The winning ways of a profit generator

December 1, 2004

Morgan Stanley’s China business is highly profitable, says co-head of China investment Jonathan Zhu. He tells Karina Robinson, in Beijing, about the bank’s winning strategies.
China may be slowing down as the authorities cut back on credit availability but foreign investment banks’ business is being boosted: as the government puts the brakes on credit, domestic companies are turning abroad for their funds and Morgan Stanley is one of the beneficiaries.
The US-headquartered investment bank ranks number two in Chinese equity capital markets in the year-to-date with a deal value of $2589m, giving it a 19% market share, according to data provider Dealogic.

How Hong Kong made its own luck

December 1, 2004

Hong Kong’s Financial Secretary Henry Tang tells Karina Robinson the reasons he believes are behind the resurgence of China’s Special Administrative Region.
Q To what do you ascribe Hong Kong’s economic recovery? You have upgraded your forecasts to 7.5% GDP growth in 2004.
A A combination of factors. They say timing is everything and I agree. In the first quarter of 2003, when I was Secretary of Commerce, Industry and Technology, the figures were already showing signs of recovery. Unfortunately, the light at the end of the tunnel was the headlight of an oncoming train. It was a situation where a budding recovery was ruined by one quarter of [the respiratory disease] SARS. [But in addition] the Free Trade Agreement was signed with the People’s Republic of China. [People saw that the mainland government] was prepared to put money where their mouth is. It is not just one country two systems, they also support us and help us improve our situation [for example through allowing] individual travel [for China mainlanders]. Also, Hong Kong people are particularly adaptable and resilient. I have lived in Hong Kong for the better part of my life and have seen Hong Kong come through many crises.

The rural take on banking tech

December 1, 2004

KV Kamath of ICICI tells Karina Robinson why the bank’s strategy for technology dovetails perfectly with its plans to expand in rural India.

Risk aversion continues to rule in Australia

November 4, 2004

Prime Minister John Howard’s re-election is a reflection of the conservatism that pervades the country and its banking sector, says Stephen Timewell in Melbourne.

Cheap Chinese goods will not last

November 4, 2004

Recently I was looking at the mountain of stuffed toys that my two young children have and was comparing this to the lone, high-cost teddy bear I had when I was the same age in the 1960s. The mountain of stuffed, “made in China” toys of today probably, collectively, did not cost as much as that teddy of yore. Who will make the stuffed toys 40 years from now when the Chinese economy evolves into a higher wage economy than it is today?

Political change proves its worth

November 4, 2004

China is finding it feet and the right political tone for dealing with Hong Kong as the region’s economic fortunes ascend.

Zenji Nakamura

November 4, 2004

Nomura may not be the swashbuckling firm that it was in the 1980s and 1990s but, according to Zenji Nakamura, head of global markets, Europe, that will not prevent it from regaining a more prominent position in the international capital markets. Geraldine Lambe finds out how it intends to flex its Asian advantage.

The Philippines kicks off economic reform

November 4, 2004

The Philippine government is taking significant steps to improve the country’s economy. But much still needs to be done. Stephen Timewell reports.

No U-turn for China

October 4, 2004

Tim Clissold argues that the Chinese economy of a decade ago has been completely transformed and is now quite capable of rising to the challenge of excessive growth.

Why don’t you grow up?

October 4, 2004

The excitement surrounding the opening up of China’s financial markets is considerable. Exchanges across the world have been fighting to set up alliances with potential local counterparts, and the banks that have long competed to establish themselves in a prominent position in the market have recently stepped up a gear, hiring and investing strongly in the country. However, there is still one area of potential growth that invites considerable scepticism from bankers and industry observers: the bond market.

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