August 2005
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LATEST ARTICLES
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BNP Paribas seen as probable buyer
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In buying MBNA at the end of June, Bank of America pulled off a headline-grabbing deal. At $35 billion in stock and cash, it's the second-largest financial services deal since JPMorgan Chase bought Bank One last year and the second-largest deal overall this year after Procter &Gamble's purchase of Gillette. It was brokered largely by BoA chairman and CEO Kenneth Lewis, who in a matter of days stole one of the most prized monoline credit card companies from under the noses of such rival banks as Wachovia.
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"£875m for The Priory! Why buy it? Maybe they have a view on the secular growth in the bulimic market"
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Doubts, though, emerge over portal's sustainability
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Banks seek more tools to serve growing asset management clientbase on FXall
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The squeezing of grandfathered covered bonds last month has left issuers pondering how they can guarantee the liquidity of their product
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Was it Abbey that prompted the Bank of Spain to level the playing field?
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The CME and CBOT look to be the most likely candidates for a tie-up, despite their long-standing rivalry
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As cross-border acquisition grows, global banks must establish the right local presence
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There should be no false patriotism over whether it is appropriate to finance outside the domestic currency
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Bank executives are paid well to do a good job. But they should not be rewarded for failure.
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Global consultancy and software provider Anvil has seized the opportunity to become the first company to design a cross-asset margining tool. In essence, the new system, dubbed Anvil Margin, will help traders, middle offices and back offices to manage collateral more effectively by operating on a multi-asset class basis. "This new product has been driven by emerging trends in the industry," says Phil Buck, CEO of North America at Anvil. "Market participants are becoming far more focused on cross-asset margining, for the simple reason that it's more efficient."
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Unsecured debt markets are still open for GMAC and Ford
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Launches trading tool to complement existing spot service
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Big stride taken towards gaining investment-grade status
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Lula remains favourite for second term
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Soul from Seoul wows the rest of Asia
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Prime minister faces growing discontent in coalition
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Taiwan: merger of equals kicks off consolidation
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Big-three providers must face up to new competitors and internalization
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G8 agreement could spur development
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Government remains committed to reforms
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Deutsche Bank's disposal of its UK asset management business (DeAM UK) and Philadelphia-based active fixed-income business to Aberdeen Asset Management will be a great relief to the bank's senior board members. The UK unit has been in dire straits in the past two years, haemorrhaging staff and losing a series of pension fund mandates. In 2004 alone, the businesses sold made losses of £77 million ($135 million).
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Money flowing into company and private pension plans in the Asia-Pacific region is expected to increase rapidly, creating new opportunities for fund managers.
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Smart investors seek out the SARs
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Euronext and Borsa Italiana take majority stake in MTS platform
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Investors in convertibles could benefit from synthetic convertible bonds being made more accessible
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A new breed of fund manager is shaking up Japanese markets
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Private-equity funds are uncovering new ways to invest in Africa
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Hedge funds
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In the past few years, GMAC's mortgage-related businesses have become increasingly stymied by the ill-favoured rating environment of their immediate parent and GM. It was time to find a way out.
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We have the tools to develop much more coherent and flexible financial markets. But it will only happen if a spirit of openness is maintained, says Philippe Buhannic.
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Copenhagen is costly, but to great effect. Spend a bit, drink a bit and you'll end up enjoying a tradition of companionship, cosiness and conviviality. But Danes aren't inward-looking. They've stuck with their national currency, though many still favour regional integration.
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Credit card bad loans to rise but business still highly profitable
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The UK Debt Management Office has put a brave face on the disappointing response to its issue of 50-year gilts in mid-July. The DMO, in its second sale of these ultra-long bonds, sold £2.25 billion worth; but the sale drew bids of just 1.23 times the amount on offer, the smallest cover for any conventional gilt auction since the creation of the DMO in 1998. The DMO reintroduced the 50-year gilt in May after a break of more than 40 years. The result was particularly surprising in the light of the supposedly enormous gap between the supply of long-dated assets and the demand for them. Changes to pension fund regulation in Europe – Spain is the latest in a growing line of reformers – as well as increased pensioner longevity are forcing trustees to look hard at their asset/liability matching. In addition, there is a growing belief that the last 30 to 40 years, in which inflation has been high by historical standards and equities have been the logical asset in which to invest, have been some kind of blip.
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Banks are spending more to remain competitive, but with so many firms to choose from how can they be sure a vendor will understand their needs? Euromoney's second financial technology users' survey has some answers.
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Thierry Sciard is set to bring together the US house's investment management stakes
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Citigroup's TreasuryVision is answering the challenge of putting PepsiCo's disparate global cashflows, emanating from 1,000 bank accounts, on a real-time system.
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"I believe it is an obligation, for those of us who have a career, to defend it and serve the country"
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Are the days of a CEO numbered? It's now estimated that the average period in office for FTSE 100 chief executives has fallen over the past 12 months to 4.6 years, according to on-line financial broadcaster Cantos. It's a worrying statistic when you look at stalwarts like Sir Martin Sorrell of WPP, who has been in office since 1986.
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Private banking is an increasingly cut-throat business and there are few lengths to which private bankers will not go to pamper their clients. That might explain the curious press release that landed in Euromoney's mailbox from JPMorgan Private Bank in Hong Kong, announcing the firm's summer reading list for clients.
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A neat theory has it that long-term interest rates are stubbornly low because of excess savings in Asia. But the Federal Reserve can't get off the hook that easily
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The Italian state's packaging of a fund of official property confirms the treasury's reputation for innovation
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Investors bemoan high hedge fund fees
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It has been a glorious first half of the year for global structured finance, with volumes outperforming the plain vanilla universe for the fourth year in a row. The total rocketed up by more than a quarter, to $1.2 trillion from $944.6 billion during the first half of 2004.
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But credit tranche activity has held up despite the GMAC fallout