Jonathan Wheatley reports on the phenomenal growth opportunities of the asset management industry in Latin America, with Brazil leading the pack.
When Brazil introduced a temporary tax on financial transactions, the CPMF, in 1997, it was met with howls of protest. It was a regressive tax that would damage the competitiveness of Brazilian companies, critics said, and once introduced, it was unlikely to be withdrawn. The tax has indeed persisted and is much despised. But one industry has done well from it: asset management.

The new plans for an FTAA fall far short of ideals and economic growth could suffer, says Jonathan Wheatley.

Hugh O’Shaughnessy talks to Grenada’s Prime Minister, Dr Keith Mitchell, about why the island’s time as an offshore financial services centre was so shortlived.

Currency devaluation, new provisioning requirements for banks and the question of a presidential successor are creating a climate that is discouraging investors. Mark Wallace and Jon Marks report.

With more than three-quarters of Qatar’s population come from overseas, Doha Bank is focusing on expatriate customers, says Parveen Bansal.
With energy needs expanding worldwide and oil prices remaining high, the Qatari economy is booming. Under the prudent leadership of His Highness Sheikh Hamad Ben Khalifa Al Thani, the state’s development strategy is focusing on diversification of the economy away from oil, toward extensive gas reserves and industrial expansion. Oil and natural gas revenues enable Qatar to have a per capita income not far below the leading industrial countries in western Europe.

Activity to update the banking systems is continuing in mainland China, one of the latest moves being Bank of China’s implementation of Summit Systems’ treasury and capital markets software across its interest rate derivatives trading desks.

Dexia is the result of a pioneering cross-border merger in Europe. Its experiences demonstrate the difficulties of executing an international strategy across a region within which regulations differ, writes Brian Caplen.

US concern over domestic banks looks set to put back the Capital Accord again, and may jeopardise hopes of a level playing field.

Turkey has come a long way in achieving stability in the past year, a fact that recent events threaten to overshadow.

Henrique de Campos Meirelles assesses the achievements of the Lula administration in leading Brazil out of crisis.
Brazil is living through a time of hope, in which it is re-discussing its past and its present in order to create a new future. Today, it is clear that this new future may be quite different and much better than the one envisaged at the beginning of 2003.