May 2011
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LATEST ARTICLES
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Power, mining and energy companies dominate Euromoney’s annual survey of the best companies in CEE, but diversity is increasing as markets mature
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Five years after Saudi banks saw their investment banking and asset management arms split from their commercial banks, the sector is still finding its feet. Three of the firms that got a head start tell Chris Wright how the battle for market share is likely to play out.
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After decades of neglect, infrastructure in central and eastern Europe is in urgent need of upgrading. Now projects across the region are on hold in the wake of the global downturn. Lucy Fitzgeorge-Parker talks to the public- and private-sector bankers trying to get the market back on its feet.
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Nedbank’s owners are still looking for a buyer, after the failure of a deal for HSBC to buy the South African bank last year.
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Qatar’s accession to the MSCI Emerging Markets index would open it up to new investment inflows and might prompt a liberalization of other equity markets in the region
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One of the latest books to be added to the library of publications aimed at dissecting the causes of the financial crisis is "The unravelling of structured investment vehicles: how liquidity leaked through SIVs" by Dr Henry Tabe of Sequoia Investment Management.
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The royal wedding was British but New York knows a money-spinner when it sees one.
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The Listing in Hong Kong Forum at the Kempinski Khan Palace hotel in Mongolia’s capital, Ulaan Baatar, on April 14 involved a range of high-profile speakers and delegates, including representatives from the Hong Kong Stock Exchange, regional product heads from various global banks and dozens of local chief executives. None, however, commanded quite the attention afforded to Kyokushuzan Batbayar, a Mongolian sumo wrestler returned from Japan to become a member of parliament. Translator in tow, the cheerful Batbayar toured the room handing out his card to local businessmen and some clearly impressed foreign bankers. "What. A. Unit...what an absolute unit!" was the awestruck response of one senior such figure at the event. Apparently known as the gino depato or "department store of techniques" while in Japan for his wide range of holds and throws, many adapted from Mongolian wrestling, Batbayar was a popular figure among his countrymen during his time abroad and now looks set on a successful political career. With many Mongolians worried about foreign investors getting the upper hand when wrangling with Mongolia’s government, his will surely be a reassuring presence on any negotiating team.
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Euromoney: "What is it about your client’s economic fundamentals that make it such a compelling story?"
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Strong growth and the government’s debt swap to holdouts have opened the bond markets to the country’s private sector. But October’s presidential election is already stirring uncertainty. Rob Dwyer reports.
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The global credit crunch and associated economic downturn hit Kazakhstan hard. But there is growing evidence that the country is back on the path to recovery. Guy Norton reports from Almaty.
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"What does he mean by this? I suppose it is about police coming and taking us like we see with the press. What kind of police-type measures could be imposed against a bank? This is like a joke. Isn’t this a state of law?"
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For a company that likes to keep its head below the parapet, commodities trader Glencore could not have appointed a more incongruous chairman.
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The nation’s gold, coal and iron-ore reserves are making it the world’s fastest-growing investment destination. But a lack of infrastructure funding and planning threatens to derail the country’s rapid transformation. Lawrence White reports from Ulaan Baatar.
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South African leadership in African markets is over; but it holds a lesson for the continent.
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Sir Fred Goodwin, ex-chief executive of RBS, who found himself the lightning rod for UK public anger over the financial crisis in 2008, seems to have again served himself up on a plate to the UK media for ridicule.
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CEOs oppose increased reserve ratios; Threats to banks exceeding loan limits
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First Rand in Nigeria acquisition talks; Absa, Barclays Africa in new integration push
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The decision by Standard & Poor’s to place the US on credit watch with a “negative outlook” is a watershed. With politicians unwilling to attack spiralling welfare costs, a bond crisis might be just around the corner.
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Russia’s underdeveloped capital markets are on track for much-needed modernization. However an arcane legal system and entrenched attitudes could yet put a brake on the pace of reform. Lucy Fitzgeorge-Parker reports.
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Senate committee report might deter clients; Stock price under pressure
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Bank chiefs have finally accepted that their hopes of a level regulatory playing field will remain forlorn. US bankers are up in arms about Europe’s treatment of risk-weighted assets. Europe’s banks face a fault line, where they operate internationally but risk being penalized for the relative size of their balance sheets to national GDP. What does the future hold for banks that could be too big for their borders? Peter Lee reports.
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Tier 1 ratio or market solvency triggers?; Bankers fear proposal would create volatility
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Seen as hedge to currency debasement; Integrated FX and metals pricing adds advantage
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Hedging hit may spread to other banks; BlackRock findings reinvigorate lawsuit
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Australian Treasury stops exchange takeover; Nasdaq, CME possible alternative partners
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Unilever prices just over 1%; Renminbi IPO in HK meets caution
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Given an increasingly positive economic backdrop in Kazakhstan, the prospect of important developments in the local capital markets and growing investor interest, Almaty-based fund manager Compass Asset Management is looking to launch two new funds targeting the resource-rich central Asian state. Brian O’Callaghan, who assumed the post of chief executive at Compass in the summer of 2010, believes that Kazakhstan is strongly positioned to attract new followers in the coming year. "I was bullish on the long-term economic prospects for Kazakhstan before I came here, and I still am," he says.
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Current account deficit key economic weakness; Government spending promises add to woes
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Reasons for withdrawal not stated; Culmination of agency’s bearishness on sector
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Universal capital requirements might hinder banks; Investors less concerned about risk
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Mixed fortunes for IPOs; Credit Suisse maintains dominance
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Having spurned AIG’s approach, the New York Fed is under pressure to achieve top dollar.
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Ernst & Young survey reveals mixed results; Good news on risk governance, liquidity and funding
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The dominance of the top-three FX banks is being challenged by the chasing pack of dealers. It isn’t just a case of luring clients onto their internal trading platforms. Clients want different things, and multi-dealer exchanges are beginning to prosper. Tom Osborn reports.
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The fee hiatus left by Fannie and Freddie will be filled. But not just yet.
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The region’s economic growth is healthy but over-reliant on the rest of Europe. Asia beckons.
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Basle III unpopular with bank bondholders; Regulators insist system will be safer
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The country faces more than a liquidity crisis; a fiscal restructuring of the economy is required.
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Electronic trading has transformed foreign exchange into a $4 trillion a day flow monster, delivering record revenues to those with scale. But by focusing on building their own internal platforms, banks have left themselves open to attack from the high-frequency traders, who pick them off at will and force them to hold more risk. Now the banks are fighting back. Hamish Risk reports.
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Tiny adjustments on inputs can produce big benefits on capital ratios: the temptation to manipulate is obvious.
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Strong first-quarter results at UBS might have come just in time to prevent the implosion of its bid to regain a spot at the top table of investment banking.
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Technology has changed the game forever. And it is costing the banks dearly. They are returning to an old idea to defend their corner from the predations of high-frequency traders. The answer to the erosion of business may lie in a trick from the equities market: dark pools. Is PureFX back on the table?
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Suddenly, the clouds converged and the warm spring sunlight dimmed. This was how I felt when I read that 47-year-old Pietro Ferrero, chief executive of the Ferrero group, and heir to one of Italy’s biggest fortunes, had died of a suspected heart attack. Ferrero died while bicycling on a coastal road near Cape Town during a break from a business meeting in South Africa. US treasuries
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Continuing political instability in North Africa and the Middle East, together with oil-supply constraints, will increase energy risks and therefore prices.
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Goldman Sachs cut out trading completely in the first quarter – at least that’s what the language of its earnings filing indicates. The bank managed to avoid using the t-word at any point in its earnings announcement, although it mentioned clients 29 times and made 46 references to investment.
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Fewer prestige buyouts by state funds; International investors wary of political risk
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When Euromoney calls to book appointments with the heads of the top 10 FX banks before the results of this year’s poll appear, the typical response from their press officers is: “Can we get back to you, he is travelling in Asia right now.” This tells you all you need to know about growth in the foreign exchange markets, with Asia as its new frontier.
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The collateralized loan obligation market has been one of the surprise recovery stories of the past year. US managers are reappraising the opportunities it provides. Will the revival continue, and can it catch on in Europe? Joti Mangat reports.
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Market seen as good value after protracted underperformance and earthquake; But care needed in finding recovery potential
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Africa has much to tempt a growing economy, and China has the money to pay for access to the resources it needs and wants. But it is not the only country with an eye on the continent. Nick Kochan reports.
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European banks benefit from euro introduction; spurs consolidation of market share.
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African deals are increasing in number but what is the best way for investment banks to get involved? Dominic O’Neill finds out what the key players in Johannesburg, London and Dubai are thinking.
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After a few difficult years, culminating in the resignation of its long-serving chief executive, Italy’s biggest lender is hoping for a fresh start. But plenty of hurdles need to be overcome if it is ever to reassume its position as one of Europe’s leading banks.
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Extensive retail finance acquisition; Sector still strong despite government curbs
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Geithner supports move; Foreign issuance into dollar market increases