November 2011
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LATEST ARTICLES
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New York City tops Euromoney’s inaugural survey as the world’s most competitive financial centre and the top city in which to do business. But will mounting regulation and anti-bank sentiment prompt the city’s financial institutions to leave? Helen Avery reports.
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Uprising hit growth in many Middle Eastern markets this year. Continued instability keeps investors nervous, but there is huge potential to invest in the region, claim top analysts. Nathan Collins reports.
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In a region traditionally renowned for its political and economic opacity, companies with a deep understanding of their customers and good corporate governance top Euromoney’s survey of the best-managed companies in the Middle East this year. Kanika Saigal reports.
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Poland’s elections threw up some colourful characters – notably Janusz Palikot, the former vodka tycoon famous for attending press conferences with a dildo in one hand and a pistol in the other. But the result reaffirmed confidence in Poland.
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Despite a handful of deals from top-quality issuers, the senior unsecured FIG market in Europe remains on life support. Some institutions will soon have to swallow their pride and issue at record spreads. For others it could already be too late. Louise Bowman reports.
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More South African investor interest; Builds on power liberalization
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€627 million Romania write-down; Recapitalization looms
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State support to banks increasing; Loan books still growing
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When Richard Moore was leaving Citigroup after two decades at the bank, in roles including global head of foreign exchange, he told colleagues he was considering a career shift to professional poker player.
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With its banking system in decline, Europe must support the capital markets as providers of credit.
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The fortunes of Tunisia and Egypt are diverging rapidly since the Arab Spring. Tunisia offers encouraging signs but it is less influential.
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With local banks becoming dominant in the region, foreign banks will need to take on a more local persona to remain competitive.
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Somehow, we seem to be back in the TMT era. Do you even remember what those initials stood for? Think telecoms, media, technology, and dial back 12 years to the dot-com mania and the 3G auctions for mobile phone licences. In mid-October, the BlackBerry email network went down for several days, causing consternation to most financiers. For several years now, the BlackBerry has been seen as uncool. "A device for boring old men," one teenager sniffed. But I should point out that the London rioters planned their nocturnal activities using BlackBerry’s free messaging service.
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"He needs to get his returns back on track soon or else investors will start to pull out money, which will bring down assets, and then more will pull out. He’s far from over but he has lost a lot of money now, which is concerning"
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Many of China’s provincial and municipal authorities are in financial trouble; a new bond issuance programme won’t help in the short run.
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In theory, any boost to banks’ capitalization should enhance their credit metrics and make their bonds more appealing to credit investors. But the great bank recapitalization plan unveiled at the European heads of state summit in Brussels at the end of October won’t do much to halt the slow-motion run on bank funding that has been unfolding since the summer.
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The EU’s plans for the EFSF are a retrospective masterclass in everything that went wrong with structured credit.
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It is not uncommon for financial journalists to watch TV reports from conflict zones with a mixture of envy and relief: the dangers facing a Euromoney reporter typically peak at gout.
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‘Know your customer’ doesn’t only apply to banks. It counts for bookmakers too. Paddy Power certainly does.
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"Buying up debt from bankrupt countries in the hope that they’ll receive a bailout from other bankrupt countries seemed like a good idea at the time."
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MF Global’s spectacular failure could have a knock-on effect on confidence in another mid-sized firm with ambitions to join the investment banking elite: Jefferies.
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Bond and equity investors will no longer support the big bank model that has dominated for a generation. This could force a break-up of large, complex, universal banks into much smaller and more specialized institutions. Peter Lee examines why an investor-led, slow-motion bank run may bring about what politicians and regulators have failed to deliver.
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After regulators prevent them gouging one set of customers, banks struggle to exploit another.
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To the London School of Economics, where Commodity Futures Trading Commission chairman Gary Gensler was speaking last month on reform of the global derivatives markets. The CFTC is a small agency with a few hundred staff that is attempting to regulate the $600 trillion OTC market, so Gensler is a busy man. How does he find time for such lectures?
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Listed on Tadawul; State wants more issuance
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Dubai Bank ‘in dire need of capital’; Amlak next for takeover
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Consultants hired by banks to help vet potential clients for initial listing say some investment banks are spending less than ever on due diligence, even as more fraudulent companies are exposed. Might investors in their deals suffer? Lawrence White reports.
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Turkish banks are feeling the global squeeze in bank funding, having been immune to recent problems facing other EMEA issuers. But concerns in Europe are now being felt as the banks refinance their annual syndicated loans. Nick Lord reports from Istanbul.
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Good Q3 results in volatile markets; Goldman revenues slump
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Developers’ bonds trading in 70s, 80s; Analysts expect more price cuts as sales fall
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HFR aggregate index down 5%; Paulson’s luck runs out
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FX option clearing plan stalls; Option expiry concerns might deter smaller participants
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Smaller banks lure new custom; Sluggish big banks likely losers
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CNH bonds fall as settlement quota fills; Liquidity fears could hurt volume growth
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Euro swap cost prohibitive; New buyers move in
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Potential in other media; Pooled films reduce risk
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With the final act of a drastic sector restructuring playing out, the country’s financial industry is much changed. But is it too early to applaud the central bank-sponsored M&A process? Dominic O’Neill reports.
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Finance minister Felipe Larrain is the architect of Chile’s economic success story. He wants to capitalize on it by making the country a financial centre for Latin America. But are the problems the government faces at home simply the growing pains of success or a threat to Larrain’s ambitions? Rob Dwyer reports from Santiago.
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US funds’ exposure falls by 46% in six months; Regulatory pressures creating asset-sourcing problem
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Changes could cost £1 billion; Complete overhaul of retail banking required
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Issuers embrace samurai opportunities; Attracted by market that is usually open
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Banco Bradesco’s Luiz Trabuco believes that time is on the bank’s side, as powerful economic and social changes offer opportunities for growth in the next couple of years. Rob Dwyer reports.
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Mexico has always been one of Latin America’s leading investment banking markets but the equities segment has traditionally underperformed. Jason Mitchell finds out why bankers are now predicting more activity and fees.
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Banks say guidelines unworkable; Guaranteed bonuses still rife
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Celfin tie-up will provide HNWI expertise; Will create a regional investment bank
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M&A fees increase revenues; Spin-offs on the rise
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The contagion of a euro debt crisis will not be restricted to Europe’s weaker states.
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Venezuela is issuing more bonds in the international markets than the rest of Latin America combined, so that it is in a position to increase government expenditure in the run-up to presidential elections next year.
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Luiz Trabuco, president of Banco Bradesco, believes that HSBC would be making a serious strategic mistake were it to sell its retail banking business in Brazil to Itaú. Speaking exclusively to Euromoney [Trabuco pushes Bradesco’s equal opportunities, Euromoney November 2011], Trabuco was reacting to strong rumours in Brazil that HSBC would follow the sale of its retail business in Chile to Itaú with the disposal of its Brazilian consumer bank.
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The UK is in dire economic straits. There needs to be a shift in the Bank of England’s quantitative easing policy to buy the government time and fund a British development bank.
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Global investment banks in Dubai are downsizing and relocating staff away from the region, but as deal flow continues to evaporate in the Middle East, local investment banks are in an even worse position. Dominic Dudley reports.