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March 2005

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LATEST ARTICLES

  • While France's 50-year OAT is creating a new segment on the euro yield curve, many other sovereigns are making the most of the clamour for long-dated bonds
  • New approaches to managing currency funds have proliferated as demand holds up from investors disillusioned by poor performance in other asset classes. But could the market be getting saturated?
  • Single women interested in meeting "high adrenaline guys who thrive on excitement, adventure and the finer things the world has to offer" now need look no further than traderdater .com, the online dating site recently launched by Trader magazine, a lifestyle magazine aimed at traders and hedge fund managers.
  • Analysts were convinced of the inevitability of US telecoms consolidation but the recent flurry of M&A activity was a surprise. Many analysts are dubious about its timing and doubt that much shareholder value will be generated. What's certain is that the business has been a welcome boost for M&A advisers.
  • By Simon Nixon
  • Can you trust your boss? Apparently more so in the US than in the UK and Asia. Research by consultants Watson Wyatt says 51% of US workers have trust and confidence in the job being done by senior management, compared with just 31% of UK workers.
  • A handful of high-yield bond deals from Chinese issuers in the past six months seems to presage vast hitherto untapped issuance. But although investment banks are keen to tap demand, insiders warn that real Chinese exposure remains scarce and that risks are high.
  • German consumer spending remains lacklustre, so it's as well that the federal republic's exports are maintaining healthy growth. But what if foreigners start buying less and Germans fail to regain confidence?
  • India's capital markets have started the year on a high note. Despite worries about the weather and high oil prices, the economy is expected to have grown by 6.9% in the year ending this month. Small but significant steps have been taken towards economic reform in recent months.
  • www.breakingviews.com
  • A BANK EXECUTIVE telling you he sees no prospect of his institution merging with another is a bit like a politician telling you he's quitting to spend more time with his family. Usually it's little more than bluster.
  • If you are passing the head office of the mighty Deutsche Bank in Frankfurt you might notice a red Opel Kadett parked outside. Scrawled along its sides in big bright letters is the slogan: "Never again, Deutsche Bank or its partners!"
  • With tongue firmly in cheek, regional broker CLSA launched its annual Feng Shui Index report early in February, offering prognostications for the Chinese Year of the Rooster. Now in its 14th year, the report, this time entitled "Rooster Oracles", is a humorous look at what the year might hold for the market in Hong Kong, one of the world's most superstitious places.
  • In the global automotive sector over the past three months, investors have focused on the problems facing GM and Ford.
  • Kumho Tire's IPO was oversubscribed in both the London and Seoul markets when the tyre manufacturer launched the first simultaneous dual listing by a Korean company
  • The SEC doesn't know how many hedge funds there are and distrusts their secretive ways. Its ruling that they should register with it has prompted claims that it is ultra vires, will raise costs to unsustainable levels and reduce the competitiveness of onshore US funds. Unsurprisingly some funds are seeking ways to sidestep the requirement.
  • The opening of German financial markets to true securitization looks set to relieve banks of badly performing loans, add new capital to the mortgage markets and revolutionize the financing of Mittelstand companies.
  • A record start to the year in European equity capital markets has been helped by strong fund inflows from the US. The pipeline of potential deals is healthy, with government, private equity and corporate vendors all eager to sell.
  • Close to 1,800 vote in our Internet technology awards. End users tell us which banks' and other providers' internet and electronic systems they rate highest across a range of equity, fixed-income, foreign exchange and derivatives markets as well as investor and corporate services.
  • After a totally barren 2003 and a hesitant 2004, Germany's primary equity market looks to be reviving. Bad memories of the dot-com crash and the generally weak equity culture mean there's no rush to market but much is expected of private-equity exits.
  • Many banks are avid collectors of modern art, but are their most treasured works appreciated? Hanging them in conference or board rooms, or the corridors on executive floors and the number of people who get to see them is limited. There's always the option of putting them in your lobby. Or you can go one step further, like UBS, and display them in one of the most celebrated modern art museums, the newly reopened MoMa in New York.
  • Portugal's banks have got to grips with the pressures of EU membership much more effectively than the economy as a whole, which has depended on ad hoc measures rather than fundamental structural change to keep on course. But even the banks must expect more consolidation and rationalization.
  • Traditionally the backyard of the US, Latin America is fast becoming China's new best friend. Such is the apparent warmth of the relationship that Venezuela's president, Hugo Chávez, recently declared that Mao Tse-tung and 19th-century independence leader Simon Bolivar would have been great friends had they met.
  • Contrary to a common market prediction, last month Fiat Auto walked away from an agreement signed in 2000 that allowed it to put the company to General Motors, with €1.55 billion in its pocket.
  • The EU-induced removal of state guarantees to the Landesbanken has prompted mergers and other inter-bank arrangements. But competition remains a burning issue in Germany's overbanked market and there is room and a need for much more consolidation.
  • Supporters of PFI note that more hospitals have been built in the UK in the last 10 years than in the previous 50. Detractors think the capital inflows are being spent on the wrong assets in the wrong places, leaving the future as uncertain as ever.
  • Risks of hedge funds, currencies and commodities are preying much more heavily on the minds of bankers this year than before, claims a report by CSFI, an independent City of London think-tank. The survey, Banana Skins has run for 10 years and is based on responses from 440 banking industry players in 54 countries. Hedge funds, currencies and commodities all moved up more than nine places in the rankings of banking risks compared with the 2003 results.
  • A proposed expansion of Saudi Arabia's rail system is set to be one of the biggest construction projects in the Middle East and should revolutionize freight distribution in the region.
  • Since taking office in 2003, Brazil's president Luiz Inacio Lula da Silva has been the man to watch in Latin America, bringing the region's largest economy unprecedented stability and silencing fears that the former steel worker would be unable to handle the country's huge foreign debt. This year, though, Lula faces one of the biggest challenges to his pro-market credentials: the task of pushing an initiative through congress to give the central bank autonomy.
  • Asia's banks have capitalized on better general economic conditions by cleaning up long-overdue problems. With a few exceptions this has meant the sector is stronger throughout the region.