November/December 2022
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FEATURES
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Fintech listings head north as B3 loses out
While fintechs have been thriving in Brazil and throughout Latin America, the region’s local stock exchanges have failed to attract IPOs. -
Israel, tech and a virtuous circle of wealth
Three-quarters of a century ago, the state of Israel didn’t exist. Today, it is a leader in technologies ranging from plant-based meat to cybersecurity. Huge sums of new wealth are being created by ambitious entrepreneurs, much of it recycled into new ideas by risk-taking investors. -
Private finance ploughs into Brazilian agriculture
Brazil’s agribusiness sector is booming on the back of sky-high commodity prices. The public banks that have long financed the sector now face a wave of new private-sector competitors. -
Qatar eyes diversification and identity beyond the World Cup
Qatar has spent 12 years and more than $200 billion preparing for the World Cup, which kicks off on November 20. What happens when the games end and the tourists leave? -
PagBank: The biggest bank you’ve never heard of in Brazil
The Brazilian world of digital banks has it all: billionaire unicorns, sub-brands created by the incumbents and completely new disruptors. But one player has been quietly growing under the radar to become the country’s second-largest digital player. -
The anti-ESG funds exploiting the US political divide
Vocal members of the US political right are not happy, creating new laws that ban state investors from backing companies with an ESG agenda. Several fund managers have been quick to take up their cause. -
Cash management focuses on automation, centralization and a smarter treasury function
Geopolitical and economic turmoil has taken its toll on cash management strategies during 2022. Leading transaction banks emphasize the value of investment in technology as they navigate a choppy market environment. -
The fund to reinvent Greece
Growthfund was formed six years ago as a steward for Greek state-owned enterprises in the hope of improving and extracting value from them. As chief executive Gregory Dimitriadis explains, its ambitions now include investment, emission reduction and enabling the flow of capital from the Middle East. -
Hedges fail their first stress test
UK pension fund hedges have failed the first real stress test in a new era of rising interest rates. Bankers are surprisingly relaxed about the implications for other threats to global systemic stability. -
Net zero forces the voluntary carbon market to grow up fast
Demand for carbon offsetting credits on the VCM has intensified as corporates look for solutions to reach net zero. But as more and more institutions look to tap this market, can the existing infrastructure cope? -
Malaysia shows the way for ESG sukuk issuance
The launch of an SRI-linked sukuk framework this summer is a blueprint for others to follow.
OPINION
OPINION
LEADERS
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The first nine months of 2022 have seen investment banking revenues plummet globally.
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The World Cup is set to kick off in Doha on November 20 against the backdrop of recession, war, inflation and rising interest rates elsewhere.
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Asia’s central banks have fought hard to protect the value of their currencies this year as the dollar has soared. But each of them has a limit to their appetite for that defence.
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China, the US, Australia and Japan are all conducting a curious courtship with Pacific nations, hoping to build trade relationships, climate resilience and security agreements.
COLUMNS
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This year has seen banks report markdowns on leveraged finance commitments and related exposures, something that is hardly surprising given what has happened to yields. But even with syndicates struggling to offload some high-profile big deals, the troubles seem oddly muted so far.
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Georges Elhedery’s move to the CFO role at HSBC has raised eyebrows among observers seeking to decode it. What does it mean for Elhedery, what happened to incumbent Ewen Stevenson, and what does it say about CEO Noel Quinn?
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As rates on government bonds rise and economies shrink, the vast stocks of developed market government debt look unsustainable.
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David Solomon is having to field some scepticism as he changes Goldman Sachs’s approach to its loss-making consumer banking operation and restructures the firm. But nothing that has been developed is going to waste, and recognising that a business might sit better elsewhere is simply good sense.
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In public at least, the Bank of England has been determined to end its gilts intervention when it said it would, but it’s getting harder for the BoE to manage its conflicts – and the market doesn’t know what to believe any more.
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Societe Generale has exited, and Citi is winding down in retail, but the two biggest remaining Western European players in Russia are also spending a lot of time working out their exposures and operations in the country.
MACASKILL ON MARKETS
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