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Foreign Exchange

Vintage year gives Turkey a grip on inflation

On the first day of next year Turkey will stop being world champion for the number of zeros in its currency. In January the Assembly passed a law authorising the government to redenominate the lira by throwing away six zeros from the currency. The lira became bloated over decades of endemic inflation, which made every Turk a millionaire. The minimum wage is TL303 million ($230). Since 1980 the central bank has been obliged to issue new banknotes every two years.

Metin Munir, February 01, 2004

CAPITAL MARKETS

Karl Schweizer

Managing director, art and numismatics services, UBS

February 01, 2004

Opinion

Bush for Fed treatment?

As November's US presidential election draws near, interest grows in how the Federal Reserve is going to balance managing the economy and managing candidate's demands.

Antony Currie, February 01, 2004

Hedge funds square up to bullishness

Investors' enduring interest in hedge funds was apparent from record inflows last year. But outperformance of cash equities was already becoming difficult to achieve. This year things could get even tougher for hedge funds unless they can find ways to adapt to a bull market. Julie Dalla-Costa reports.

Julie Dalla-Costa, February 01, 2004

Foreign Exchange

Uruguay's elegant transformation

Dragged down by Argentina's troubles, Uruguay was on its knees by mid-2002. Yet in 2003, through a series of elegant and smoothly executed transactions, the country regained its economic stability and much of its historical reputation as a sound credit. Felix Salmon reports.

Felix Salmon, February 01, 2004

CAPITAL MARKETS

Deutsche and HSBC lead foreign banking drive

Highlighting Saudi Arabia's commitment to opening its banking sector to foreign investment, Deutsche Bank and HSBC are set this year to establish majority-owned investment banking operations in the kingdom.

Kate Luxford, February 01, 2004

Deals of the year: Asia

Western Europe | Emerging Europe | Latin America | North America

February 01, 2004

Rating upgrade further fuels rising market

When Moody's boosted India's rating on January 21, it added fuel to a stock market already breathless from its steep climb last year. Citing India's strong external payments position and progress on peace talks with Pakistan, the rating agency raised India's long-term foreign currency rating to investment grade; India still has a non-investment grade ratings from other agencies.

Kala Rao, February 01, 2004

Opinion

Dashing the optimists' dreams

We enter the year to a deafening beat of bullishness. The long rally since the lows of March last year has brought US and European equity prices back to 70% of their peak in March 2000. Optimism rules and the consensus is for further upside in 2004.

David Roche, February 01, 2004

CAPITAL MARKETS

LMA looks to repeat trick

With its standardized documents boosting efficiency and liquidity in European investment-grade lending, the Loan Market Association (LMA) now wants to repeat the trick in the burgeoning leveraged market.

Mark Brown, February 01, 2004

CAPITAL MARKETS

New revenue killer rears its head

The beleaguered telecoms industry has another item to add to the list of forces undermining its voice revenues. Voice over internet protocol (VoIP) has been identified as the next revenue killer to attack this sector. In the US, people are talking about how IP is about to hit the fan.

Deborah Kimbell, February 01, 2004

The price of Europe getting high

Moroccan negotiators tried to exclude wheat from the proposed free trade pact with the US – and failed – but one flourishing export from Morocco was not discussed at all, even though the country is the world's largest producer.

Rupert Wright, February 01, 2004

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