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LATEST ARTICLES
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“It was a perfect storm,” says Benigno López, Paraguay’s minister of finance, of last year’s economic headwinds. A drought, then flood, combination hit production in the agricultural and protein sectors – still two of the most important sectors for the country’s economy, despite a drive for industrial diversification.
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‘Werking’ is a very modern mixture of working space and café, taking up a large expanse of the ground floor of Asunción’s Paseo La Galeria towers complex – the Paraguayan capital’s emerging financial centre.
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As October 2019 was nearing its end, the focus for Argentina – and for many international investors interested in the region – was on the final head-to-head presidential election, scheduled for Sunday October 27.
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Paraguay has achieved a lot in the last decade. A raft of laws to underpin the management of its economy – such as inflation targeting and the fiscal responsibility law – created a stable macro-economic environment just before the commodities bust that sent other economies in the region into a downward fiscal spin.
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Staying the course: Barbados’ longstanding central bank governor, DeLisle Worrell, discusses the vigour and vitality of Barbados’ economy and explains the importance of playing to the island’s great natural strengths.
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Xining is a centre for culture as well as for commerce – and its leaders have seized on the importance of creating a liveable, green city for its residents
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Xining has a historic opportunity to raise its profile and become a hub city with the creation of the New Silk Road under China’s visionary ‘One Belt, One Road’ policy. Mayor Zhang Xiaorong tells Euromoney how the city is rising to the challenge.
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The traditional handicraft of making Tibetan carpets has been transformed into a multi-million-dollar industry in Xining – and the opening of the New Silk Road will see the carpets flying to new markets throughout the world.
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Xining draws competitors from around the world for one of the most spectacular – and exacting – sporting events in Asia, the annual Tour of Qinghai Lake. It also has world-class sporting facilities and the potential to become a magnet for global tourists as well as international sportsmen and women.
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With nearly 2.3 million residents, Xining is a relatively small city in Chinese terms. But its influence is immense and its contribution to the region’s economy far outweighs its size as a world of new opportunity opens up along the New Silk Road.
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A strong banking sector and growing knowledge economy hold the key to Lebanon’s future growth, central bank governor Riad Salamé tells Euromoney.
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Questions of cash: From global universal banks to regional aspirants, transaction services has become a core part of the post-crisis offering.
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Asia’s rapidly changing corporate sector is becoming increasingly advanced in how it runs its treasury operations.
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The Single Euro Payments Area prompted a wholesale change in how European banking operates and set a precedent for other regions on the possibilities open to them.
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The North American banking and treasury market is highly evolved but technology offers many routes to further sophistication.
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Limited transparency in securities flows has been a concern for some time. The challenge facing regulators is to address issues around ownership without affecting legitimate transactions.
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While banks continue to devote a lot of resources to compliance activity, there are signs that this investment is having less of a negative impact on service innovation.
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The number of countries with real-time payment systems continues to rise, raising the importance of addressing issues such as fraud detection and prevention, and collaboration.
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ISO 20022 has the potential to bring considerable benefits to regulators and regulated institutions, although the integration challenge should not be underestimated.
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The range and diversity of African markets means that investors must tailor their expectations on FX services to the local realities. Good advice is the key.
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Despite some successes with regional monetary unions, the prospect of a pan-African currency remains as distant as ever, with the euro offering a cautionary tale.
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As Africa becomes more integrated into the global economy, international developments have a more direct impact on its own growth prospects.
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Africa’s growth prospects and favourable demographics are strong incentives for investment, but the best FX advice is essential.
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The good times are not entirely over for issuers.
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Corporates, both foreign and local, are seeking increasingly sophisticated FX services and advice across the full range of African markets.
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China’s push for a New Silk Road under its ‘One Belt, One Road’ initiative has been described as the most important economic development of the 21st century. But can President Xi Jinping deliver on his lavish promise of a new world order in trade and commerce?
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Fixed or floating? Managed or not? The argument continues to rage within Sub-Saharan African central banks about how best to run and oversee a currency.
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China has turned the concept of a New Silk Road from rhetoric to practical reality in the two years since the initiative was revealed by Xi Jinping. Here are some of the key dates along the journey so far.
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Its famous West Lake has been celebrated by poets and writers since the ninth century. Now Hangzhou – which will host the 2022 Asian Games – has been named Best China City 2015 in the first survey of its kind by Euromoney.
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The New Silk Road is not a single thoroughfare but – like its ancient predecessor – a long and winding network of cross-continental trade routes by road, rail and sea that will impact upon the lives and livelihoods of billions of people.
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Savvy investors are zeroing in on the opportunities in fast-growing African cities.
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In a complex and rapidly changing region, good advice and good partners are vital.
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Successful, growing corporates are building a reputation outside Africa’s major markets.
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With capital markets still in their infancy, private equity is the route taken by many investors lured by African opportunities.
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Even as continent-wide growth dips, individual states are set for spectacular performance.
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Egypt’s government has made promoting the private sector a policy priority. Philip ter Woort of the European Bank for Reconstruction and Development explains why this is needed and what multilaterals can do to help.
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Commercial cards are moving beyond mere expenses to become another source of funding in the supply chain, especially for the middle market.
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As transaction banking evolves, it faces both challenges and opportunities.
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Egypt’s capital markets are firmly back on the radar of international investors, thanks to a pair of high-profile IPOs and the promise of the first sovereign bond for more than five years.
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Egypt remains a high-risk portfolio option. However the partial, and yet sustained, rebound in its total risk score since September 2014 is a clear sign of investor confidence slowly returning now that the aftershocks of the Arab Spring are finally abating.
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Africa’s rich resources, natural and human, are luring capital, but investors will need to move fast.
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After nearly four years of stagnation, Egypt’s economy is back on track and attracting increasing interest from regional and international investors.
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The dilemma has never been more vexing. Banks and corporates are under ever more pressure to cut costs and streamline their operations, making it increasingly difficult to justify extravagant technology investment. Yet the risk of getting left behind has never been greater.
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Ron Leven, PhD, Head of FX Pre-Trade Strategy, offers thoughts on the trends in vols and their effects
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Chinese renminbi is well on its way to becoming a major global currency, driven by the commitment of Chinese and international authorities to develop the necessary market infrastructure.
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Investigations into benchmark manipulation have cast a long shadow over the FX industry, but efforts to address what went wrong through stronger behavioural standards are now well advance
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The provision and consumption of liquidity in the FX market has evolved in recent years, with new participants and distribution mechanisms, but concerns have been raised about the market’s resilience at times of stress.
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Euromoney Country RiskData from Euromoney’s survey of country risk suggests economists are increasingly optimistic about the Hungarian economy.
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Hungary may have steered an unorthodox economic policy course but it seems to have worked, pulling the country out of recession and putting it back on a growth path.
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As economy minister and central bank governor, György Matolcsy has been one of the leaders of Hungary’s unconventional drive to economic recovery
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Foreign investors are starting to appreciate the opportunities available in an economy that has turned itself around.
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Hungary is set to receive $29 billion in EU funding for development over the next seven years.
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Hungary’s medium-sized industrial firms are becoming more competitive and exporting on a European scale.
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Growing Hungarian companies are increasingly looking for equity funding. The 150-year-old Budapest Stock Exchange is ready to help.
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Hungary’s banking sector is one of the region’s most exciting and innovative, stimulated by greater competition and government moves to tackle bad debts.
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Business is flourishing at Beijing ETOWN thanks to meticulous planning, first-class facilities and powerful government support. Now the zone is preparing for the challenges – and opportunities – that lie ahead.
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With an impressive collection of some of the country’s best and most innovative young IT experts, Beijing ETOWN is creating China’s answer to Silicon Valley with a hub for the emerging cloud computing industry.
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Beijing ETOWN has established itself as a leading base for the equipment-manufacturing sector by offering powerful administrative support and meeting the expectations of hi-tech companies from countries such as Germany and Japan.
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Biomedicine is one of the fastest-growing fields in China. Its success has triggered the return from abroad of talented graduates who are flocking home to take up positions with dynamic companies based in the biomedicine sector of Beijing ETOWN.
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China is the world’s fastest-growing car market – and Beijing ETOWN is home to a Mercedes-Benz plant that is creating luxury models tailor-made for Chinese drivers and is breaking new ground in the country’s luxury car market.
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Beijing ETOWN is an ideal home from home for an impressive A-list of global brand-name companies that use the hi-tech zone as a base for their China and Asia operations. Executives at GE Healthcare explain why being there gives them a competitive advantage.
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The remarkable rise and rise of Beijing ETOWN over the past two decades mirrors China’s transformation from the world’s workshop to a globally competitive hub for innovation, technology and high-end industry.
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Beijing ETOWN is a greenhouse for innovative domestic Chinese companies to flourish and reach out to a global marketplace – even though sometimes their products are much more visible than their names.
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Beijing ETOWN is home to some of China’s most progressive new IT companies. Their growth over the past decade has been a result of an unusual level of cooperation between different companies and with the local government in the hi-tech zone.
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Finding a location in the capital of the world’s fastest-growing economy is only one of the challenges in creating a successful hi-tech industry zone. Having the infrastructure to take advantage of that location and make it a place to live – as well as a place to work – is a far greater challenge.
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Transaction banking is a key pillar in ANZ’s regional strategy of penetrating deeper into Asian markets from its heartland in Australasia. Building a regional renminbi capability could help fulfil that ambition.
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Danske Bank once saw transaction banking as a product-driven business operating as a back-office function. But a change in strategy sees the bank close to returning to the top 20 global cash managers.
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Ecobank’s transaction banking business in Africa has risen lock-step with the progress of the bank over the last five years, shooting up Euromoney’s Africa rankings. Now it needs to make its network pay.
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Since 2009 ADCB has invested heavily in developing and growing its transaction banking business. It is gaining market share and recognition in the Middle East and beyond, as Euromoney’s results confirm.
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After several years of restructuring, ING has put transaction banking at the heart of its commercial operations. Despite strength in western Europe, it has yet to recover its position as a top 10 global cash manager.
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It is not common to hear about the positive side of financial market regulation. But corporate treasurers are finding ways to turn the new rules to their advantage.
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Once seen as isolated and hostile to foreign investment, Paraguay now portrays itself as being at the centre of Latin America, trading on its strengths as a low-cost location on the fringe of the vast Brazilian market.
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An ambitious infrastructure plan is central to the government’s plans to diversify the economy away from agriculture and increase its capacity to export.
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An interview with Carlos Fernandez Valdovinos, president of the central bank of Paraguay.
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Backed by rising growth rates and successful capital market deals, Paraguay is telling the world it is very much open for business.
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Paraguay’s two recent capital markets deals succeeded both in securing much-needed funds for infrastructure investment and in raising awareness among international investors.
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The production of food commodities is where Paraguay excels. Government plans focus on reducing the impact of volatility on the agricultural industry through the use of technology, improved transport links and increased processing capacity.
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Sponsored research guide
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Euromoney Country RiskParaguay’s rising score in Euromoney’s Country Risk Survey reflects a fundamental shift in the political and structural outlook since the new president took office last year.
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Celebrating 90 years of banking in Mongolia.
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Euromoney has been covering transaction banking for many years, but this is the first time we have published an annual transaction services guide, reflecting our enhanced focus on and coverage of a business area that is crucial to banks and their clients.
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The renminbi’s meteoric rise as a payments and trade currency has brought it closer to becoming mainstream than ever before. Precisely when this will happen is anyone’s guess. That it will is inevitable.
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Relationship banking never died. The supportive role a bank plays in helping clients grow and develop has always been at the heart of transaction banking. Investment bankers could learn something.
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Not so long ago, annuity-style revenue streams – and relationship banking – were seen as old fashioned.
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For heating and plumbing products distributor Wolseley, transaction banking – rather than one-off mandates – is the foundation of its banking relationships.
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One of the key tenets of transaction banking is that by building a long-term relationship with clients – driven by day-to-day activities rather than flashy one-off transactions – banks can play a role in supporting the development and growth of clients.
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Transaction banks are under pressure to keep up with a growing list of client demands. Investing in technology is essential. By Ben Poole
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A high-profile investigation into market manipulation has heralded increased scrutiny of FX trading practices and could see major changes to the way the industry operates. But scratch below the surface and the tide may be turning towards a healthier market structure.
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Thomson Reuters participated in a meeting of US multi- national corporate FX managers March 2014, facilitated by The NeuGroup, a leader in peer knowledge exchange for treasury and finance professionals. One of the goals was to get a read on just how regulatory change in FX markets was impacting corporate FX management processes.
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Progressive investment in trading technology over the past decade has pitched banks aggressively against one another in an intensifying arms race to offer the best access to FX liquidity. It’s a race that shows no sign of abating any time soon.
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Ron Leven, PhD, Head of FX Pre-Trade Strategy, offers thoughts on the trends in vols and their effects.
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As the platform revolution sweeps through the foreign exchange markets, some banks have taken a contrarian view of the implications. Chris Knight, head of e-FX trading at Standard Chartered, says that while electronic execution has become a vital market cog, client relations remain paramount.
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Damian Glendinning, Singapore-based group Treasurer at PC maker Lenovo, sees two-way volatility in the renminbi (RMB) as a key hedging challenge for the company, and for the market, in the coming period.
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James Wood-Collins, London-based CEO of Record Currency Management, says the expansion of the FX market, which hit average daily volumes of $5.3 trillion in 2013, is a boost to alpha-seeking funds. However, as dealer participation has stagnated, it has also created challenges.
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For a long time the foreign exchange market boasted a depth of liquidity that few other asset classes could claim. Steadily rising trading volume and a resilient market structure meant regulators didn’t really need to worry about the potential for a flash crash or liquidity event in FX.
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In seeking the most efficient route to market, Axa Investment Managers has made the decision to focus on new trading protocols on an execution management system (EMS).
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Ufa’s transport, conference and hotel infrastructure is undergoing a dramatic upgrade as the city prepares to host the world in 2015.
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The formation of industrial parks and clusters to promote cooperation between Bashkortostan’s leading companies and its growing SME sector constitutes a key plank of the regional government’s plans for economic development.
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Prudent fiscal policies and strong fundamentals earned Bashkortostan investment-grade status from the world’s leading rating agencies in 2013.
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Published in conjunction with: The Republic of Bashkortostan
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As well as a centre for world-class summits and business forums, Ufa is also rapidly making a name for itself as a venue for international sporting events.
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Foreign investors will have instant access to a full range of business services and an unparalleled network of contacts when Ufa’s new B2B Centre opens this summer.
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Bashkortostan’s traditional strengths in petrochemicals, agriculture and machine engineering are providing the springboard for the creation of a new generation of high-tech industries.
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Bashkortostan’s pristine parks and snow-capped mountains make it a magnet for visitors from Russia and beyond – and offer a wealth of opportunities for investors.
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From core industries to SMEs, Bashkortostan’s government is committed to providing the support that businesses need to thrive in a modern global environment. An introduction by Rustem Khamitov, President of the Republic of Bashkortostan.
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Euromoney Country RiskBarbados is one of the most diverse economies in the Caribbean. It’s certainly the most robust, drawing in revenues from a wide range of industries (tourism, business services, manufacturing, agriculture), which feed into the region’s most politically and economically stable state.
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Euromoney Country RiskPublished in conjunction with Euromoney Country Risk and the Central Bank of Barbados
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Euromoney Country RiskCentral bank governor DeLisle Worrell explains how Barbados has managed to emerge from the global financial crisis stronger and economically more diverse
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Euromoney Country RiskAmbitious plans to transform the island’s tiny stock exchange into international securities market should further strengthen its position as a financial centre
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Euromoney Country RiskA robust and vibrant economy is ready to build on its strengths
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Euromoney Country RiskBarbados remains a paragon of stability offering solid growth prospects, a stable low-tax regime and a business-friendly environment
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Published in conjunction with Bradesco and Banco Itaú
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Published in conjunction with: ABN Amro • BNP Paribas • Citi • RBS • Standard Chartered Bank
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35th annual Sibos event; transaction banking convergence; Bitcoin; EU card-fee cap backlash; Sepa looms; Middle East cash management
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Published in conjunction with the Bolivian ministry of economy and public finances
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Published in conjunction with the Ministry of Treasury of the Republic of Poland, Bank Zachodni WBK, Ministry of Finance of the Republic of Poland and Energa
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Published in conjunction with Bradesco and Deutsche Bank
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Published in conjunction with: Akbank Private Banking - ICBC Private Banking - UBS
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Published in conjunction with: J.P. Morgan • RBS • SEB • Standard Chartered Bank
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Inside:
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The 2011 guide to Technology in Treasury Management
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Published in conjunction with EFG HERMES
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Inside:
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Inside:
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The 2011 guide to Technology in Treasury Management
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The phrase ‘trusted partner’ is often overused in financial services but, without doubt, it is an accolade to which all banks aspire. Given the turmoil resulting from the financial crisis, we have seen banks increasingly re-focus on the depth and level of their relationships with their clients. This has been undertaken to varying degrees. Maurice Cleaves, global head of cash management at Barclays Corporate discusses.
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Brazil is riding high on the economic gains of the past few years, with its membership of the elite of developing nations confirmed. But some have concerns about the direction the country will take under new president Dilma Rousseff.
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Turkey emerges stronger from global crisis
Fiscal rule puts budget deficit on autopilot
Turkish banking sets an example
Unrivalled investment house
New sources of investment
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Published in conjunction with: Banco Santander Totta -- Espírito Santo Investment -- Caixa - Banco de Investimento
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High volume, low-value cross-currency payments lacking efficiency – until now
Deutsche BankCommerzbank: new giant keeps it personal
CommerzbankSWFT case study: Voith
Unicredit -
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Looking to the future of renewable energy
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Lifting the veil
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sponsored by: Shanghai Futures Exchange - Zhengzhou Commodity Exchange - Dalian Commodity Exchange - China Financial Futures Exchange - China International Capital Corporation
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Creating opportunity out of crisis; Transaction cost measurement; Regulation and reducing risk; Algorithmic trading; Arbitrage trading; FX trading moves into the next generation
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International cash management review 2010
Review of developments in payment systems 2010
Technology Review 2010
Financial Supply Chain Review 2010
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The global financial climate has forced treasurers to focus on making the best use of resources, wherever they may be. Technological developments are making that easier, but they are also having to cope with a tighter regulatory environment.
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Published in conjunction with: Banco Santander Totta Caixa - Banco de Investimento
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Download guide (PDF)
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The 2009 guide to Technology in Treasury Management (PDF)
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Even though it is now under pressure from the global financial crisis, Brazil can look back on 2008 as a relatively good year, with growth close to target, and look forward from a position of strength, sustained by high forex reserves and a sound policy environment. Laurence Neville reports.
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Published in conjuction with: Citi, J.P. Morgan, HSBC, Standard Chartered
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Published in conjuction with: ABN AMRO; Banco Urquijo; Bank Gutmann; Barclays Wealth; BBVA; Marfi n Popular Bank; Sal. Oppenheim; SEB; SG Private Banking; TechRules; The Standard Chartered Private Bank
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Published in conjuction with: ABN AMRO; Banco Urquijo; Bank Gutmann; Barclays Wealth; BBVA; Marfi n Popular Bank; Sal. Oppenheim; SEB; SG Private Banking; TechRules; The Standard Chartered Private Bank
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Corporate treasurers are increasingly expected to understand and manage not just financial risks but risks across the whole enterprise. New software tools can help them do this. By Jack & Wolfi Large.
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Welcome to the fourth edition of ABN AMRO’s Guide to the Single Euro Payment Area (SEPA). Since last year’s edition, SEPA has become a reality, with the launch of the SEPA Credit Transfer (SCT) on 28 January 2008. Despite concerns that the banking industry would not be ready for this huge change in payments, most banks met the deadline. During the first month, ABN AMRO and The Royal Bank of Scotland (RBS) processed several hundred thousand SEPA transactions.
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At a difficult time for the global asset management industry, the GCC countries are increasingly attractive markets. The region’s oil and gas fuelled wealth and increasing investment sophistication offer huge opportunities. Regional financial centres equipped with world-class regulation and facilities provide the right environments for international firms to establish local operations, while the Shariah-compliant investment market is growing in popularity and diversity.
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Click here to download the research guide
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Click here to download Technology in Treasury Management (PDF)
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2007 was a year of achievement for Islamic finance, with growth on all fronts. Yet the sector still faces great challenges, not least in finding and training enough Islamic bankers.
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The 2007 guide to Portugal: download PDF
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Do you know your Apportionment from your Binary Options? Your Collateralized Obligations from your Gross Redemption Yields? If not, you needn’t look any further as this exclusive downloadable guide brought to you by Euromoney has over 30 pages of terminology from the financial industry explained.
A degree of blurring and overlapping in the terminology of the banking, insurance and investment management industries has been inevitable. This guide aims to demystify many of those terms, bringing some of the more frequently used technical expressions in all three disciplines into a concise, single volume. We hope it will serve as a useful guide for market participants in all three areas of the financial services sector. -
Are you fully up to date with developments on Europe's exchange traded fund market? With experts predicting rapid growth in the next few years and demand for the product from both institutional and retail investors intensifying, it is essential for industry professionals to keep ahead of the game.
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Published in conjunction with: Global Investment House • SAMBA Financial Group
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Latin America is on the move, undergoing an investment and financing boom unprecedented in its history. Latin American companies are acquiring globally, expanding regionally, and investing heavily in productive capacity, and R&D. Infrastructure projects are proliferating throughout the region. These developments reflect the region’s positive economic backdrop and corporate confidence in the economic policies and political stability that have come to characterize most of the region for the past few years.
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Published in conjunction with: ABN AMRO Private Banking • Banco Urquijo • Bank Delen • Bank Gutmann • Citi Global Wealth Management International • Eurobank EFG Private Banking • Marfi n Popular Bank • Sal Oppenheim • SG Private Banking • Yapi Kredi Private Banking
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The borrower's perspective; LBO financing: a changing landscape; Prudent expansion is the key; LTM European Holco PIK's – the next stage of the bull market
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Already worth more than an estimated $2 trillion per day, the global foreign exchange (FX) market is the most transparent and liquid of the world’s financial markets, and will become more so over the coming years, with some analysts projecting continued rapid growth. “This year is set to be when the FX market daily trading volume will break the symbolic mark of $3 trillion,” comments a report published in January by Celent.
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The financial supply chain is an important concept for CFOs and treasurers to understand. However, it is one that they might be unfamiliar with, and certainly it is unlikely to be at the top of their agenda.
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Modern Islamic finance has a history stretching back more than three decades. But many bankers believe 2006 will prove to be the breakout year in its evolution – when a niche play finally went mainstream. The stigma that Islamic financial products struggled to overcome – they were once seen as instruments suited only to Muslims' religious beliefs – has been shed as banks proffer an ever more sophisticated array of Sharia-compliant products to a market whose appetite shows few signs of abating.
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Download this free research guide in PDF format. Contents include: Currency management in a changing landscape; A dialogue on new volatility models; Traders mourn the death of FX volatility.
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By David F. Conroy, managing director, head of global trade sales, Citigroup and Michael Guralnick, managing director, head of EMEA client management, corporate and public sectors, Citigroup.
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The ASEAN tigers: back with a roar?
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Why the Euro will be a strong currency May 1996