May 2012
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LATEST ARTICLES
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As JPMorgan's losses in credit derivatives are revealed, Euromoney columnist Jon Macaskill reveals just how the CIO division worked and the positions it took - and warns that other houses on Wall Street could try to make their rivals' losses worse.
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Five years ago, corporates began to expand, setting up manufacturing facilities and offices at home and around the world. As those companies buy fixed assets and trading companies across multiple markets, they need a way of linking that local entity to their group head offices back home in each of these territories.
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Russia’s state-owned bank is forging ahead with market-share gains in Kazakhstan as local competitors fail to make a comeback from the financial crisis. And Sberbank’s success seems to presage a broader Russian resurgence that might counter Chinese influence.
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"If you call yourself a relative return fund, you need to actually sell things to make that return. Lots of asset managers seem to have forgotten that"
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Citi remains the FX bank with the most wind in its sails and is now breathing down the neck of top-placed Deutsche Bank.
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The firm has moved up Euromoney’s FX rankings as it broadens its client base.
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The top five FX banks have increased their share of total market volume to 55%, and the top 10 banks now account for 78.5%. Citi has made the biggest strides in the top five, rising two places to second and closing in on Deutsche Bank’s long-established top spot.
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Rich Ricci, the co-head of Barclays’ banking and markets division (until recently known as Barclays Capital), made history in April. No, not for the size of his bonus – but for the success of the racehorses that he owns.
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Euromoney never stops working. So even when one of our correspondents was on holiday in Spain during April, he was deeply disturbed by direct evidence of the property crisis engulfing the country.
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According to one foreign survey, Bulgaria has the most business-friendly environment on the continent. However, it is burdened by stagnant capital markets and a reliance on the debilitated economies of western Europe.
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With primary Asian equity markets quiescent so far this year, ECM bankers are hopeful that the well-supported IPO expected from Haitong Securities will spark off an issuance revival.
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There was a surprise in Shanghai last month and it had nothing to do with the terrible 1986 film starring Madonna and thuggish social activist Sean Penn. All eyes were on Hong Kong, which staged its first large IPO in what seemed like ages – we think the last one was when the aforementioned material girl was an actual girl and not like your grandmother in a leotard. But the Hong Kong debut flopped, whereas in Shanghai the surprise in question was the stock market launch of the People’s Daily website, which soared 78% on its first day. The website belongs to the official newspaper of China’s ruling Communist Party.
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With lending booming again, Russia’s banks need recapitalizing. Ironically, partial privatization of state-owned financial institutions may be crowding out much-needed stock offerings by private-sector lenders and smaller banks.
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"The entire lending industry was so inefficient, and the way to make it efficient was to cut out the bank"
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Every investment bank has spent huge investment dollars on FX since 2008. Now a shake out seems to be occurring. Banks with scale and budget are winning more share, but there are decent returns to be had for institutions of all sizes if they are focused.
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Saudi Arabia’s new economy minister, the former central bank governor Mohammed Al Jasser, says rapid change is under way in his country. But is the reformist energy sparked by the Arab Spring already flagging?
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The investment case for Africa has never been more compelling. But while global investment banks are keen to invest, the opportunities for them to put boots on the ground are limited.
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The UK tax authorities are continuing their clampdown on tax avoidance, and once again the name of Barclays surfaces at the centre of investigations into a highly complex scheme.
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Chinese broker’s Hong Kong listing fails to revitalize the market.
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Banks’ misgivings about the Jobs Act reflect their own failure to cater to the full spectrum of US enterprise.
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Government promises fiscal consolidation; Recapitalization of NLB looms
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Central and eastern European governments have exploited the flattering contrast between their headline debt numbers and those of western Europe to achieve ever lower funding costs. But there is still much work to be done to ensure the sustainability of debt levels.
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The end of QE support means that markets must face up to a repricing of assets on the basis of economic reality.
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Bank becomes Brazil’s 16th-largest company; Problems persist with smaller deals
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CEO claims “no pressure” to sell assets; Dubai Group next in line
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Ian Hannam is someone whose personal brand has benefited, not suffered, from his recent actions. Until recently chairman of global capital markets at JPMorgan Cazenove, he resigned in April after the UK Financial Services’ Authority published its decision that he had been guilty of market abuse.
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Inclusion might trigger $8.8 billion inflows; Becomes first sub-Saharan entry
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There needs to be universal agreement on what is shadow banking to tackle its regulation.