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January 2005

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LATEST ARTICLES

  • Revision of Greece's public finance accounts has underlined the need for a big effort to reduce budget deficits. However, the government seems unwilling to tackle crucial areas such as social security reform. Dimitris Kontogiannis reports
  • Hong Kong investors' addiction to the fast buck has often landed them in trouble. The latest preoccupation, the M share, entails feverish punting in listed stocks that are themselves punting on neighbouring territory Macau's gambling industry. As a clever few rapidly enrich themselves at the expense of the gullible masses, the inevitable result looms. Chris Leahy reports.
  • The advantages of sharing specialist industry sector information drawn from private companies, plus a desire to provide complementary asset allocation vehicles to end investors, are drawing private-equity firms and hedge funds into alliances. Private equity firms are hoping to capture some of the client money rushing into hedge funds a number of which are now bidding for whole companies. Julie Dalla-Costa reports.
  • After five consecutive 25-basis point interest rate increases by the US Federal Reserve in the second half of 2004 the year might have been expected to end with credit spreads lower, a sell-off in emerging-market debt and a slowdown of real-estate investments.
  • Congratulations to Tim Herrington on his appointment as chairman of the UK Financial Services Authority's regulatory decisions committee. As head of the global asset management group at international law firm Clifford Chance, he undoubtedly has the technical expertise needed for his new role.
  • Head of UK institutional business, F&C Asset Management
  • Credit Suisse Group is to restructure again. This time, the plan includes a closer integration of investment banking arm CSFB with the rest of the group. Antony Currie looks hard for changes in the revised strategy for CSFB itself and speaks to its CEO, Brady Dougan, about them. He seems to be reheating his predecessor's plans for the firm, which has spent months reviewing its business without making a great deal of progress.
  • Two leading Russian investment banks, Troika Dialog and Trust Investment Bank, have both completed management buy-outs.
  • Bullish predictions of the size of Caspian oil reserves made in the 1990s now look greatly exaggerated. With the BTC pipeline linking Azerbaijan to Turkey opening this year, Julian Evans asks just how much oil there is in the region, and whether there will be any more finance deals anything like the size of BTC.
  • Austria's economy is in better shape than those of most of the states to its west and its companies already have a solid presence in the new EU states in central and eastern Europe. Now it is reforming its financial markets and encouraging foreign investors in order to take advantage of further gains. Ben Aris reports.
  • Its high industry rankings suggest that UBS's bold drive to build a private banking business onshore across Europe is paying off. The bank soars above the competition according to our second annual survey. But the cost has been substantial. And there remain plenty of niches in which its rivals can excel and turn good profits. Helen Avery reports.
  • Julius Baer has decided to pull out of the North American wealth management market, having sold its private-banking business there to UBS Wealth Management for an undisclosed amount. The mid-size Swiss bank had been in the US since 1940, and was ones of the first Swiss private banks to be onshore in the region.