October 2011
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LATEST ARTICLES
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Belgium is seen as one of the bright spots in the eurozone and competition is increasing for the assets of the country’s wealthiest individuals. For those with investment expertise and knowledge of the intricacies of the Belgian wealth market, the future looks promising.
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Euromoney’s inaugural credit survey confirms the broad market power of three elite fixed-income houses, and points to a widening gulf between the haves and have-nots of the global credit markets. Joti Mangat reports.
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Trading scandal raises further questions about validity of investment bank; Does the integrated model work for UBS?
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Hassell shuns future acquisitions; Litigation and regulation unavoidable expenses
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On September 27, Enesa Participações became the latest Brazilian company to pull an IPO. However, a couple of days after that announcement Colombia’s Grupo Exito completed a successful Ps2.5 trillion ($1.3 billion) follow-on to highlight the country’s strongly performing equity market.
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Faced with an unpalatable menu of policy choices, there is concern that another course will be taken: financial repression. It is the economic prescription favoured by Fagin. Bondholders should beware.
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CDO Wells Notice has serious ramifications for S&P.
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The run on Morgan Stanley’s stock and credit default swaps in the final days of September had alarming similarities to the collapse in confidence in the bank during 2008.
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Disclosures from UBS about the details of the alleged fraudulent trading that has cost the bank $2.3 billion raise more questions than they answer about the extraordinary episode.
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Joe Hockey, like many Australians, didn’t agree with our decision to recognize Wayne Swan’s achievements by giving him Euromoney’s finance minister of the year award. We didn’t expect him to either. He’s the opposition treasurer in the Canberra parliament after all.
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Banks desperate for business are faced with renewed demands for hard underwriting.
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Exit would be more expensive than bailing out the periphery.
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Rumours knock Ping An down 14% in a day; Soc Gen predicts big rally
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Default won’t trigger CDS; Greek CDS hedges unwound
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Investment bank expects 30% fall in revenues; FICC business holding up
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Investment banking revenue figures compiled by Dealogic for the first nine months of 2011 confirm a shocking sudden stop in the third quarter of the year. Global investment banking revenue reached $53.2 billion in the first nine months of 2011, up 10% from the first nine months of 2010. That increase was despite third-quarter revenue of just $11.8 billion being the lowest total since the first quarter of 2009 and down 45% from the second quarter’s $21.4 billion.
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Mass lawsuits filed against issuers; Banks likely to settle out of court
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Citic’s qualified success not a barometer for others; Issuers pull deals as sentiment weakens
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Benefits from growth markets; Shake-up in equities division
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Halyk Finance to act on sale of electricity grid; State seeks more international banks for deals
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My concern about succession planning at UBS was well founded. As politicians, central bankers and financiers gathered in Washington for the IMF/World Bank meetings, the UBS board met in Singapore. And contrary to what most people including myself had expected, UBS’s chief executive Oswald Grübel resigned, saying that he had to bear ultimate responsibility for the recent rogue-trading scandal inflicted on the bank by Kweku Adoboli.
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Central bankers seem to have had just about enough of Jamie Dimon’s spittle-flecked rants about the dangers of increased regulation. The JPMorgan chief executive lambasted Federal Reserve chairman Ben Bernanke over the costs of regulation in a public debate in June, then followed up by arguing with Bank of Canada governor Mark Carney during the recent IMF/World Bank meetings in Washington. Dimon has also warned that some reforms are “anti-American”.
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Telecom IPOs prepare for market; Bank M&A activity in pipeline
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Chile sovereign bucks a trend; More Chile deals might set benchmark
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Plan attacks shuttered market; Slams door after horse has bolted
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Chief executives say French banks’ exposure to risky European sovereigns is minimal; Loss of access to funding will speed asset and business disposals
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Anti-monopoly regulator approves plan; New securities laws awaited
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Amid the gloom of the IMF meetings, it was comforting to know that at least some people in the US Treasury were having a good time.
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Medvedev and Putin’s next finance minister has a lot to live up to.