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September 2005

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  • The ability to lend is closely tied to capital markets business, writes Laurence Neville
  • A new family of volatility indices that will track the Dax, Stoxx, and SMI equity indices will launch this September.
  • China's currency revaluation is more evolution than revolution but will have a number of knock-on effects
  • Equity managers in Europe, Japan and Asia might benefit from swapping stocks for convertibles
  • With valuation problems worsening, one US bank CFO thinks the major UK banks are becoming more appealing
  • Banks and listed property companies are finding ways to respond to interest in international investments
  • Strategic buyers are getting increasingly bullish about M&A opportunities. So far this year, though, they haven't stolen any of the thunder of financial sponsors
  • Asia's banks have reinforced their position as the largest emerging-market financial institutions thanks to the region's economic growth. Meanwhile Brazilian banks are at a head of a dynamic period in Latin America. Analysts at Moody's Investors Service discuss the trends.
  • Finance minister says the government is will keep the purse strings tight as it reforms taxation, banking regulation and bankruptcy law
  • Ukraine's president Viktor Yushchenko has had a roller-coaster 12 months. He was poisoned, faced rigged election results and was then swept to power on the back of a peaceful revolution that split Ukrainian opinion in two. Now the time has come to show whether he can deliver on his pledges. Euromoney quizzed Yushchenko on how he intends to do this
  • Mexico has long been known for its big public companies: Televisa is the world's biggest broadcaster of Spanish-language programming, and wireless telephone group America Móvil has a reach that criss-crosses Latin America. But, with an illiquid stock market, Mexico falls short in providing financing for start-up firms that could be the region's or Apple, undermining the country's economic potential and shunning venture capitalists that are some of the most important providers of funding for small companies. "Mexico's problem is not a lack of capital or a lack of ideas, but a lack of local investors willing to take the necessary risks," says Howard Wallack, the recently appointed director of the Latin American Venture Capital Association (Lavca). "Mexico needs good business plans with the right people to execute them."
  • Slovakia plans to establish a primary dealership system for 2006, and expects to decide on which banks have made the grade by the end of this year. According to Daniel Bytcanek, director of Ardal, the Slovak debt management agency, between eight and 10 banks will be appointed as primary dealers, made up of a combination of international investment banks that are most active in Slovak debt, and three or four local banks.
  • As a new president takes office in Iran and deadlock hits talks with the European Union over Tehran's controversial nuclear programme, investors are pondering whether they should enter an economy that might soon be subject to sanctions.
  • Persistent rumours are circulating in China that mainland authorities are likely to auction off a controlling interest in state-owned Guangdong Development Bank. Although unconfirmed, if the rumours prove accurate the GDB sale could presage the start of the true privatization of China's banking sector.
  • Movers and shakers
  • You did your first dollar bond since the default in July. What was the strategy behind that?
  • The regulator's guidelines for UK issuers could have far-reaching benefits for Europe's covered bond markets
  • Governor of the Central Bank of Libya Ahmed Menesi talks to Kate Luxford about plans to prepare Libya's economy for a more competitive environment after privatization
  • Deutsche Bank has set itself high standards when it comes to entertainment. In previous years, its annual credit derivatives conference, held in Barcelona every July, has featured veteran rocker Rod Stewart and pop princess Kylie Minogue, to name but two.
  • As tensions mount between Iran and the west over the Islamic state's nuclear ambitions, Tehran seems to be adopting an Ostpolitik, looking to China and India for political and energy ties. Opec's second-largest oil producer, which also has the world's second-biggest gas reserves, is wooing Asia's fast-growing and energy-hungry economies.
  • Europe's leading companies are so threatened by competition from aggressive and multiplying private-equity firms that they need to mimic the firms' approach.
  • News of an election is already perking up the Germany economy. If a centre-right coalition wins, as seems likely, expect yet more improvement
  • Mifid promises to shake up EU financial markets in a way that will make Big Bang look like a gentle nudge. To have any hope of meeting the implementation deadline of April 2007 investment banks might need to set aside as much as $12 million each in their 2006 budgets. Peter Koh examines the fallout
  • Two landmark bank loans will reinforce the dominance in Russia's oil and gas sector of two of the largest state-controlled companies – fuelling rivalry between them.
  • New Dealogic data reveals the must-have private-equity clients – the ones that spend the most on investment banking fees
  • We don't like to blow our own trumpet but... Euromoney trashed the competition and emerged as undefeated champions in the viciously fought mixed netball tournament hosted by Associated Newspapers, the sister company of Euromoney Institutional Investor within the DMGT publishing group.
  • Toshihiko Fukui has overseen a successful policy U-turn in Japan's fight against deflation. Despite intense pressure, he has kept interest rates low until sustained inflation returns.
  • Riad Salameh has been governor of Lebanon's central bank, Banque du Liban, since 1993. He talks to Kate Luxford about bank consolidation and the need for capital market growth
  • The suspension by the World Bank of a loan to Ecuador should concern the world's poorer countries
  • Emerging-market and convergence investors have long since stopped buying hard-currency debt from the new European countries after their spreads converged with EU government levels, but the region's local-currency debt is attracting ever more inflows. Kathryn Wells reports on where the best opportunities lie