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BANKING

The rise of a capital market culture

African economies are in a growth phase, thanks in large part to rising commodity prices. Sustained growth, though, depends on industrialization and that in turn depends on much higher levels of foreign investment. Anything near adequate funding is a long way off but there are at last encouraging signs of capital market development in some sub-Saharan countries.

Philip Moore, November 01, 2004

CAPITAL MARKETS

Roundtable: Wrestling with regulation

Getting regulators to understand complex industries is hard. Insurance companies are finding it harder than most. They are concerned current accounting proposals don't reflect their basic business model, let alone regional and product differences.

November 01, 2004

Opinion

Is the price boom set to bust?

Current data suggest a gradual tailing off of the house price boom is likely in OECD countries. But there's still room for a sharp decline that could fuel recession and have a serious impact on overstretched banking systems and agency lenders.

David Roche, November 01, 2004

CAPITAL MARKETS

151 reasons to be cautious

Following more than a decade of stagnation, the world's second-largest equity market has revived this year. Although the key index, the Nikkei 225, is currently flat year to date, the market has bounced back throughout the year such that at one point the index was up more than 17% from its opening levels. The encouraging performance coupled with more volatility has fuelled a recovery in Japan's IPO market that shows few signs of abating.

Chris Leahy, November 01, 2004

CAPITAL MARKETS

You can't regulate against gullibility

The senior executive at a French bank leans forward urgently and semi-conspiratorially. After a wide-ranging discussion on the familiar list of hedge fund risks – excessive leverage, style drift, survivor bias in performance figures – he finally has something significant to relate.

November 01, 2004

BANKING

India sticks with reform

India's Congress-led coalition government has forged agreements with leftist allies to maintain economic liberalization and reforms initiated by the previous administration. But the left has forced it to limit new openings for foreign investment and queried some privatization strategies.

Kala Rao, November 01, 2004

Panama looks to revitalize its biggest asset

Panama's economy is set to face the biggest challenge in the Republic's 100-year history. A key decision on whether to press ahead with a project to increase the capacity of the Panama Canal and, more important, to find a way to pay the $5 billion it will cost, is due to be taken shortly.

Rainbow Nelson, November 01, 2004

Opinion

BarCap to icecap?

Barclays Capital is funding an expedition to the North Pole in a bid to solve what it calls the greatest polar mystery of all time. The team of four, headed by British explorer Tom Avery, aims to replicate the disputed expedition of American explorer Robert Peary. Peary claimed to have reached the Pole in a record 38 days in 1909.

Helen Avery, November 01, 2004

CAPITAL MARKETS

Covered bonds face an identity crisis

The covered bond market is growing fast on heavy demand for alternatives to supra/agency debt and on buoyant supply as more and more countries pass enabling legislation. Pfandbriefe might still dominate but expansion is bringing in its wake a wide variety of variants on this classical model.

Mark Brown, November 01, 2004

BANKING

The race for FDI

India sticks to reform

Kala Rao, November 01, 2004

BANKING

Etisalat deal breaks record for Islamic financing

The Islamic capital market proves its capacity to fund one of the biggest ever deals outside the oil and gas sector in the Middle East.

Deborah Kimbell, November 01, 2004

CAPITAL MARKETS

EU approval prompts hopes and fears

Turks of all classes were jubilant about the European Commission's decision last month that their country was ready to negotiate for EU membership. But it soon became apparent that this implied further substantial reform. Sceptics point out reforms already written into law are barely being implemented.

David Judson, November 01, 2004

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