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  • "You should always buy a company that any fool can run, because one day, one will." These were the words of one of the world's most successful investment managers, Peter Lynch, speaking at an awards lunch in London.
  • Russia's nascent corporate bond market has been stunted by illiquidity, high yields, short maturities, punitive taxation, early put options and the lack of a properly functioning banking sector. And it is about to face its greatest test.
  • US business and politics
  • Last month I argued that the summer rally in US equities would not last. The S&P index hit its year low on July 23 at 797. It rallied to 972 on August 27. Now it's back below 900. In August, investors had turned bullish on hopes of interest rate cuts. And they were encouraged about corporate governance: CEOs signed off accounts with few nasty surprises.
  • At the top of the market, every ambitious bank wanted to own a global asset management operation. They were prepared to pay high prices for supposed steady earnings providers. But as markets have plunged revenues have tumbled and now banks are wondering what investment houses are really worth to them.
  • Marconi’s restructuring is troubling the derivatives market. The banks that have bought protection against the company are unsure whether its agreement with lenders counts as a credit event. Could banks find their credit swaps against other companies are similarly vague?
  • Alan Greenspan may say it is "very difficult to definitively identify a bubble until after the fact" but the study of bubbles is far older than he is. This year is the 150th anniversary of the classic text on manias, financial or otherwise: Charles Mackay's Extraordinary Popular Delusions and the Madness of Crowds.
  • Issuer: Barclays Bank plc Amount: $1 billion Launched: 18 September 2002 Bookrunner: Barclays Capital
  • Finance ministers and central bank governors gathered in Washington for the annual IMF/World Bank meetings last month at a time when the global economy showed little sign of sustained recovery.
  • Sovereign debt
  • Nigeria is in an economic and political mess but by no means insolvent. Why then does it look likely to default on bond payments?