Alpha-driven US volume growth starts to outpace that in UK

Malaysia's local electricity supplier is just one of the government-linked companies on Khazanah's books. And, like most of them, it has plenty of problems to deal with.

%3CBODY%3E%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3EChina%20pushes%20into%20North%20America%20%u2013%20again%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20Not%20to%20be%20put%20off%20by%20Chinese%20oil%20major%20CNOOC%27s%20failure%20to%20seize%20control%20of%20US%20oil%20company%20Unocal%2C%20China%20National%20Petroleum%20Corporation%2C%20China%27s%20biggest%20state-owned%20oil%20company%2C%20paid%20%244.18%20billion%20to%20acquire%20Canadian%20oil%20company%20PetroKazakhstan%2C%20a%2020%25%20premium%20to%20where%20the%20stock%20was%20trading.%20The%20company%27s%20shares%20are%20traded%20in%20New%20York%20and%20its%20oil%20fields%20are%20in%20the%20north%20of%20Kazakhstan.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20The%20deal%20has%20to%20be%20approved%20by%20the%20Kazakh%20government%2C%20and%20could%20be%20scuppered%20by%20a%20counter-bid.%20However%2C%20if%20it%20is%20successfully%20completed%2C%20it%20will%20be%20the%20largest%20overseas%20acquisition%20to%20date%20by%20a%20Chinese%20company.%20CNOOC%20withdrew%20its%20%2418.5%20billion%20offer%20for%20Unocal%20at%20the%20beginning%20of%20August%20after%20strong%20opposition%20from%20the%20US%20government.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%A0%0D%0A%3C/p%3E%0D%0A%09%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3ETakeover%20Panel%27s%20new%20director%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20Mark%20Warham%2C%20head%20of%20UK%20mergers%20and%20acquisitions%20at%20Morgan%20Stanley%2C%20has%20been%20chosen%20to%20be%20the%20next%20director%20of%20the%20Takeover%20Panel%2C%20the%20body%20that%20regulates%20M%26A%20activity%20in%20the%20UK.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20He%20will%20take%20a%20two-year%20secondment%20from%20Morgan%20Stanley%20to%20take%20up%20the%20new%20role%20at%20the%20end%20of%20November.%20He%20is%20the%20first%20Morgan%20Stanley%20banker%20to%20hold%20the%20post%2C%20replacing%20Richard%20Murley%20of%20Goldman%20Sachs.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%A0%0D%0A%3C/p%3E%0D%0A%09%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3EGMAC%20sells%2060%25%20of%20its%20mortgages%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20GMAC%2C%20the%20finance%20subsidiary%20of%20General%20Motors%2C%20has%20announced%20that%20it%20will%20sell%2060%25%20of%20its%20commercial%20mortgage%20business%2C%20GMAC%20Commercial%20Holding%20Corporation%2C%20to%20private-equity%20groups%20KKR%2C%20Five%20Mile%20Capital%20Partners%20and%20Goldman%20Sachs%20Capital%20Partners.%20GMACCH%20wants%20an%20independent%20credit%20rating%2C%20superior%20to%20that%20of%20its%20parent%2C%20to%20give%20it%20access%20to%20cheaper%20funding.%0D%0A%3C/p%3E%0D%0A%3C/BODY%3E%0D%0A

Would you credit it? European central banks looking for yield could soon start investing in credit, if market speculation is correct. Traditionally deeply conservative accounts that have never got into equities, they certainly face the same dilemma as other fixed-income investors. Yields on government and other AAA bonds are low and FX trading opportunities in Europe are limited these days, so credit is one of the few ways to generate positive returns. "They all own some gold, and they're earning very small returns on that," says a London-based credit analyst. A logical strategy would be to start looking at corporate bonds, bank capital, or even ABS – aided, no doubt, by helpful asset managers. Switzerland's Schweizerische Nationalbank has been investing part of its currency reserves in foreign equities and corporate bonds since June 2004, partly as a response to falling yields on 10-year Swiss Confederation bonds.

Peru's former finance minister has helped to turn his country's fortunes around.

Euromoney does not seek to encourage improper behaviour but we have to share news of one of the hottest websites sweeping the City of London.

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.

The ability to lend is closely tied to capital markets business, writes Laurence Neville

Venezuela's president, Hugo Chávez, wants to build his influence in Latin America through the creation of a regional debt market. But emerging-market analysts are unimpressed.

"A bratwürst made from tofu? This I am not prepared to discuss!"

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.

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.

Iranian shipping company NITC is a rarity: it's one of the few non-oil and gas companies in the Islamic Republic seeking funds in the international markets.

Iraq's Paris Club deal was exceptional on many levels – not least that it was mainly worked out in capitals far away from Paris. The deal arrived in November 2004 – more than a month ahead of schedule – thanks to some fortuitous timing. Iraq's Paris Club meeting happened to coincide with both a G20 meeting in Berlin and an Asia-Pacific Economic Cooperation (Apec) meeting in Santiago, which gave the mid-level finance ministry functionaries in Paris the ability to easily escalate negotiations to the finance-minister or even head-of-state level.

Iraq's finance minister, Ali Allawi, argues that debt relief with its official and commercial creditors is crucial to restoring stability to the country

International markets reacted to the death of Saudi Arabia's monarch King Fahd by raising oil prices sharply to more than $61 a barrel.

"I'm not interested in being prime minister. That'd be a demotion. I'm Tony Blair and the Queen in one!"

Argentina has rebounded strongly from the 2002 crisis, but some analysts are getting worried about inflation and the low level of investment. How would you reassure the international financial community?

The Qatar Financial Centre opened for business on May 1 2005, and is now accepting licence applications from institutions. Its first resident – private bank Ansbacher – is set to open in early September 2005. Stuart Pearce, QFC's chief executive, says that an asset-management company and two banks are in the final stages of applying for licences. Dismissing concerns that the creation of yet another regional financial hub might be seen as overkill, the QFC says it is not seeking to compete directly with Bahrain and Dubai. "There is no reason why all three centres can't operate together," says Pearce. "They are different, complementary markets." The QFC has its sights set on banks involved in project financing and private banking, as well as commercial banking, private equity and investment banking, IPOs, and structured finance. "The feeling is that more wealth is staying in the Middle East, and that wealth needs a home, so there are all kinds of opportunities for regional and international banks to participate in the development of that wealth," says Pearce.

Argentina has rebounded impressively from the 2002 crisis, but it still faces enormous risks and challenges. Sudip Roy spoke to Argentina's top economic policy-makers, including the economy minister, finance secretary and central bank president, about how they plan to take their country forward.

As customers become increasingly sophisticated in trading FX options, banks and other providers are enhancing electronic offerings to tap new markets

Finance minister says the government is will keep the purse strings tight as it reforms taxation, banking regulation and bankruptcy law

The experience of the high-yield sector shows synthetic risk can boost an illiquid product

Flexibility is the watchword as the UK regulator clarifies its guidelines on capital ratios

Banks and listed property companies are finding ways to respond to interest in international investments

Greater transparency is essential for ABS to be used as repo collateral

The Unico network of cooperative banks is nearly 30 years old. As it approaches middle age, can it persuade European debt issuers that the concept of a Unico deal that reaches both big and small investors across the continent is more than a neat branding ploy?

Eksportfinans hopes funding costs will plummet if online execution of structured products grows popular

From electronic trading platforms to credit event fixings, inter-dealer broker Creditex regularly sets the pace in the electronic credit derivatives trading. But the market didn't know quite how to take spin-off of its post-trade processing platform T-Zero.

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.