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Turkey: One minister - one bank

If you want a loan from a Turkish state-owned bank, don't talk to its manager. The man who makes the real decisions is a cabinet minister. As Metin Munir reports, this set-up is crippling Turkey's banking system and distorting its economy, but there is little political will to change things

April 01, 1998

A blow, but not a body blow

Some feared the Luxor massacre would knock Egypt's economy off course, but it is proving resilient. Fiscal discipline, low inflation and privatization have made Egypt a regional success story. Jules Stewart reports on an economy finding its feet

April 01, 1998

Turkey: Sustaining the unsustainable

Despite persistently high inflation and international financial turmoil, the Turkish economy continues to defy gravity. The country's banks lend to the treasury in lira at high interest rates. As a result, they can offer attractive interest rates on foreign currency deposits too. Armed with a fictitious $50,000, Metin Munir finds out just how good these rates can be and explores the role played by the banks in propping up Turkey's "unsustainable" economy

April 01, 1998

Andre Lee - Early life

Peregrine's last days, by Andre Lee

April 01, 1998

Credit-linked comes of age

How can an investor get exposure to below investment-grade risk while investingin AAA rated bonds? Credit-linked notesprovide an answer, but does anyone really know how to price them? By James Rutter.

April 01, 1998

How to survive the crisis

For some financial institutions and companies, the Asian crisis is an opportunity. For others it's a simple matter of survival. Investment banks have been among the quickest to slash costs and focus on core businesses. But while some commercial banks are recapitalizing and making provisions for bad loans, others are preparing to expand. Pauline Loong reports.

April 01, 1998

Europe sleepwalks into dangerous territory

Next year, when the sun-loving Germans travel to the Italian Riviera they'll still have to change their Deutschmarks into lire - or will they? Although the lira will be the only legal tender in Italy for a further three years some economists predict that Italian shopkeepers will soon prefer to be paid in Deutschmarks and bank those, even though the lira and the Deutschmark will be components of the same mighty euro.

April 01, 1998

Opinion

Japan: Asia's feeble leader

Japan is stuck in a time warp. Little has changed, and what has is for the worse. The economy is in dire straits. Half-hearted reform erodes the real incomes of households and corporations without the stimulus of real supply-side deregulation. Household savings rates are already historically low. Export demand is waning. The economy will be down this year and next.

April 01, 1998

Turning property income into molten gold

Finding a straightforward structure for turning UK commercial property into tradable securities has long been a desire of the market. One recent deal points the way. By Christopher Stoakes.

April 01, 1998

Business travel poll 1998: A hard landing in Asia

Flush with optimism, Asia's airlines ordered new aircraft worth billions of dollars. Then came the crisis. Companies are cutting back on business travel, tourists are staying at home - and the airlines still have to service their debts. Hotel chains, tour operators and the world's big aircraft manufacturers are suffering too. Chris Wright reports.

April 01, 1998

Andre Lee - Pioneering the Asian bond business

Were you doing anything different from other salesmen at international firms?

April 01, 1998

Andre Lee - First start in investment banking

Peregrine's last days, by Andre Lee

April 01, 1998

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