We’re at that stage of a bull market when the bulls are still thundering but a lot of other folk – the more conservative investors, bankers and regulators – are sounding notes of caution. The phenomenon appears in several guises in this month’s edition of The Banker.
Like the machine-breaking Luddites of the Industrial Revolution, those behind the new wave of protectionism are posing a great threat to progress and economic growth, says Donald L Evans.
It came as a surprise to read some of the comments in the article in April’s issue of The Banker headlined “Progress slow on modernisation” on Slovenian banking.
Cameroon’s minister of economy and finance Polycarpe Abah Abah receives the Finance Minister of the Year 2006Africa award from The Banker’s economics editorJames Eedes. The presentation was made in Ouagadougou, Burkina Faso, during the annual meeting of the African Development Bank. (Photo: Augustin G. Zevounou)
Antonio Brufau, chairman and CEO of Repsol YPF, tells Karina Robinson of his softly-softly response to Latin American energy nationalism.
Antonio Brufau is CEO and chairman of Repsol YPF, one of the top 10 listed oil companies in the world. He is involved with leading Spanish gas distributor Gas Natural in its hostile bid for Endesa, the Spanish utility.
Trends suggest that banks capturing an expanding retail business catering to the mass ranks of financial-services-hungry populations in emerging countries will be tomorrow’s global giants. Stephen Timewell reports.
It is not just Starbucks coffee-houses that are springing up across the globe from Brazil to China. Consumers are also acquiring a taste for finance and, along with their skinny lattes, they want retail financial products such as mortgages, car loans and current accounts that have been largely non-existent for the broader population in many emerging markets.
Technology use in financial services globally has moved towards a phase of implementation, a fact that is reflected in the high number of projects (as opposed to entirely new systems) that are rewarded here.
This category is often the hardest to judge due to the range of technologies and projects that can be entered. Due to the sheer number of entries associated with compliance, we decided to grant two awards in this category: one for implementation and return, the other for innovation. The blurring of lines between financial services and other organisations has continued, as has industry co-operation, with some novel concepts and some excellent returns.
Merrill Lynch’s co-head of global markets and investment banking, EMEA, tells Geraldine Lambe how the firm is keeping a client-centric approach to new opportunities and that EMEA is fired up for further growth.
In January, underwriters and issuers were sure innovations in the US FIG hybrid market would prompt a flood of new issues in 2006. Five months on, that flood is a trickle after NAIC classification concerns significantly stalled the infant market, resulting in a stand-off. Kathryn Tully reports.
There are a lot of disgruntled bankers, issuers and investors in the US hybrid bond market right now.
Andrew Cornthwaite co-head of investment banking and finance Renaissance Capital
Russia’s Cherkizovo chose Renaissance Capital as a local adviser for its IPO. Then, after several partners – including Morgan Stanley – walked out, the home-grown talent was left in charge. Ben Aris reports.
Hybrid securities, particularly corporate hybrids, are coming under the spotlight in terms of risk because they are new instruments rather than because there is anything fundamentally wrong with them.
Markets may have wobbled but there are great banking opportunities in Latin America and like never before these are becoming inter-regional. This year is set to be a record one for Latin American intra-regional mergers and acquisitions, and on the financing side deals are now more likely to be syndicated across the region.
Some years ago, I was invited to a question and answer session given by a young man called Tony Blair. As leader of the UK Opposition in those days, he was earnest and eager to please.
To meet the demands of hedge funds for over-the-counter instruments, a new and hugely lucrative prime brokerage service has emerged. Natasha de Teran examines OTC intermediation.
Tri-party collateral management can be useful for gaining systematic efficiency and cost saving in the stock lending process, and can add value to both parties’ portfolios, but implementation is not straightforward. Nick Kochan reports.
With its overheating economy and rapid growth in the banking sector, how is Iceland likely to fare? The Banker held a round table last month to explore the issues. Michael Imeson reports.
Spain’s government seems more focused on social policy and political pandering than on the tough reforms that are needed to keep the economy flourishing. Karina Robinson reports from Madrid.
Alternative energy investment is increasingly popular with banks that are seeking to diversify their project finance portfolios. Silvia Pavoni reports.
The Republic of Cyprus has an optimistic economic growth story in shipping, services and tourism but faces a tighter labour market and political stalemate. Michael Marray reports.
The Cyprus Stock Exchange is setting up a common trading platform with its Greek counterpart, giving Cypriot companies a greater international presence.
EU accession has led to foreign direct investment flowing into Cyprus more freely as companies take advantage of its favourable tax rates and strategic location to do business in both Europe and the Middle East. Michael Marray reports.
Lado Gurgenidze: healthy competition in the banking sector reflects that in Ukraine
The Georgian banking sector is growing and there is healthy competition. Bank of Georgia CEO Lado Gurgenidze is looking at what lies ahead for banks in the Caucasus. James Hydzik reports.
Alberto Vallarino: central American acquisition strategy nearly complete
Turning developments in the region and even Panama’s own political crises to good advantage, Banistmo won The Banker’s Bank of the Year award, having retained its position as Panama’s leading private bank over the past two decades. It has also grown into central America’s biggest private banking group.
David Lipkin reviews Stanley Fischer’s turbulent first year as governor of the Bank of Israel, and asks him about the future of the bank and the economy.
Although there has been considerable international focus on Qatar’s project finance boom, local banks are concentrating on an unprecedented retail boom, write Paul Melly and Eleanor Gillespie.
Paul Melly in Doha reports on Goldman Sachs’ decision to set up in the Qatar Financial Centre, a purpose-built entity with its own regulatory regime as well as employment and immigration laws, entirely independent of the rest of the country.
Despite the enormous riches stemming from $70-a-barrel oil, strong growth and good prospects across all sectors, the jury’s out on whether Kuwait’s leadership has the political will to achieve its potential. Stephen Timewell explains.
Sheikh Salem Abdul Aziz Al-Sabah, governor of the Central Bank of Kuwait, tells Stephen Timewell he is optimistic about the future of Kuwait’s banking sector and economy.
Most global players have largely ignored south-east Europe, but Alpha Bank and other Greek banks are showing the potential of cross-border retail banking in the region, says Stephen Timewell.
Dan Barnes explains how Spain’s Grupo Santander was able to confound the nay-sayers and use IT cost savings as a basis for making its purchase of the UK’s Abbey a success.
Standard Chartered’s energetic chief information officer is driving internal development by encouraging a culture of competition and innovation. Dan Barnes reports.
Biometric authentication has advanced considerably in recent years, and sceptical sections of the banking community should start using them as a method of identification.By Chris Skinner.
From branch renewal to improving the customer experience, bankers have invested large sums of money in retail banking. That is to be expected because consumer banking was for some time the lone bright star in an otherwise unexciting earnings picture.
The securities clearing and settlement industry in Europe needs to become more efficient, but instead it has been drinking in the “last chance saloon”, says European Commissioner Charlie McCreevy. An EU directive seems certain, writes Michael Imeson.
