January 2012
| Euromoney January 2012 The era of global investment banking is coming to an end. But financial trade involving and between developing markets will continue to grow. This gives a once-in-a-lifetime opportunity to firms based in those markets to build not just leading domestic franchises but also ones that can compete on a much broader scale. Which emerging market investment banks are best placed to take it? |
Euromoney January 2012
Historians will judge 2011 as a year of crisis. Will 2012 be worse, more of the same, or an unexpected pick-up in the world’s economic fortunes? As politicians, business leaders and bankers gather in Davos for the World Economic Forum, we assess the risk factors in an increasingly fragile global economy and market.
Euromoney January 2012
In a society obsessed with maximizing profit, Muhammad Yunus, Nobel Peace Prize winner and pioneer of microfinance through Grameen Bank in Bangladesh, has a new goal: to get business and finance to take off its ‘profit-maximizing glasses’ and think about its role in society instead
Euromoney January 2012
As the European bank-funding crisis pushes banks to fund themselves ever shorter-term, concerns are growing that collateral, the lifeblood of all secured borrowing, is running out. Can the shadow banking system ride to the rescue?
Euromoney January 2012
IMF senior economist Manmohan Singh has become something of a celebrity since the summer. Several commentators have seized on his recent writings on collateralized lending, rehypothecation and the shadow banking system to make the case that the downfall of the financial system stems from the overleveraged, unregulated, off-balance-sheet shadow banking system. What Singh is saying, however, is that the shadow banking system is a necessary part of the monetary universe, and therefore something that regulators and policymakers must thoroughly understand if they are to have any success in improving economic performance. In an exclusive interview, Euromoney spoke to Singh as he prepared to celebrate Christmas in Washington DC.
Euromoney January 2012
Mary MacLeod jumped companies and cultures to join ICBC International as deputy CEO – and became the most powerful foreign banker in China, with an eye on global dominance. The pressure is on, but MacLeod isn’t showing it... yet.
Euromoney January 2012
Euromoney January 2012
Euromoney January 2012
Brazil is one of the largest and fastest growing emerging markets for investment banking. And the locals are coming out on top. The lesson for other emerging markets, they say, is to neutralize international banks’ claims over distribution to institutional investors.
Euromoney January 2012
In the words of a recent recruit – it’s the biggest bank you’ve never heard of. If you’re an investment banker in Russia, or even Turkey and Poland, that’s about to change. But can Sberbank, propelled by its acquisition of Troika Dialog, get anywhere close to fulfilling its potential?
Euromoney January 2012
With developed markets stagnant, emerging nations hold the globe’s growth prospects. But can expansion in investment banking revenue in Russia keep up with Brazil or China?
Euromoney January 2012
Russia’s capital markets remain upbeat, despite negative forecasts from the IMF. Amid the eurozone crisis, market players see an opportunity for the country to prove itself as a developed and reliable financial centre. Bankers, investors and issuers discuss what needs to happen next.
Euromoney January 2012
Bankers and corporate treasurers discuss what they are looking for from their relationships and the challenges of funding, the eurozone, Basle III and Sepa.
Euromoney January 2012
The shadow of economic gloom has fallen over output, while Basle III is playing havoc with the rulebook for funding. Success relies on access to US dollars, and losses will drive up prices – unless the rules can be changed or new players join the market
Euromoney January 2012
Euromoney January 2012
ECB lets banks delever in orderly fashion; Bank bond issues might be scarce this year
Euromoney January 2012
Banks weigh shuttering ECM as volumes collapse; Much depends on UniCredit deal
Euromoney January 2012
Prices ‘irrational’; profitability questionable; Much depends on avoiding European contagion
Euromoney January 2012
Reputational risk of not calling evaporates; Investors shun aggressive terms
Euromoney January 2012
Scarce collateral threatens funding; New systems complex and expensive
Euromoney January 2012
Merges EM fixed income with FX; Shooter in, Weidmann out
Euromoney January 2012
Depreciation eases concern over speculation; Internationalization might pressure euro
Euromoney January 2012
Focus on asset allocation; Stockpickers punished by macro
Euromoney January 2012
JPMorgan still top earner; Nomura fee income falls by 34%
Euromoney January 2012
CNH volatility as currency expectations fade; China hits back with CNH-boosting policies
Euromoney January 2012
Australian banks ‘miss broader point’; Some blame issuers, others bookrunners
Euromoney January 2012
Issuance selection for 2012 starts to line up; Global names look to HK for Chinese capital
Euromoney January 2012
Rest of region outpaces traditional leader; Poor IPO performance blamed
Euromoney January 2012
Controls boosting black market and run on banks; Venezuela-style parallel currency feared
Euromoney January 2012
Euromoney January 2012
Bank collapse weighs on fiscal health; Crisis spills over to Latvia
Euromoney January 2012
TurkDex introduces exchange-traded options; ISE head steps down
Euromoney January 2012
New government appointments in Saudi Arabia have sparked hopes that the Kingdom might adopt policies more oriented towards the private sector and foreign investment.
Euromoney January 2012
Hires Dubai Credit Suisse team; CEE special situations push
Euromoney January 2012
A look at 2011’s investment-banking business makes grim reading for banks fearing a further decline this year.
Euromoney January 2012
Will Europe’s leaders do enough to convince banks to finance its problem sovereigns through an ECB-led carry trade?
Euromoney January 2012
Cost of protection under scrutiny as demand for risk transfer grows.
Euromoney January 2012
Russia’s capital markets face a difficult future. Even if the will for change is there, it will be a long and difficult process.
Euromoney January 2012
Compensation levels in the US show that most bank CEOs have yet to learn the meaning of the word restraint.
Euromoney January 2012
So long as Asian markets remain risk-on bets to global portfolio managers, capital will continue to flee when things get bad elsewhere.
Euromoney January 2012
Euromoney January 2012
Banks face tough decisions on how hard they should fight to retain sales and trading market share in different sectors, as the great deleveraging drive of 2012 gets under way.
Euromoney January 2012
More coals were heaped on the head of Johnny Cameron after the details in December’s FSA report on the failure of RBS revealed how little he appeared to understand the mechanics of structured credit when he was head of global banking and markets at the firm.
Euromoney January 2012
Europe’s leaders aren’t giving the currency what it needs: reform, fiscal discipline and international support.
Euromoney January 2012
It is hard to be optimistic about 2012. But much of the bad news is reflected in prices and a confluence of factors could yet provide support for equity markets and other risky assets.
Euromoney January 2012
City of London: The history;
David Kynaston;
Chatto & Windus
Euromoney January 2012
When, in December, Brazil withdrew its IOF tax on foreign investments in Brazilian equities many breathed a sigh of relief – not just for the marginal benefits that the removal will have on the poorly performing Bovespa, but because it could be seen as the end of the currency wars. The rapid appreciation of emerging market currencies had led Brazil to introduce a range of capital controls aimed at stemming the capital inflows that pushed the real to $1.50.
Euromoney January 2012
Euromoney January 2012
Euromoney January 2012
Euromoney January 2012
Euromoney January 2012
Euromoney January 2012
