Project Neptune rising…

Project Neptune rising…

… amid renewed liquidity concerns

Essien’s Ecobank charm offensive

Essien’s Ecobank charm offensive

Albert Essien has brought much-needed calm to the bank


China: Stock Connect through train steams ahead

China: Stock Connect through train steams ahead

November 2014

The eagerly awaited Stock Connect system connecting Hong Kong to the mainland is up and running to relief all round. While traditional long-only funds and southbound flows have lagged, market players foresee a new dawn in Chinese equity trading.



How to plug the gap in Russian bank capital

How to plug the gap in Russian bank capital

November 2014 | Sponsored by VTB Capital

Russian banks, in general, benefit from limited external funding, manageable debt maturities and state support when needed. However, loan expansion, Basle III and volatile capital flows have reinforced the need to recapitalize the sector, particularly through common equity and hybrid debt. Structural reforms and the development of alternative pools are needed.

More from VTB Capital
Value a close connection

Value a close connection

November 2014 | Sponsored by ING

Services are increasingly important in global value chains involving Western Europe and Central and Eastern Europe. The roles of companies in the two regions will continue to evolve, potentially creating jobs and spurring growth for all, according to new ING research.

More from ING

Asia

Japanese portfolio flows support weaker yen but raise default risk

Japanese portfolio flows support weaker yen but raise default risk

November 2014

Long-awaited changes announced last week to the composition of Japan's state pension fund portfolios, combined with increasing flows into foreign – predominantly US dollar – assets from retail investors and the insurance sector, should weaken the yen, but could be storing up problems in the long term.


China: Stock Connect through train steams ahead

November 2014

The eagerly awaited Stock Connect system connecting Hong Kong to the mainland is up and running to relief all round. While traditional long-only funds and southbound flows have lagged, market players foresee a new dawn in Chinese equity trading.

HFT: Flash boys come to Asia

November 2014

High-frequency trading is not confined to Europe and north America. Some Asia-Pacific countries are further along in embracing the strategy than others.

Dark clouds still loom over India IPOs

November 2014

The feelgood factor from the election of Narendra Modi as prime minister does not seem to be translating into better fees for IPO bankers – yet.

South Korea battling for RMB spoils

October 2014

Backed by its robust trading relationship with China, the east Asian nation is the latest fledgling offshore renminbi hub. Market participants shed light on South Korea’s renminbi bid as internationalization of the Chinese currency gathers pace.

Banking: Asia-Pacific’s regulation headache

October 2014

Pity the regional Asian bank chiefs dealing with myriad local regulators as well as extra-territorial oversight.

Asian bankers bathe in Alibaba afterglow

October 2014

Alibaba lists on NYSE; deal might free up pipeline.

Malaysia mega-merger seeks central-bank approval

October 2014

Malaysia gears up for consolidation in its financial sector as the three-way deal moves ahead.

IMF struggles for relevance

October 2014

A sin of omission: the agenda for the annual meeting in Washington DC this week fails to take sufficient account of the fears of emerging-market (EM) policymakers.

IFC plans offshore RMB duration play

October 2014

Buoyed by its Indian success, the World Bank’s private-sector arm the International Finance Corporation (IFC) has set its sights on further extending the offshore renminbi curve.

Philippines fumbles its infrastructure

October 2014

Often touted as having the region’s best growth prospects, the nation is struggling to make sure those hopes come true and aren’t dashed by poor foundations.

India: in depth

October 2014

India needs a litany of reforms to unshackle its stalled capitalist project. Euromoney speaks with the country's central bank governor Raghuram Rajan about his reformist battle and investigates the outlook for the banking system.

More asia stories


Latin America

Latin America: Sovereigns shape up for differentiation

Latin America: Sovereigns shape up for differentiation

October 2014

The time when international fund managers saw Latin America as a homogenous investment call is gone. The days of differentiation are here. And as many of the region’s leading countries look to make the difficult transition from developing to developed economies, their finance ministers are fully aware of the need to create, and tell, their individual investment cases.


IIF warns that Argentina faces a tough 2015

October 2014

The short- and medium-term outlooks for Argentina are increasingly diverging, says the Institute of International Finance.

Colombia finds the price of peace

October 2014

Wealth tax proposed; Finance minister sensitive to FDI fears

Latin America: Of brothers and cousins

October 2014

The relative harmony of the Pacific Alliance means that Argentina and Brazil must now start to listen to their little brothers in Mercosur.

Brazil: Real troubles far from over

October 2014

The decline of the Brazilian real to a nine-year low this week seemed to mark a nadir for a currency buffeted by economic and political concerns. Analysts say, though, that things could get worse before they get better.

Brazilian real troubles far from over

October 2014

The decline of the Brazilian real to a nine-year low this week seemed to mark a nadir for a currency buffeted by economic and political concerns. Analysts say, though, that things could get worse before they get better.

Mexico eyes sovereign sukuk

October 2014

Latin America’s first such deal; Pemex plans to follow.

Argentina: Can Kirchner hold out?

October 2014

Argentina’s president has tried to circumvent a New York ruling that caused it to default for the second time in 13 years. Can Cristina Fernández de Kirchner sort out the mess before elections in October 2015?

Brazil faces tough future, say economists

October 2014

Vital reforms unlikely; next president will inherit inflation headache.

Neighbours won’t infect Uruguay

October 2014

No contagion risk from Argentina and Brazil; China now its leading export market.

More latin america stories


Central and Eastern Europe

Ukraine bonds: Keep calm and carry on paying

Ukraine bonds: Keep calm and carry on paying

November 2014

When Ukrainian state energy company Naftogaz paid $1.6 billion to redeem a bond maturing on October 1, one Twitter commentator accused the country’s policymakers of “defaulting on its citizens”.


Turkey looks to diversify infrastructure debt

October 2014

The country’s banks will not be able to shoulder the debt burden of its planned infrastructure programme. But palatable alternatives that don’t involve government guarantees aren’t yet ready, so for the foreseeable future, debt refinancing of projects is confined to after construction.

Ukraine's banks spot an opportunity

October 2014

Politicians have promised that reform is on the way. International investors are apparently ready to step in if the conflict calms. But will it be in time to rescue an economy bedevilled by fighting, corruption and currency shortages? Banks are struggling to survive, hamstrung by lack of funding and capital. On the eve of parliamentary elections, Euromoney visited Kiev to canvass the views of policymakers, bankers and international sponsors. Is there light at the end of the tunnel?

CEE exchange consolidation: Fair exchange

October 2014

Stock exchange consolidation is back in focus in emerging Europe after the appointment of a new head for the Warsaw bourse. Further tie-ups across the region could yet prove politically problematic.

Kazakhstan: Sovereign sells first Eurobond for 14 years

October 2014

Investor demand tops $11 billion; Oil price, rouble falls raise devaluation fears.

Bank Asya fights back against Erdogan attack

October 2014

The chief executive of the leading Turkish Islamic bank claims it is the victim of a politically driven campaign by the country’s president, in an exclusive interview with Euromoney.

Russia borrowers strike bullish note over sanctions

October 2014

While sanctions are hitting the Russian markets and pushing up interest rates, senior executives at Sberbank and potash producer Uralkali tell Euromoney the country’s banks and corporates are looking internally and to the east for new sources of financing. But with Russia sliding towards recession, liquidity is vanishing.

Lira in the eye of the storm

October 2014

Turkey’s embattled investors can be forgiven feeling defensive, with economic challenges closing in on them from every side – from the Middle East crisis and strengthening dollar to the stubborn current-account deficit.

Russia: Banks will shrug off sanctions

October 2014

Sector profitability holding up; central bank adds dollars to liquidity provision.

The real emerging Europe

October 2014

CEE enthusiasts should not despair just yet. A number of the clouds handing over the region might turn out, on closer inspection, to have a silver lining.

Rouble traders play the waiting game

September 2014

It has been another torrid month for the rouble, but the possibility of tensions with Ukraine abating in the near term and a package of monetary reforms next year offer hope for more trading opportunities.

Turkey struggles in search for sustainability

September 2014

There’s a new buzzword from Ankara to Istanbul in Turkey’s financial markets: sustainability. Not of the environmental kind, but borne of a desire to keep the positive developments of the country’s economy, and its banks, flowing.

More central and eastern europe stories


Middle East and Africa

Angola sets sights on capital-markets reform

Angola sets sights on capital-markets reform

November 2014

The development of Angola's capital markets has been long promised but recent indications from the country's capital-markets commission suggests secondary public-debt trading could begin as early as next month. Nevertheless, it's unclear when the stock exchange will open its doors.


Lessons from the National Commercial Bank IPO

November 2014

The overwhelming retail demand for the Saudi bank’s $6 billion listing raises questions about how the country’s equity market will respond to its opening up to foreign investors.

Essien’s Ecobank charm offensive

October 2014

Albert Essien has brought much-needed calm to a bank that, just a few months ago, was in crisis. Ecobank’s African network remains intact. It now has two powerful, strategic shareholders. But can the bank avoid repeating the mistakes of the past?

How Ecobank washed its dirty linen in public

October 2014

Deutsche's GTB hit by rising regulatory costs

October 2014

Deutsche Bank’s explicit admission in its third-quarter results that higher regulatory costs are hitting the profitability of its global transaction banking business will come as blow to the bank and a warning to others.

Africa: Banks and telcos mobilise for money

October 2014

There’s no doubt mobile money is Africa’s future, but who is best equipped to benefit most: the telcos with their networks, or the banks with their products and service? And why are they fighting when they could be cooperating?

Real estate: A curious case for Qatar

October 2014

The QIA has found itself on both sides of a property spat. But when in-fighting turns into a court case, only the lawyers will end up winning.

Equity markets: Zain Bahrain gets disconnected

October 2014

Bahrain stuck in trading trough; Gulf markets are polarizing.

Nigeria’s finance minister pledges fiscal restraint

October 2014

In candid remarks, Nigeria’s finance minister Ngozi Okonjo-Iweala sounds an upbeat note on exercising control in government spending in the run-up to the 2015 general election. However, outstanding structural reforms and declining oil demand pose risks for growth.

Nedbank ups stake in Ecobank despite boardroom turmoil

October 2014

Nedbank and QNB’s increased shareholding in Ecobank has brought into question the bank’s future, but as Smit Crouse of Nedbank states, the South African bank has no intention of becoming a majority stake holder in the bank.

Lira in the eye of the storm

October 2014

Turkey’s embattled investors can be forgiven feeling defensive, with economic challenges closing in on them from every side – from the Middle East crisis and strengthening dollar to the stubborn current-account deficit.

Intra-African trade: Protect against protectionism

October 2014

Intra-African trade is hindered by protectionism, while historical feuds threaten long-term development. The authorities should be doing more to fight these issues.

Goldman mounts LIA defence

October 2014

LIA ‘not financially illiterate’; relationship was ‘arm’s length’.

More middle east and africa stories


Euromoney Country Risk

Romania risk falls after surprise election result

Romania risk falls after surprise election result

November 2014

Romania’s country-risk score improved slightly in the immediate aftermath of the Klaus Iohannis’s surprise election victory, as participating economists cautiously signalled their optimism over the likely policy direction the country might now take.


Russia’s risk score plummets to its lowest since 1998 default

November 2014

As sanctions and falling oil prices force the rouble’s slide, country risk experts are questioning the ability of privately owned and/or state-backed banks and corporates to obtain credit and repay their debts amid capital flight and an economy in decline.

Looming China crisis adds to eurozone and emerging-market threats - ECR Q3

October 2014

The latest results from the Euromoney Country Risk survey point to an unprecedented rise in risk across almost all geographical regions since June, with emerging markets (EMs) taking the biggest hit as doubts over China, the eurozone and US liquidity support weigh heavily on experts’ evaluations.

Brazil and Mexico follow divergent long-term risk trends

October 2014

Investors should take note: LatAm’s big two have been offering contrasting portfolio options for some time. This year is no exception.

Why S&P is right to remain cautious on Indonesia

October 2014

The rating agency is still holding out on awarding the investment grade Fitch and Moody’s are standing by. Euromoney’s Country Risk Survey explains why.

More euromoney country risk stories