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September 2012

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  • Bank of Canada governor Mark Carney’s monetary zeal and flexible approach to an inflation-targeting regime have earned acclaim. Now, he is deploying his charm and credibility to re-tool the global banking industry in the teeth of resistance.
  • Few investment bankers dominate one market as much as Credit Suisse’s Helman Sitohang does Indonesia. With other banks sensing opportunities, can his connections keep the bank ahead of the game?
  • Published in conjunction with: Akbank Private Banking - ICBC Private Banking - UBS
  • Published in conjunction with: J.P. Morgan • RBS • SEB • Standard Chartered Bank
  • > Navigating the new risk landscape
  • Traditional lenders and private equity investors continue to slash exposure to all but the safest assets. But alternative providers of finance are growing their books and locking in attractive yields.
  • "They would overly emphasize the 120% debt-to-GDP ratio as a means to squeeze the private sector to accept a lower interest rate on their future claims. They also kept hidden throughout the negotiations the amount of money they were going to put into the Greek rescue package"
  • The firm might be stuck in the middle with nowhere to go: it is neither a global, bulge-bracket player nor a focused, low-cost, niche operator.
  • Euromoney’s visit to Bogotá coincides with the final of the Olympic women’s BMX final. The race is under way at Corredores Asociados and for a moment the Colombian firm’s trading room is transfixed on a television screen that isn’t displaying financial updates. Cleaners, visitors and traders join together to cheer on Mariana Pajon, who wins gold.
  • The received wisdom is that if Morgan Stanley gets into too much trouble, Mitsubishi will step in to save it. Will that still be the case now that Nomura’s grandiose international project has ended with a whimper?
  • We don’t expect everyone to agree with the decisions we make in our global Awards for Excellence. In fact, at Euromoney we welcome constructive criticism and a healthy debate.
  • The incoming Chinese leadership should use the subtle insights of behavioural finance – and the blunt message of bond issuance – to rebalance their economy toward domestic consumption.
  • Citi has been busy rebuilding in recent years. Its latest attempt to put the crisis behind it came last month, when it settled with investors for $590 million over claims it failed to disclose the full extent of its dealings in the sub-prime market.
  • As bankers pack their bags and head to Tokyo for the annual IMF/World Bank meetings, the outlook for many is growing gloomier.
  • Increasingly, I am noticing that while bank chief executives have to be seen in public, heads of investment banks are trying to keep a very low profile.
  • Eurozone moves to resolve the euro crisis are propitious for global markets. But an Israeli attack on Iran this autumn would undermine economic recovery.
  • The credit boom is serving the real-money investment community well, but many supposedly smart-money hedge funds and investment banks are missing out on the party.
  • Life as an investment banker has always had its drawbacks. Colleagues try to steal your business, senior managers expect obeisance, and clients put your ideas out to tender with competitors.
  • As a wonderful summer Olympics in London drew to its close, the City got back to work last month. For one British gold medallist, though, the glamour was only just beginning.
  • Euromoney reported here last month how bank PRs were struggling with their bank Facebook pages – but now a former Myspace senior executive has come up with an alternative way for banks to use social networking.
  • As a Brit and career retail banker with a long and successful history at Barclays, Antony Jenkins may be seen in some quarters as the perfect successor to Bob Diamond as chief executive. For one market commentator in particular however, Jenkins is an unknown quantity whose suitability is questionable.
  • Western European banks heavily involved in the CEE region strenuously rebut suggestions they are cutting back on these foreign operations. But they are under pressure from a combination of Vienna 2.0, Basle III and a need to delever.
  • Turkish banks have always been cautious about foreign expansion. They see too much opportunity at home to consider big investments overseas. But will the growth in Turkey’s international trade force them to broaden their horizons?
  • Russia’s finance minister is, in the words of his predecessor, a rare example of a liberal in the government. But can he do enough, quickly enough, to shore up the government’s finances in its post-election spending hangover?
  • Efforts to bring finance to the masses have brought an unsecured lending boom to South Africa, with home improvements loans at the forefront. Margins are high. But banks are increasingly using the product for higher-income earners too. Is this just another retail credit bubble?
  • Alexei Kudrin thinks he has a solution to Russia’s twin troubles: anti-Putin street protests and an oil-financed pot of state patronage that is rapidly running out. The former finance minister tells Euromoney about his programme for reform and what he is doing to see it implemented.
  • China’s leading brokerage firms continue to dominate domestic business. As China becomes an ever-greater slice of Asian investment business, can they translate that into a regional leadership position as well?