real level of problem loans at China’s biggest banks is shrouded in mystery. The good news for investors is that whatever happens, the government will support them – it got them into trouble in the first place. But such state control has led to a reappraisal of what China’s banks have to offer. Elliot Wilson reports
Euromoney April 2011
Hutchison Ports Holdings chose Singapore for a record-breaking IPO because SGX’s business trust structure assures the Hutch listing, HPH Trust, of continuing control by its existing owners. Investors bought the deal because of its yield prospects, but are they guaranteed? Chris Wright reports
Euromoney April 2011
Corporate Korea is caught in the aftermath of a derivatives disaster. One CEO tells how he nearly signed a deadly contract. Many others weren’t so lucky. As KiKo fiasco litigation continues, work is under way to avoid a repeat catastrophe. Lawrence White reports
Euromoney April 2011
Korea Investment Corporation is unusual in having no liabilities that it has to provide for in its investment strategies. So chief investment officer Scott Kalb has relative freedom to explore alternative and longer-term investments. Chris Wright reports
Euromoney April 2011
After the default of one of its biggest state-owned companies in December, the country’s latest round of problems began: ratings downgrades, rising inflation and an 8.5% devaluation. Yet some investors are optimistic. They think its markets are cheap, and are waiting on a new wave of IPOs. Lawrence White reports
Euromoney April 2011
The earthquake that devastated Japan put its markets under severe strain, with high volumes of orders stressing systems, and staff unsure whether to stay or flee. Those who worked through the crisis tell Euromoney about their experiences. Lawrence White reports.
Euromoney April 2011
Providers and clients in the key Asian markets discuss the effects of the region’s growing influence and importance, tradeability of the renminbi and the developments that are bringing cutting-edge cash management services.
Euromoney April 2011
Samir Radwan was a surprise choice as Egypt’s new finance minister – even to himself. Appointed at the height of the chaos, the retired economist is working hard to sustain Egypt’s finances and economy through a period of extraordinary upheaval. Eric Ellis joins him in Cairo
Euromoney April 2011
Just as it comes to terms with the fallout of the global economic crisis, the Islamic sector must prepare for political instability. Dominic Dudley reports.
Euromoney April 2011
Younis Al Khouri, director-general of the UAE federal finance ministry, speaks about his department’s cash injections into the banking sector, and his plans for the first UAE-wide sovereign bond.
Euromoney April 2011
Cash hoarding by companies combined with private equity funds’ need to put money to work are producing stellar M&A volumes, mainly in the US. But economic uncertainty and corporate caution might make the going much slower in other markets. Louise Bowman reports.
Euromoney April 2011
Euromoney April 2011
New rules and regulations on bankers’ compensation are changing the tempo of financial services headhunters’ business. Many are finding that the dance of recruitment is adagio. Nick Lord reports
Euromoney April 2011
Euromoney April 2011
Sáenz continues to fight court conviction; Luzón looks best placed to succeed him
Euromoney April 2011
Not testing hold-to-maturity books or liquidity risk diminishes credibility; Sterner tests conducted in private might be a better use of time
Euromoney April 2011
BAML told ‘no’; Citi surprises analysts; Capital requirements might yet increase
Euromoney April 2011
High-yield business grows on deal wins; Citizens Bank ownership pays off
Euromoney April 2011
9.0 quake didn’t trip parametric triggers; Reinsurers struggle to absorb losses
Euromoney April 2011
April deadline for regulation; Margin requirements could be prohibitive
Euromoney April 2011
Not if, but when; Debt burden numbers don’t lie
Euromoney April 2011
Departures follow senior investment bank changes; Former Barclays team now in control
Euromoney April 2011
Nomura exits, Credit Suisse stumbles?; Rates, currencies, commodities counter credit revenue decrease
Euromoney April 2011
Chicago veteran Strong to move to HK; Laroia heads equities, Richdale investment banking
Euromoney April 2011
Indian committee suggests controls on microfinance; Central bank keen to foster lending in remote areas
Euromoney April 2011
Share giveaway might prompt baby boom; Crucial strategic investor role to be decided
Euromoney April 2011
Monetary policy seen as insufficient; Macro-prudential policies also required
Euromoney April 2011
Reflects long-standing de facto situation; Not expected to change investor base
Euromoney April 2011
Equity funds struggle; Primary issuance muted
Euromoney April 2011
Clampdown on black market FX trade; Long-term fears about default
Euromoney April 2011
Biggest Korean investment in Mexican power sector; Further deals in the pipeline
Euromoney April 2011
Euromoney April 2011
Metalloinvest backs mega merger; Deripaska refuses to sell stake
Euromoney April 2011
Bolt-on acquisition of investment banking unit; Integration problems the big challenge
Euromoney April 2011
International firms evacuate staff; Further woe for local investment banks
Euromoney April 2011
Belgian retailer in big acquisition in Serbia; Agrokor and Mercator vie for local leadership
Euromoney April 2011
Share buyback latest sign of financial health; Lending still lagging income growth
Euromoney April 2011
When, a few decades into the future, we cast our minds back to the early years of the 21st century, how will China shape up in historical perspective? Moreover, how are we likely to view the country’s leaders in these fulcrum years: Hu Jintao and Wen Jiabao, president and premier from 2003 to 2013?
Euromoney April 2011
After omitting an outright sovereign default from its latest banking system stress test, the EBA must set a high capital ratio for banks to pass, or risk losing all credibility.
Euromoney April 2011
Growth in high-yield market funding heightens risk on weaker credits.
Euromoney April 2011
Institutional investors have been poorly served by most platforms. Mergers won’t make much difference.
Euromoney April 2011
“A UBS insider points out that the landscape in
the securities division is flatter: ‘A layer has been
removed.’ But I still think Carsten Kengeter has too
many lieutenants”
Euromoney April 2011
Euromoney April 2011
Euromoney April 2011
Morgan Stanley recently unwound credit hedges on monoline insurer MBIA at possibly a big loss. This could hit first-quarter results for the firm’s troubled fixed-income division and compound its reputation as disaster-prone, at least when it comes to credit trading.
Euromoney April 2011
Higher global inflation and lower growth – stagflation – is on the way. Deflation is much further down the road.
Euromoney April 2011
Investment consultants are taking a leaf from Madonna’s playbook and reinventing themselves. Implemented consultancy is causing a commotion but it is far from clear who the winners will be.
Euromoney April 2011
Euromoney April 2011
Euromoney April 2011
Euromoney April 2011
Stuck for a yield-enhancing idea in these low interest rate times? Want an asset that provides consistent returns and offers a hedge against market and political crises? One fund manager reckons it has a gem of an idea.
Euromoney April 2011
Euromoney April 2011
Euromoney April 2011
