Quotes of the month
"Brazil and Mexico explain Latin America. The rest is beautiful places for a holiday"
Ron Teerlink, the member of the managing board responsible for ABN Amro’s Latin American operations, explains his bank’s strategy. Bear in mind that ABN is the biggest foreign bank in Paraguay and Uruguay, as well as Brazil, but has few operations to speak of in Mexico (ABN Amro keeps its core from its periphery)
"It is about amoral asset-strippers after a quick buck – casino capitalists enjoying huge personal windfalls from deals at the same time as they gamble with other people’s futures"
Brendan Barber, general secretary of the UK trade union association the TUC, puts the knife into private equity. Of course he’s wrong – they’re long-term strategic investors, as 3i proved by selling NCP for a 45% profit in 18 months and Blackstone showed by selling half of the property portfolio of EOP in the US within a couple of weeks of its $38 billion acquisition
"First we have to note that a fine was imposed on Tradex Group and not on THB. This fine was actually not a fine but a refund to traders that traded on the Tradex platform"
When is a fine not a fine when traders trade on Tradex? Enlightenment of sorts comes in our FX news section.