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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

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

CAPITAL MARKETS

Investors have abandoned Invensys too soon

www.breakingviews.com

Mike Monnelly, November 01, 2004

BANKING

AT&T's last call

With a history as old as the telephone itself, AT&T used to dominate US telecommunications. Now, after strategic blunders involving the disposal of key building blocks of business growth, its rump looks like a bite-sized takeover target. It might even have to sell at a discount to today's price.

Kathryn Tully, November 01, 2004

BANKING

Diageo finally sells General Mills block

When Diageo offloaded its US Pillsbury food division to General Mills for stock in 2001, it did not expect still to be the biggest shareholder in General Mills three years later. But as pressure mounted to dispose of the stake, poor performance at Pillsbury, SEC investigations into General Mills and the overhang of the Diageo block held back the share price. It took an exceptionally well-structured and well-executed deal to overcome these obstacles last month.

Antony Currie, November 01, 2004

Opinion

Hard bankers go for the soft touch

The guest list at the second anniversary party for Hong Kong boutique spa Sense of Touch is a Rolodex of the city's female business elite. As markets rise in the region, so it seems do the stress levels of female bankers, lawyers and other professionals. So they are beating a path to this little shop in SoHo for massages, facials and other pampering.

Chris Leahy, November 01, 2004

CAPITAL MARKETS

The rise and fall of convertible arbs

www.breakingviews.com

Mike Monnelly, November 01, 2004

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