September 2011
| Euromoney September 2011 Feeding the world is the most pressing issue facing society. Billions of dollars of new investment is needed to forestall future crises in both supply and price. Markets and financial institutions can play a crucial role in meeting the challenge. But how can they do so without being seen to exploit the most crucial resource of all? Sudip Roy reports. - US farmers discover the price of globalization
US agriculture generates profits of nearly $100 billion a year. Food and finance are inextricably linked. But international demand for US agriculture products is providing new challenges for the country’s farmers, especially in price volatility. Helen Avery reports. - Land grab raises concerns about food security
A wave of agricultural land purchases by Middle Eastern investment groups in emerging markets is causing disquiet among governments, NGOs and development institutions. Are these investments for commercial gain, or a grab for food security? Nick Lord reports. - Investors out to make dough from Europe’s breadbasket
Blessed with some of the continent’s most fertile land, Ukraine is of enormous interest to agribusiness. A handful of local and international firms think they have spotted an opportunity. The private sector will be vital to the country fulfilling its potential. Valentina Zarya reports.
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Euromoney September 2011
Citigroup is pinning its global strategy on the emerging markets and holds high hopes for its Latin America business. But, right now, it is nowhere near what it could and should be. Rob Dwyer reports from New York and São Paulo.
Euromoney September 2011
Vale is one of the world’s leading mining companies, with activities in 38 countries generating record results. The company is in a strategic sweet spot, exposed to growth in commodity prices and emerging market demand. CFO, Guilherme Cavalcanti, says it is time the company is seen as a global leader, not merely a Latin American champion. Rob Dwyer reports from Rio de Janeiro.
Euromoney September 2011
Brazil’s government has not shirked from competitive devaluation policies. The most recent, in July, was a strike against currency speculators through a new FX derivative tax. Rob Dwyer looks at how it will affect corporate hedging strategies.
Euromoney September 2011
Argentina’s capital markets have become much more active this year, as the country’s economy booms and foreign investors turn to it in the belief that it offers investment opportunities. Jason Mitchell reports from Buenos Aires.
Euromoney September 2011
For all the policy decisions of the past three years, nothing has been done to address the fundamental problems facing the economies of the developed world. Four key issues will continue to keep the world in a prolonged period of stagnation. If they all get worse at the same time, the consequences are painful to contemplate. Peter Lee and Clive Horwood look at the state we’re in.
Euromoney September 2011
For three years, policymakers have failed to address the root problems of the financial crisis. Only one tool is left – for central banks to buy up and thereby reduce the amount of debt outstanding. David Rosenberg of Gluskin Sheff bemoans the failure of leaders to tackle the debt problems head on.
Euromoney September 2011
The summer of turmoil in the eurozone has cemented the transition of the region’s sovereign debt sector into one large and volatile credit market. Traditional passive fixed-income fund managers barely know how to cope, while credit specialists are jumping in and expecting to make big returns. Louise Bowman reports.
Euromoney September 2011
The pat excuse for volatility striking markets in August is that the investment heavyweights are on the beach. Not so Alan Brown. The chief investment officer of Schroders met Euromoney as panic turned to hysteria. Brown believes these are among the most treacherous markets he has ever experienced, but finds a few boltholes for investors brave enough to be contrarians, writes Andrew Capon.
Euromoney September 2011
Euromoney September 2011
With a nimble approach to business and a track record of riding out storms in the Russian financial system, it is one of the country’s few bank success stories. But will Nomos suffer from growing too far, too fast? Rachel Morarjee reports from Moscow.
Euromoney September 2011
A Silicon Valley-style venture capital industry centred on Moscow might be unlikely, at least for now. But sustained state encouragement including funding could drive a boom in Russia’s high-tech industry. Dominic O’Neill reports.
Euromoney September 2011
Macro headwinds, regulatory aggression, competition and new funding structures herald a shake-up in Turkey’s banking sector. Yet with many of the banks’ European shareholders under intense pressure in their home markets, Turkish banking assets have never been so valued. Nick Lord reports.
Euromoney September 2011
Three leading companies and Garanti Bank discuss the country’s corporate performance and access to finance. Growth is steady and firms are expanding, but there are wider macro issues that won’t go away.
Euromoney September 2011
While regulators’ attention has focused on those that are too big to fail, the financial institutions in Europe that face the sternest challenge might be those that are too small to get funding from investors. And those at risk could include some sizeable and well-known banks, as Phil Moore reports.
Euromoney September 2011
The euro crisis has already resulted in the region’s country risk scores falling by a greater margin than the Asian economies in 1997. That’s before any of the countries involved has actually defaulted. Andrew Mortimer asks: how many years will Europe take to recover?
Euromoney September 2011
Over the past year Romania has staged a surprise recovery, thanks to careful political stewardship and workers’ willingness to accept swingeing austerity measures. However, there is still much work to be done if the country is to fulfil its potential. Lucy Fitzgeorge-Parker reports.
Euromoney September 2011
THE ARAB-NATIONALIST old guard that hung on to power for 40 years or more is falling. Even in the Gulf, regimes are under pressure. And as with the fall of the Berlin Wall, these events are having a far-reaching impact.
Euromoney September 2011
Egypt’s top bankers took extreme measures to ensure that the country’s financial infrastructure did not break down as the Mubarak government fell. Now, as they desperately hope that a new regime will enable the banking industry to flourish, optimism is tempered with the reality of how much work there is to do. Eric Ellis reports from Cairo.
Euromoney September 2011
The political unrest in Bahrain has adversely affected banks and their customers. Loss of business to other Gulf states might be hard to reverse, especially as the government crackdown continues, leaving popular resentment smouldering. Dominic Dudley reports.
Euromoney September 2011
Spending state oil revenues on prestige stakes in western brands no longer fits so well with the political climate in the Middle East. Mubadala has an alternative model for what Gulf governments can do with spare cash. If you want its investment money, you’d better bring something else to Abu Dhabi as well. Dominic O’Neill speaks to the firm’s senior management.
Euromoney September 2011
It seems unlikely new political freedoms in the Middle East could bring greater economic empowerment. In the short term investors are being put off by the volatility. Banks are reassessing their positions. Dominic O’Neill reports.
Euromoney September 2011
The economy has been brought to a near standstill by domestic and regional political turmoil, but the country’s banks report rising deposits and profits and feel they can ride out the crisis. Dominic Dudley reports.
Euromoney September 2011
Middle Eastern companies and their banks are still very much open for business, despite the instability arising from the Arab Spring. But with risks rising, companies want ever more visibility and control over the way they manage their cash.
Euromoney September 2011
Ecobank has become the most widespread bank in Africa. Its chief executive, Arnold Ekpe, says the focus is now on revenues and efficiency. But with major acquisitions recently announced, Ecobank’s ambitions for growth have not let up. Dominic O’Neill speaks to the bank’s leadership.
Euromoney September 2011
A growing group of fund managers are fully aware of the risky nature of African capital markets – often having themselves taken hits – but regard the opportunities as a strong counterweight to the hazards. Nick Kochan reports.
Euromoney September 2011
The fall of the multi-billion dollar Sino-Forest Corporation is merely the most prominent show in the overseas-listed China stock scandal circus, as a colourful cast of auditors, corporate executives, exchanges, investors, regulators and short sellers argue over who’s to blame and what can be done about the alleged frauds and misdeeds now coming to light. Lawrence White follows a saga that takes in Hong Kong, New York and Shanghai.
Euromoney September 2011
Some of China’s wealthiest people are banding together to use their money and local knowledge to invest in the country’s growth businesses. Little is known about these groups, their investments or their returns. Elliot Wilson shines a light on the underground investment culture, and asks what chance international private equity firms have of competing against local intelligence and power.
Euromoney September 2011
New entrants to Asia’s crowded brokerage market are spending heavily in the belief that committing fully to the region is the only way to survive. There’s a lot of money being spent, but not enough business for all of the competition to survive. Lawrence White reports from Hong Kong, Seoul and Tokyo.
Euromoney September 2011
The buoyant Thai economy kept motoring on through the political disturbances of the past year. But the recently elected government of Yingluck Shinawatra is already being challenged on its economic policies by former finance minister Korn Chatikavanij. Eric Ellis reports.
Euromoney September 2011
The Asean region could be the world’s sixth-largest economy but its financial systems are far from homogenous. Free movement of goods, services, investments and labour planned for 2015 should boost unity but the lack of an integrated capital market is a big stumbling block. Chris Wright reports.
Euromoney September 2011
China’s rapid expansion as a leading trading nation presents opportunities for banks to develop solutions to internal and international cash management needs. In this debate bankers and corporate clients discuss what has been achieved so far and what still needs to be done.
Euromoney September 2011
Before the US sovereign downgrade by sent the risk-on trade into a decline, commercial real estate had made big progress in cleaning up its act. Valuations are up, inventory is coming to market and new sources of funding are flowing. But will stalling economic growth knock the market off course? Joti Mangat reports.
Euromoney September 2011
Euromoney September 2011
While FICC, flow and corporate finance volumes languish, structured products and the equity derivatives that underpin them are enjoying robust growth. Global investment banks are eager to supply the products, while the need for returns and governance solutions is driving demand. Nick Lord reports.
Euromoney September 2011
Domestic banks dominate distribution at national level. But competition across Europe, both regionally and nationally, is heating up in the manufacturing of products for retail clients. Kim Hunter reports on the findings of a new, exclusive survey.
Euromoney September 2011
Bankers and corporate treasurers discuss how best liquidity can be safeguarded in a world of wider regulation and broadening markets.
Euromoney September 2011
Euromoney September 2011
IIF emerges as key player in Europe’s sovereign debt crises; Veteran debt negotiator says lessons must be learnt quickly
Euromoney September 2011
After stock collapses, bank talks up asset quality; Says profit warning reflects tougher outlook
Euromoney September 2011
Over 50,000 jobs on the block; Move to fixed compensation added pressure
Euromoney September 2011
Buffett instils confidence but at what price?; Deals positive signs for bank capital-raising
Euromoney September 2011
Fundraising costs at record lows; Flight to safety aids IG corporates
Euromoney September 2011
Concern grows for munis; Will Chapter 9s increase?
Euromoney September 2011
Offshore market meets convertibility rule; Global rebalancing bullish for Asian currencies
Euromoney September 2011
UniCredit trade proves the exception; Senior unsecured still shut
Euromoney September 2011
Inflation at 16-year high; Wealth gap widens
Euromoney September 2011
Euromoney September 2011
Stress tests data make grim reading; Transparency still lags US
Euromoney September 2011
Analysts see acceleration from low base; $5 billion for investment, M&A, dividends
Euromoney September 2011
Hong Kong, London, Mongolia exchanges involved; Korea, Japan angry over contract exclusion
Euromoney September 2011
Action needed to prevent bank default; Local debt maturity mismatch to blame
Euromoney September 2011
Mexico’s century bond a good omen; Region expected to outperform even in a recession
Euromoney September 2011
Cost of funding lower than domestic deals; Attractive yield pick-up for investors
Euromoney September 2011
Audit shows 20% improvement
Euromoney September 2011
Retail investors dominate; Institutionals will be back
Euromoney September 2011
Astana Finance dismays investors; Samruk-Kazyna favours ECAs
Euromoney September 2011
Middle-class incomes to be hit by social tax; New property tax to affect 80% of Russians
Euromoney September 2011
Governing party’s popularity hits all-time low; Budget deficit rises, corporate revenues fall
Euromoney September 2011
Credit Suisse trims in investment banking; Africa offices relocate to Johannesburg
Euromoney September 2011
Argentina unit sold for $600 million; Focus on retail and smaller businesses
Euromoney September 2011
It would be good news for Europe if a powerful and independent IMF were to take a more prominent role in its sovereign crisis.
Euromoney September 2011
The Arab World is entering a period of financial and political change. Banks must face up to the new realities.
Euromoney September 2011
Banks and their sovereigns are joined at the hip. It’s a toxic embrace.
Euromoney September 2011
Claims that BTG Pactual’s proposed link-up with Cerfin will propel the Brazilian bank into global prominence are exaggerated.
Euromoney September 2011
Undermining of independence of regulators will deter foreign investment.
Euromoney September 2011
The old adage ‘sell in May and go away’ usually advises investors to return in September. But debt investors in the US might want to hang back until December this year.
Euromoney September 2011
Euromoney’s survey suggests Europe faces greater challenges than Asia did in 1997
Euromoney September 2011
Euromoney September 2011
Warren Buffett’s stick-up of Bank of America in late August was a classic piece of opportunistic investment. The $5 billion deal marked an evolution in Buffett’s signature approach of renting his reputation to troubled financial companies in return for a near-extortionate fee. Rather than waiting for a firm such as Salomon or Goldman to come to him begging for protection, Buffett this time foisted a deal on Bank of America.
Euromoney September 2011
Warren Buffett’s record as an investor is unparalleled and his contribution to public life important, from pushing his fellow billionaires to pledge money to charity, to calling for a more equitable US tax code.
Euromoney September 2011
In both the US and the eurozone there is a failure to recognize that the crisis is about solvency not liquidity.
Euromoney September 2011
The economies of developed nations are now dangerously dependent on consumption funded by debt to spur growth. Turning the clock back to make do and mend won’t be painless but it is both inevitable and long overdue.
Euromoney September 2011
It’s easy to think with what’s going on in the eurozone that the biggest financial crisis facing the world is the future of sovereign debt. But without wishing to diminish its seriousness there’s one issue that overrides its importance: food prices.
Euromoney September 2011
Euromoney September 2011
Euromoney September 2011
Euromoney September 2011
Euromoney September 2011
Euromoney September 2011
Euromoney September 2011
