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Privatization: Way to go

Privatization has got itself a bad name. Investors, burned by poorly-performing issues over the past two years, are no longer excited by it.

February 01, 1996

Country profiles: Lessons in privatization

Despite difficult market conditions, there were significant privatization successes in 1995. In general, privatizers were more circumspect in their approach to the pricing, sizing, placement and timing of offers. Euromoney journalists report on six countries' efforts in difficult markets, and their future plans - followed by a list of major planned privatizations.

February 01, 1996

Let them drink champagne

Hôtel du Front Populaire (ci-devant Crillon), 10 Place de la Révolution (ci-devant Concorde), 75008 Paris, France.

January 01, 1996

Opinion

France: the failure of nationalism

by David Roche

January 01, 1996

Australia: The party's over for Australian banks

Despite record profits, Australian banks face difficulties in the year ahead. Albert Smith looks at how the four major banks are positioned to handle a radical shake-up of the banking industry.

January 01, 1996

Japan back on track

After five years of prolonged slump, 1996 may be the year when things in Japan get moving again.

January 01, 1996

Egypt: Reviving an old institution

Like many old bourses in emerging markets, the one in Cairo creaks a bit. Transforming it into a smooth-running, well-oiled machine will require changing attitudes as well as systems. But the need to attract foreign and domestic money to the corporate sector will probably ensure it comes right in the end. Nigel Ash reports.

January 01, 1996

Central Europe: the markets move on

No fast track but getting there. The success of central Europe's emergence depends on the region's ability to maintain coherent, long-term economic and social reforms. But the past five years have produced a mixed bag of results, as Jules Stewart reports.

Jules Stewart, January 01, 1996

BANKING

Emerging markets - RUSSIA: The communist spectre

Last month, the Russian government invited Russian commercial banks to hold in trust large blocks of shares in leading oil and natural resource companies in return for loans to the government. No-one in Russia expects the government to repay these loans when they fall due this September.

January 01, 1996

Poll of polls 1995: On top of the world

Which were the world's most successful investment banks last year? Euromoney's unique poll of polls has the answers. The winners: Merrill and SBC Warburg.And a wooden spoon for Goldman Sachs, which slips from first to fourth. By Charles Piggott.

January 01, 1996

Austria: Creditanstalt - haggling over the bride-price

The scrap over Creditanstalt defies description. The government wants to maximize sale proceeds but management thinks the bank is overpriced. Foreign bidders were invited although the government favours Austrian ownership. And an Austrian-led consortium favoured by the bank's management was rejected by the finance minister. Ronan Lyons looks at the confused attempts to sell Austria's second-largest bank.

January 01, 1996

Russia: Sitting out the Russian winter

Russian banks and brokers face a bleak winter. Equity business generated from buying and selling privatization vouchers has dried up, and Russian companies - in urgent need of capital - will not be ready to access the international capital markets for another two to three years. Peter Lee looks at brokers' efforts to bolster the value of Russian company shares and to keep the foreign investors biting.

January 01, 1996

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