July 2005
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LATEST ARTICLES
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The US firm's business mix is making it more difficult to bring success in the primary markets
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An inflexible and costly labour market is often blamed for the eurozone's poor economic performance. But in Germany at least, times are changing. In an appeal to pure free-market economics, two Germans have launched a recruitment website where jobs go to the lowest bidder.
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"Alan Greenspan is positively giddy about the beneficial effects of credit derivatives," said Frank Partnoy at the Euromoney Global Borrowers Forum in London in June.
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Brokers are looking to counterbalance the effects of exchange consolidation
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In another example of Hutchison Whampoa raising cash to continue the long-term funding of its loss-making 3G business, the conglomerate announced in June the sale of stakes in Hong Kong's port operations to Singapore arch-rival PSA International. The group, led by Hong Kong's richest man, Li Ka-shing, announced the sale of a 20% interest in cash cow Hutchison International Terminals (HIT) and a 10% stake in Cosco-HIT, a joint venture with China Ocean Shipping (Group) Co.
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The tool will track the euro against major trading currencies and provide an important non-central bank benchmark
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Ameritrade stays independent and buys TD Waterhouse instead
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The proposed removal of a cap on pension funds' foreign holdings could change the shape of Canadian fund management
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Cash-rich investors are looking to put their money to work
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Bankers report a material shift in confidence levels among investors
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Issuers are uncertain about the implications of the EU Prospectus Directive
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Emerging-market countries will enter new territory next year. For the first time since the asset class was established in the late 1980s, these nations will become net creditors in the global economy, according to data from Fitch Ratings.
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Investors' willingness to accept shares in foreign-owned companies could lead to a boom in European activity
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But competition will get tougher for wealth managers, according to a recent survey
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Citigroup's vision of the ultimate financial company, manufacturing and selling every financial product, is lost. A series of scandals betrayed the fact that the structure Sanford Weill built had reached the limits of its manageability. Charles Prince now has a new plan to put the bank back on track. Will it work?
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At the end of June, Kenneth Lewis, CEO of Bank of America, said that Chinese investment in the US should not be hampered. "I don't think it can be a one-way street," he argued.
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What does it take for banks and investment banks to excel? Obviously they need customers, products, capital, technology, sound strategy, good people and leadership. That's tough enough to assemble, as is managing the balance between customer business and own-account trading. But the characteristic that bankers themselves talk about most as the one that distinguishes winning firms from the rest is even tougher to define and measure. It is culture.
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The US economy is in a fool's paradise – Europe and Japan are by no means doomed to lag behind it. But none of these rivals can afford to abandon free trade to cope with China's massive growth
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Investors keen on domestic market exposure are to be catered for by a new index range
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Relations between president and prime minister deteriorate
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Bank of America announced in June its intention of investing $3 billion for a 9% stake in China Construction Bank, China's second-biggest state lender, as part of a strategic move into the country. In a deal that took the market by surprise, Bank of America stated that it had entered into agreements with CCB to provide strategic assistance in relation to, inter alia, corporate governance, risk management, credit cards, consumer banking and treasury services. Bank of America is presumably salivating over the prospect of CCB's 136 million retail accounts and 14,500 branches.
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Germany's industrial heartland, the Ruhr, is adapting well to a world after steel and coal. But when the country's top bankers met there in Essen last month they wondered long and hard about the ability of the rest of Germany to cope with economic change
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Equity markets are geared for a surge in Chinese issues
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Economy shows further signs of life
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Venezuela's president has begun to put his anti-capitalist rhetoric into effect
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The German exchange aims to take on CME to tap the growing interest in FX as an asset class
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EBS's move reflects growing hedge fund activity in the region