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IAS39 roundtable participants

IAS39 problems and solutions

May 01, 2004

Opinion

Calyon launches with a small bang

The latest new name in European banking, Calyon, becomes fully operational this month. It?s the product of the 2003 merger of Crédit Agricole Indosuez and Crédit Lyonnais, bringing together their investment banking and capital markets businesses. The rebranding and relaunch are being kept relatively low profile, mainly because the new name is already well known among clients. Indeed it is backdated, having been used to refer to the bank since January.

Katie Martin, May 01, 2004

Knee-deep in junk

www.breakingviews.com

Mike Monnelly, May 01, 2004

Benchmarking

FX poll 2004: UBS and Deutsche race clear of the field

Between them, UBS and Deutsche Bank now handle almost a quarter of all client trading volumes in foreign exchange. Their global dominance reflects crucial changes in clients' behaviour. Other banks that have been slow to emulate their strategies are suffering.

May 01, 2004

The devil is in the retail

By Camilla Palladino

May 01, 2004

US firms bring outsourcers on board

Political rhetoric in the US about the loss of service-sector jobs to India has not deterred American companies from consolidating their offshore outsourcing business in the country.

Kala Rao, May 01, 2004

Opinion

An SW3 key to life after FX

UK house prices leapt by 2.1% last month. The price of the average UK home now rises by £100 a day, putting more pressure on the Bank of England to raise interest rates.

Mark Brown, May 01, 2004

Strong oil price fuels solid economic performance

The continued strength of the oil price means that Saudi Arabia is set for another successful economic performance this year and unless there is a change in this market, should deliver a second successive year with a budget surplus.

Nigel Dudley, May 01, 2004

Pressing on with reforms

For the first time in a generation, Saudi Arabia has posted two budget surpluses in a row. Sustained oil prices underlie this, though, and economic reform needs to be kept at the top of the kingdom's agenda.

Nigel Dudley, May 01, 2004

CAPITAL MARKETS

Lines of funding bridge PPP gap

While the European Investment Bank wants partnerships with commercial banks to reach SMEs, commercial banks and borrowers can in turn pitch deals to the EIB so long as they are technically and economically viable and support EU policy objectives. The role governments might play in seeking EIB support is not entirely clear. Nor is the extent to which they might seek to palm off onto the EIB the burden of funding quasi-public works.

Mark Brown, May 01, 2004

BANKING

Macquarie goes mainstream

Macquarie has steered a profitable course, avoiding head-on confrontation with global competition through niche strategies. So its acquisition of ING?s Asian cash equities business is puzzling. Can it succeed where ING failed or could this mark the unravelling of the Macquarie miracle? Chris Leahy reports

Chris Leahy, May 01, 2004

CLSA makes a Japanese breakthrough

Asian research brokerage CLSA has not found it easy to move into new markets. But after costly forays into non-Asian countries it has started to expand again. Its decision to open in Tokyo was impeccably timed and well executed.

Chris Leahy, May 01, 2004

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