July 2005
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LATEST ARTICLES
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The US firm is committed to breaking into the European debt markets – again
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The US firm's business mix is making it more difficult to bring success in the primary markets
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It took regulators one long year to work out what exactly Citigroup did wrong in August 2004 on the EuroMTS trading platform. In the interim, Citi has apologized repeatedly for its actions, perhaps because the firm itself has been the biggest victim. Having lost a fair chunk of fees underwriting business – apart from when the Greek debt office broke step in March on its €5billion 32-year deal – the firm has been notably absent in benchmark euro sovereign new issues since the misguided trade. Although some rival bankers suspect Citigroup has still been involved indirectly in the primary European government bond marks by carrying out swaps for new issues, its last euro trade of note for the Republic of Italy – the sovereign said to have taken particular issue with the rogue trade – came way back in February 2004. While Citi continues to enjoy success in other sectors of the international bond markets, the firm must be hoping that it will return to favour soon.
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An inflexible and costly labour market is often blamed for the eurozone's poor economic performance. But in Germany at least, times are changing. In an appeal to pure free-market economics, two Germans have launched a recruitment website where jobs go to the lowest bidder.
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When JPMorgan Chase's Sedef Imer finishes her working day at the London office at the end of July, she won't be taking the tube home. Instead she's setting off to Sydney, Australia. Nothing odd in that one might think, but how about if that trip was being made on a recumbent bike (known by aficionados as "a bent").
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As nominal returns have fallen, investing in hedge funds has become more difficult. Recent high-profile failures in the UK and Asia illustrate that more than ever, it's important to pick the right strategy and the right manager
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"In 1994 banks held 70% of all loans. That's now dropped to 29%. Institutional investors now hold 64% of loans. That's not syndicated lending, it's capital markets. They need to change the name."
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"Alan Greenspan is positively giddy about the beneficial effects of credit derivatives," said Frank Partnoy at the Euromoney Global Borrowers Forum in London in June.
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Germany's deal shows how corporate techniques are firming up government balance sheets
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Brokers are looking to counterbalance the effects of exchange consolidation
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In another example of Hutchison Whampoa raising cash to continue the long-term funding of its loss-making 3G business, the conglomerate announced in June the sale of stakes in Hong Kong's port operations to Singapore arch-rival PSA International. The group, led by Hong Kong's richest man, Li Ka-shing, announced the sale of a 20% interest in cash cow Hutchison International Terminals (HIT) and a 10% stake in Cosco-HIT, a joint venture with China Ocean Shipping (Group) Co.
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The masters of retail banking | Getting back to the Abbey habit | Awards for excellence - Best bank
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The tool will track the euro against major trading currencies and provide an important non-central bank benchmark
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Investors may need more convincing if the inflation-linked market is to take off
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Ameritrade stays independent and buys TD Waterhouse instead
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The proposed removal of a cap on pension funds' foreign holdings could change the shape of Canadian fund management
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Cash-rich investors are looking to put their money to work
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Singapore: CAO executives charged
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GREs get a pick-up from rating change Government-related entities (GREs) got a substantial lift from Moody's Investors Service when the credit rating agency
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The bank is set to snatch Goldman's crown for the first half of 2005
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Bankers report a material shift in confidence levels among investors
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Issuers are uncertain about the implications of the EU Prospectus Directive
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Emerging-market countries will enter new territory next year. For the first time since the asset class was established in the late 1980s, these nations will become net creditors in the global economy, according to data from Fitch Ratings.
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Investors' willingness to accept shares in foreign-owned companies could lead to a boom in European activity
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But competition will get tougher for wealth managers, according to a recent survey