Latest articles from Comment

Africa’s reform trailblazers will set standards for whole continent

July 2, 2004

A new breed of policy-makers are driving change in Africa. By making tough decisions they are breaking down preconceptions but they will need back-up.

Crisis will hit China in the next decade

July 2, 2004

Professor Thomas A Pugel explains China’s forthcoming crisis, advisinIn almost any current discussion with government officials and executives of export-oriented companies in almost any country (except the US), the “China locomotive” phenomenon – the positive effects of the expanding Chinese economy – comes up. China’s growth probably will slow somewhat in the next year or two. But that will be nothing compared with the crisis likely to hit in the next decade.g policymakers to focus on the next decade.

Russian central bank’s tough stance causes jitters

July 2, 2004

THE CENTRAL BANK OF RUSSIA (CBR) sparked a mini banking crisis last month after it used new anti-money laundering laws for the first time to strip a bank of its licence.

Wachovia takeover of South

July 2, 2004

Wachovia, one of America’s biggest banks, has agreed to purchase SouthTrust of Alabama, the US’s 31st largest bank, for $14.3bn, in an all-share takeover. The bank that will result from the acquisition will be the fourth biggest US bank by assets and a leading retail bank in some of the US’s fast-growing, south-eastern states, such as North Carolina, Virginia, Georgia, South Carolina, Alabama and Florida.

Arab Banker of the Year award

July 2, 2004

Abdullah Al-Ghurair, chairman of Dubai-based Mashreqbank, receives the Union of Arab Banks’ (UAB) Arab Banker of the Year award from Dr Joseph Torbey, chairman of the UAB, at The International Arab Banking Summit
gala dinner held in association with The Banker at Goldsmiths Hall in London June 23.

Eurex in bid to win over traders

July 2, 2004

In June, Eurex US unveiled a package of incentives to try to encourage greater use of its fledgling futures exchange. Since the launch of the exchange in February, it has failed to gain traction or to take liquidity from the Chicago Board of Trade (CBOT).

Kaupthing makes surprise swoop for Denmark’s FIH

July 2, 2004

Iceland’s biggest financial institution, Kaupthing Bank, has continued its aggressive expansion with the acquisition of the Danish medium and long-term financier, FIH, for DK7.1bn ($1.2bn). The purchase, from Sweden’s Swedbank, which surprised bankers who expected FIH to be bought by a Swedish bank, allows Kaupthing to expand its corporate banking capabilities and its presence in the Nordic region.

Rich seek wealth boost with flight from cash

July 2, 2004

Total wealth of high net worth individuals (HNWIs) has only now “returned to levels only seen before the global recession took hold in 2001,” according to a recent report.

Investment banker takes helm of Taiwan’s finance commission

July 2, 2004

Premier Yu Shyi-kun appointed Taiwan Sugar Corp chairman Kong Jaw-sheng to head Taiwan’s new Financial Supervisory Commission (FSC), which will begin operation on July 1.

UBS tops private banking league as sector soars

July 2, 2004

Switzerland’s UBS Group heads the Top 10 list of global private banks with $1031.2bn in assets under management, according to the latest report from wealth management consultancy, Scorpio Partnership.

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