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Building diversified financial markets

Azamat Joldasbekov, president and chief executive officer of the Kazakhstan Stock Exchange, spoke to Euromoney's Nick Kochan about the market's limitations and changes being made to extend the scope of its operations

September 01, 2004

CAPITAL MARKETS

The wisdom of youth

The youthful managers of Kazakhstan's financial sector are determined that oil and minerals wealth will be used to create a strong mixed economy. A well-regulated banking system and controls on the inflationary effects of oil earnings have been established but diversification and financial markets development still face significant hurdles.

Nick Kochan, September 01, 2004

BANKING

Saudi Arabia's Capital Markets Authority: New Saudi regulator brings credibility

The appointment of former deputy central bank governor Jammaz Al-Suhaimi as chairman of Saudi Arabia's Capital Markets Authority looks set to accelerate the liberalization and broadening of the kingdom's financial markets.

Nigel Dudley, September 01, 2004

BANKING

EU regulations pose a threat to regional growth

Following a period of sustained economic growth, the Caribbean is faced with a new challenge. Recent developments in international legislation might reduce capital inflows and put more pressure on the region's financial sector.

Philippa Aylmer, September 01, 2004

CAPITAL MARKETS

New Korean loan woe

Analysts are growing increasingly concerned about rising problem loans advanced to SMEs by Korean banks. The banks' track record inspires little confidence. They lent unwisely to the conglomerates in the late 1990s and then hit problems with consumer credit cards. Have the Korean banks learnt their lesson or is a third bad debt crisis looming?

Chris Leahy, September 01, 2004

The end of the insurer as investor?

Insurers investing in structured credit have been a particular concern. Both the Financial Services Authority in the UK and the Federal Reserve in the US have drawn attention to this. In 2002, FSA chairman Howard Davies suggested that insurers didn't have the resources to assess credit risk transfer in synthetic CDOs.

Mark Brown, September 01, 2004

Cash-rich miners assay their prospects

www.breakingviews.com

Edward Hadas, September 01, 2004

CAPITAL MARKETS

Argentina's creditors brace for lowball offer

Argentina is facing an invidious situation. It has strong motives to resolve the default on its foreign debt but its offer could be strangled at birth. Many creditors seem unwilling to accept it. The proposed bond exchange, the world's largest ever, is just the beginning of the road back to international acceptance.

Felix Salmon, September 01, 2004

Opinion

Cash CDOs back on fire

Wait long enough and anything comes back into fashion. Even flares. Now it's high-yield cash collateralized bonds, or CDOs.

Antony Currie, September 01, 2004

BANKING

Merger targets reassess their value

Ever the bashful bride, Turkey's Garanti Bank has turned away from a second marriage offer from Italy's Banca Intesa over apparent differences on long-term risks, values and the treatment of employees in the post-merger environment. The merger, which unravelled in July after scarcely a three-month engagement, would have joined Italy's largest bank, with assets of almost $330 billion, and Turkey's number three financial institution, with assets of about $16 billion and shareholder equity of $1.75 billion.

David Judson, September 01, 2004

BANKING

Global economic projections

September 01, 2004

Telecoms must answer the investors' call

www.breakingviews.com

Mike Monnelly, September 01, 2004

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