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Walking a fine line

BUILDING THEIR STRATEGIES on prospects of a fast-growing economy, Greek banks are trying to take advantage of top-line growth to rationalize their cost structure. At the same time, expansion in southeastern Europe has taken priority over consolidation at home. Greek banks are walking a fine line. The realize the local market is too small to satisfy their growth ambitions, but are wary of the costs and risks of expansion.

Dimitris Kontogiannis, July 01, 2003

Privatization delayed by litigation

ON THE POSITIVE side, the sale of DSK Bank to Hungarian bank OTP for e311 million means that the entire Bulgarian banking sector is in private hands and more than 80% of shares are owned by foreign investors. The government has also said it is committed to breaking up and selling off its electricity distribution sector in seven companies by the end of the year.

Nigel Dudley, July 01, 2003

Opinion

The euro wage bubble

There are several big bubbles driving the global economy and its financial markets. There are the twin bubbles of US household debt and house prices, driven by easy money. And there is the Japanese government bond bubble, fed by excess savings and cheap credit. But the next great bubble in the world is continental European (principally German) labour. This euro wage bubble is sustained by sticky prices and state subsidies.

David Roche, July 01, 2003

Fund management deals offer M&A lifeline

M&A in financial services Amex and Threadneedle; US Trust and State Street; Lehman Brothers and Neuberger Berman Advisers: Credit Suisse First Boston, UBS, Goldman Sachs

Julian Marshall, July 01, 2003

Selling the story to foreign investors

SENIOR EXECUTIVES OF companies that have taken the plunge and invested in Bulgaria talk enthusiastically about their experience. They cite the stable political and economic climate, the high qualifications and low cost of managers and staff and the ready access to EU and Balkan markets as reasons for their success.

Nigel Dudley, July 01, 2003

Fund management: Nice work if you can get it

Life doesn't seem so tough for fund managers when they can bask in the sun by the Mediterranean, sipping Pimm's on the roof terrace of Le Méridien in Nice contemplating when a market revival might come. It's certainly a more enviable situation than that faced by clients back home wondering if they will ever be able to afford to retire.

July 01, 2003

Breakingviews: Crunch down on number crunchers

Source: www.breakingviews.com is Europe's leading financial commentary service

July 01, 2003

Breakingviews: The convertibles bubble

Source: www.breakingviews.com is Europe's leading financial commentary service

July 01, 2003

Breakingviews: Jack of all trades no longer an asset

Source: www.breakingviews.com is Europe's leading financial commentary service

July 01, 2003

A bleak month for the banks

Suspicions that another Chinese banking scandal was about to break first emerged on May 29 when Liu Jinbao, head of the Bank of China (Hong Kong), was suddenly recalled to Beijing by his bosses. The Bank of China at first insisted that it was just a routine relocation.

Chris Cockerill, July 01, 2003

Sakhalin gas project eyes bond market

By Simon Pirani

July 01, 2003

Oman

Best bank - Bank Muscat

July 01, 2003

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