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News and opinion on finance

Will the Beirut port explosion bring about true change in Lebanon?

In Beirut’s Karantina, an area devastated by an explosion at the city’s port on August 4, volunteers have stepped in to help clean up its streets. They are helping the area’s vulnerable ...
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SMEs must manage cash flow better to survive after the reopening

As businesses around the world emerge from lockdowns and hope to rebuild their revenues back towards normal, there’s a new alternative data source to track every step of the journey. Sidetrade, a ...
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Europe’s neobanks search for elusive profit in SMEs and the US

Europe’s neobanks are switching their attention to small business banking and expansion in the US, as they strive for global scale and profitability. Business banking will soon be a bigger revenue earner ...
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RBS: Bó’s closure highlights traditional banks’ digital deficit

Bó, RBS’s digital bank for retail customers, announced in early May it was to close after just six months in business, with only 11,000 customers. RBS’s digital bank for businesses, Mettle, will ...
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Norwegian deal shows depth of turmoil in aviation finance

Norwegian Air’s nail-biting $1 billion debt-for-equity swap with bondholders and lessors on May 4 has given the struggling airline vital breathing room, allowing it to access up to an equivalent of $290 ...
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Foreign investors search for licences and profit as China NPLs rise

China has opened the door wider to foreign funds keen to invest in its fast-growing market for distressed bank debt, allowing them to apply for licences for the first time to operate ...
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Private equity can be the big winner in the Covid-19 bear market

Investors may already be eagerly hunting bargains amid the carnage in the coronavirus bear market One large and powerful group of investors, with plenty of money to put to work, should be ...
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China’s RMB is less popular as it ages

When financial messaging provider Swift published its latest RMB Tracker in late January, almost no one noticed. For good reason. Anyone not focused on US politics or Australian fires was fretting about ...
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Non-bank trade finance providers look to boost market share

Emerging market (EM) manufacturers were facing difficulties even before the coronavirus pandemic decimated international demand for many of their products. The Asian Development Bank estimated that $1.5 trillion of requested trade finance ...
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Longer-term rise in risk is the key problem for US investors

'The broader question is whether the severity will ultimately lie closer to 2008 or the 1929 Great Depression'The US risk score declined in Euromoney’s country risk survey in Q1 2020, although it ...
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CEE fintechs step up as consumers dump cash

Fintechs in emerging Europe have seen a surge in demand for their services since the start of the Covid-19 crisis as consumers move away from cash and businesses look for new sources ...
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The pitfalls of India’s JAM

Picture this: you are the leader of a developing country. Out of 1.4 billion people, nearly 70% live in rural areas, over 20% are illiterate and 22% live below the poverty line ...
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Coronavirus: Italy’s banks and SMEs face crisis if shutdown persists

Duomo square, Milan, on Wednesday: devoid of the usual throng of people on the second day of a lockdown across Italy Italy could provide a showcase for what is to come elsewhere ...
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Asian banks, buffeted by coronavirus, ramp up continuity plans

Workers pass a thermal scanner as part of the coronavirus outbreak precautions during a media preview at the Singapore Airshow on Saturday Singapore is the latest country to feel the heat from ...
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ECR survey results Q2 2020: Covid-19 crisis increases the economic and political risks for US, Japan, Europe and EMs

The shock resulting from the lockdown measures taken to stop the spread of coronavirus is once again dominating the global risk picture, causing analysts to downgrade key economic factors in second quarter ...
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Investment opportunities, not drawdowns, are the biggest challenge for sovereign funds

One of the curiosities of the Covid-19 pandemic, and the economic carnage it has wrought, is that it has not prompted countries to draw down on the funds they have built to ...
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Hong Kong: BEA and Elliott show solidarity but doubts linger over bank’s future

David Li, chairman of Bank of East Asia Bank of East Asia (BEA) and activist shareholder Elliott Management put a long-running legal dispute on hold, announcing a strategic review of the Hong ...
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Asia is the new battleground for European transaction banking

Asia is the fastest-growing transaction banking market globally, as banks vie for cash and trade business beyond their core remit. European banks are particular attracted to the region, as corporates based in ...
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Banking: New decade, similar problems

How does the banking industry look as we enter a new decade? It’s worth taking a look back at the one that just finished before we do that. January 2010 was still ...
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Bancassurers are thriving again, but for how long?

It’s not meant to be like this. In the new digital world, banks are supposed to be financial supermarkets, developing internationally transportable distribution platforms with high-value third-party products. Even loans and deposits ...
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Israel sells $3 billion bond as regional tensions abate

Just days after a deadly airstrike on Iranian general Qassem Soleimani shook the markets, Israel sold a $3 billion Eurobond to investors who say that, despite early fears of an imminent escalation, ...
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Wirecard: Philippines’ anti-money laundering chief explains the investigation

Can you bring me up to date with what you’ve established so far about how the Wirecard situation links to the Philippines? First, the statement from the governor [Bangko Sentral ng Pilipinas ...
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How Handelsbanken reclaimed its status as the post-crisis ideal

If any European lender has had a good 2020 so far, it’s Handelsbanken. Sweden’s second biggest bank was the ideal of a more cautious, consistent and focused business model after the 2008 ...
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Foreign exchange: Banks deal with volatility from home

Since the global financial crisis, most FX markets have enjoyed a decade of extremely low volatility. While there have been initiatives around regulatory compliance, the market has otherwise been quiet, with volatility ...
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Coronavirus crisis: China steps back from stimulus

At the height of the global financial crisis (GFC), China staved off recession by turning the dial on stimulus up to 11. This time around, with Western governments pledging trillions of dollars ...
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Coronavirus: Urgent need to adapt will push tech solutions in transaction banking

Lisa Robins, global head of transaction banking at Standard Chartered, vividly remembers the September 11 terror attacks on New York’s twin towers and what followed. At the time, Robins lived in New ...
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Covid-19 shows the value to investors of alternative data

At the start of April, Exabel, an artificial intelligence (AI) and machine learning platform for active asset managers, partnered with 1010data, an alternative data provider to the retail, consumer packaged goods and ...
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Coronavirus: Dubai issues rare Dh1 billion sukuk

The government of Dubai has issued a sukuk for the first time in four years, proving that even amid historically low oil prices and a global pandemic, funding options remain for the ...
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Coronavirus: The World Bank should care that the public does not understand its pandemic bonds

Pandemic bonds, and their cousins in the broader catastrophe bond sector, are peculiar animals. They are frequently complex, somewhat opaque, and they must wade through the mire of morbid possibility. But at ...
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ECR survey results Q4 2019: Risk diminishes for Greece, Russia and Nigeria, but Argentina, Hong Kong and Turkey dive

There’s light at the end of the tunnel, but not all are on the right track The mean average global risk score improved from the third to fourth quarter as business confidence ...
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ECR survey results Q4 2019: Risk down for Greece, Russia, Nigeria, but Argentina, Hong Kong, Turkey dive

There’s light at the end of the tunnel, but not all are on the right track The mean average global risk score improved from the third to fourth quarter as business confidence ...
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Many corporates are still wary of mobile wallet solutions

The Worldpay from FIS 2020 Global Payments Report has predicted that digital wallets could account for more than half of global e-commerce sales by 2023. However, it also highlights a number of ...
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Minefield of risks faces investors in Japan and South Korea

Asian investors may be comforted by the fact China’s economy was brought back to life in the second quarter, after the lockdown-induced collapse in the first months of the year, but the ...
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Asia relocation: In the Vanguard

Shanghai skyline At one level, it can be argued – no, not really. The Pennsylvania-based group has long struggled to break into Hong Kong’s retail market. In a statement, Vanguard said it ...
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Orchestration platforms to ease payments complexity

Kristian Gjerding, chief executive of CellPoint Digital, a company founded in Copenhagen in 2007 to help travel merchants handle payments in a mobile-first world, tells Euromoney: “Think about airlines, for example, that ...
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Covid’s long Latin tail

If quantitative easing is seen to be ‘cost free’ by policymakers, then what has started out as a one-time emergency policy response could be used next time the economy is sluggish and ...
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Capital markets: Reasons to be positive on Europe

Euromoney has delved deep into the detail of just how the EU might conduct the large new borrowing programme for the €100 billion emergency SURE programme and the €750 billion recovery fund ...
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Blackstone-Takeda deal is good news for Japan investment bankers

For some time now, investment banks in Japan have been counting on a theory being correct. It goes like this: as corporate governance and investor activism have belatedly become fixtures of Japanese ...
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Fintech and the regulators: Bridges to nowhere?

Fintech bridge agreements are described as “a bespoke agreement outlining collaboration between two governments, cooperation between regulatory bodies and connectivity between ecosystems that encourages the sharing of information, including emerging trends and ...
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US and China: The odd couple, decoupled

In March 2001, America’s hawkish defence secretary Donald Rumsfeld handed a report to George W Bush. It urged the new US president to see not Russia but China as the primary threat, ...
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Five questions about the Goldman 1MDB settlement

The agreement between Goldman Sachs and the Malaysian government over the US bank’s work with 1MDB has inspired a number of ‘Goldman settles for $3.9 billion’ headlines. There’s a bit more going ...
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What GIC’s annual results tell us about sovereign wealth under Covid-19

Today (Tuesday July 28) the Government of Singapore Investment Corporation (GIC), one of the biggest and most sophisticated sovereign wealth vehicles in the world, announced its full-year return to March 31 ,2020 ...
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Venio has big ambitions for nano-credits to the unbanked

The Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School, together with the World Bank Group and the World Economic Forum, launched a survey during the second ...
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Immigration risk is troubling for the EU and southeastern Europe

The Covid-19 crisis has raised the stakes worldwide, plunging the global economy into recession and creating unanticipated fiscal pressures for many countries already struggling with domestic problems, geopolitics and global trade wars ...
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First judgment on 1MDB and Najib: Who knew what and when?

This week former Malaysian prime minister Najib Razak was sentenced to 12 years in jail after being found guilty on seven corruption counts associated with 1MDB in the Kuala Lumpur High Court ...
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Wholesale banking: ABN Amro cuts now, but ING is next

Think of a European bank that needs to shrink its corporate and investment bank. Deutsche Bank or Societe Generale probably come to mind, but ABN Amro’s decision to run down all corporate ...
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European banks eye state debt-for-equity swaps

European Banking Federation president Jean Pierre Mustier European banks, especially in Germany, are pushing for hard-hit borrowers to have easier access to state equity support as the economic impact of the coronavirus ...
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SMEs must consider real asset securitization to close financing gap

As both developed and emerging market economies struggle to recover from the first phase of the Covid emergency, finding new ways to channel financial support to small and medium-sized enteprises becomes ever ...
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Jarden and Credit Suisse go their separate ways in Australia

Credit Suisse Australia and Jarden call time on their strategic partnership A 30-year alliance came to an inevitable end on Friday when Credit Suisse Australia and Jarden exited their strategic partnership. As ...
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Special country risk survey: Lebanon on the ropes after Beirut explosion

The destroyed port in Beirut The impromptu special survey shows Lebanon’s total risk score downgraded further to less than 22 points out of a maximum 100, pushing the country deeper into the ...
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Blockchain platforms see Covid-19 trade finance opportunity

Distributed-ledger technology-based transactions are slowly becoming more commonplace in trade finance. Last month, Turkey’s Isbank became the first financial institution in that country to use the technology for a trade-finance transaction, for ...
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Macaskill on markets: Commodity boom could clash with ESG push

Goldman Sachs was keen to highlight the contribution made by commodities to its robust recent second-quarter results. “Strong trading performance was aided by high volumes and volatility across all of our businesses, ...
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India: End of an era as Aditya Puri sells down at HDFC

COPYING AND DISTRIBUTING ARE PROHIBITED WITHOUT PERMISSION OF THE PUBLISHER: SContreras@Euromoney.com By: Published on: Thursday, July 30, 2020 The managing director retires in October. RBI has three names to contemplate as his ...
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US-China rivalry hinders a struggling HSBC

HSBC has suffered an absolutely torrid few months. As it gears up to announce what are likely to be a rocky set of interim results at 5am London time (12 noon Hong ...
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Country risk: Politics and Covid-19 put Malaysia in a spin

It has been a challenging time for Malaysian investors. The coronavirus crisis has taken a swipe at economic growth, sovereign debt is rising, and the political landscape is in flux. This follows ...
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DJ D-Sol drops another PR bomb

Just one day after Goldman Sachs announced a settlement with Malaysia over the 1MDB fraud, David Solomon took to the stage in the Hamptons resort east of New York to party in ...
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Argentina is unsure it can pay its debt offer

The government of Argentina says it cannot increase the value of its repayment offer to the country’s creditors because “we are not 100% confident that we can afford [what we have already ...
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What European banks need before mergers can save them

European banks must revolutionise their business models – even the European Central Bank recognises this now. In new draft guidance, the ECB signals it won’t stand in the way of mergers, including ...
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HSBC Mexico’s Arce sees pandemic push for digital banking

HSBC Mexico’s chief executive, Jorge Arce, says the coronavirus pandemic has greatly accelerated adoption of its digital banking services – with clients overcoming cultural resistance to move online and take advantage of ...
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Equity Bank turns to vertical strategy after collapse of Atlas Mara acquisition

Equity Bank’s plans for regional expansion suffered a setback when its deal to acquire four subsidiaries of Atlas Mara collapsed in June. It began talks to acquire Atlas Mara’s subsidiaries in Rwanda, ...
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Covid-19 could be good for Gulf equities

Trading volumes at the Abu Dhabi Securities Exchange (ADX) fell by over a quarter in the first half of 2020 as the coronavirus pandemic hit activity. However, a listing from national energy ...
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Covid-19 spurs domestic bank M&A in Africa

Access Bank’s Zambian subsidiary announced plans for the acquisition of a 100% stake of domestic lender Cavmont Capital Holdings Zambia in mid July. Following the collapse of Equity Bank’s plans to acquire ...
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SGX’s Nasdaq tie-up is a bid to stem exchange’s outward flows

A new cooperation agreement between Singapore Exchange Regulation, the regulatory arm of the Singapore stock market, and Nasdaq aims to streamline a framework for dual listings on the two bourses. Singapore needs ...
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Banks back further state intervention in trade finance market

Financial institutions have backed the International Chamber of Commerce’s call for governments to scale up their support for trade finance to meet post-coronavirus demand ...
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Temasek result gives a window into sovereign wealth strategy through Covid

Temasek, one of Singapore’s sovereign wealth vehicles, today announced unaudited figures for its last financial year, showing a 2.3% decline in total shareholder return. In the circumstances, that’s really not bad. The ...
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Corporate finance: Months late, Germany’s bailout fund gets to work

Economy minister Peter Altmaier announces approval from the European Commission’s state aid authority for the €600 billion WSF After months of delay, Berlin is moving ahead with a plan to recapitalize corporates ...
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Sustainable finance: The financial sector must build D&I momentum

Events of the last few months, from the pandemic to protests ignited by the killing of George Floyd in the US, have thrust racial, ethnic and gender inequality into the spotlight. Financial ...
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Data doubts undermine treasury use of risk quantification

A recent report from Greenwich Associates found that 60% of corporate treasury professionals felt it was not possible to establish best practices for FX. Yet only one in five of the large ...
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Dimon calls time on trading – and higher loan provisions

JPMorgan and Citigroup are the two biggest fixed income dealers and their second-quarter results on Tuesday confirmed another surge in debt trading revenues. JPMorgan generated $7.3 billion of fixed income trading revenue ...
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Cryptos crash but never die, and funds of funds can profit

On July 6, the Financial Conduct Authority (FCA), licensed Crypto Facilities, the largest cryptocurrency futures exchange in Europe, as a fully recognized multilateral trading facility (MTF). The company – which offers a ...
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Reasons to be fearful: bank second-quarter results

With the second quarter of 2020 drawing to a close and all the new alternative data footfall trackers showing economic activity picking up in the US and Europe, investors are starting to ...
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Macaskill on markets: Deutsche Bank veterans at SoftBank give Germany Inc another kick with Wirecard trade

An unusual investment in stricken German digital payments firm Wirecard that was structured last year by executives at SoftBank’s Vision Fund helped the company to fend off doubts about its viability for ...
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Payments fraudsters spy Covid-19 opportunity in strained supply chains

In March, Interpol revealed details of a criminal scheme involving compromised emails, advance-payment fraud and money laundering across Germany, Ireland and the Netherlands. The case involved two sales companies in Zurich and ...
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Did Germany’s KfW support scheme fail?

Despite offering twice as much liquidity to corporates as everyone else, Germany has extended fewer state-backed coronavirus emergency loans than any other big economy in Europe. France, Spain, the UK and Italy ...
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Supply chain finance: Digital freight forwarding is on the move

The potential of services that combine trade finance and freight services has been understood for some time. In a 2018 report, Boston Consulting Group estimated venture capitalists had poured more than $3.3 ...
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Wirecard: a transparent opportunity for the Philippines

One of the stranger elements of the Wirecard scandal has been the involvement – or, apparently, lack of involvement – of the Philippines in handling much of the troubled payment processor’s disputed ...
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Zut alors! SocGen may face bigger equity derivatives challenges than peers

Selling volatility is a dangerous game. Having a little of it around is a good thing, to encourage clients to buy the stuff that your structured equity division churns out. Too much ...
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Country risk: Côte d’Ivoire is down but not out

Euromoney’s Q1 2020 global risk survey saw many countries downgraded, as analysts rapidly digested the effects of the coronavirus pandemic. Countries falling sharply through the global risk rankings included Lebanon, Liberia, Argentina, ...
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How can banks balance stakeholders and Covid-19?

For banks, the potential conflict between local community loyalty and the interests of both prudential supervisors and international investors is not new. But, especially in Europe, the coronavirus crisis is making it ...
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Planet of the Humans: Beware the environmental capitalists

Earth Day came and went largely indoors this year for much of the planet, with the television providing re-runs of anything by David Attenborough to inspire us to look after our environment ...
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Coronavirus and investment banking: Dimon shines while Solomon stumbles

Jamie Dimon, CEO of JPMorgan Jamie Dimon changed the format of his annual shareholder letter, which was published on Monday, to focus on the challenges of the coronavirus crisis. He made the ...
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Coronavirus crisis offers green and social bonds chance to prove their worth

The ups and downs of green bond issuance Green bonds have held up relatively well in the market turmoil of recent weeks. The ICE BofA Green Bond Index lost 5% in total ...
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As Tidjane Thiam leaves, Credit Suisse has much to be grateful for

Credit Suisse's Tidjane Thiam and Urs Rohner Yesterday evening the board of directors of Credit Suisse unanimously accepted the resignation of chief executive Tidjane Thiam. The official announcement does not make clear ...
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Turkey’s vulnerability is not a shock to risk experts

Foreign-exchange earnings from tourism in Turkey could fall below $10 billion this year, compared with $34.5 billion in 2019 Coronavirus could not have happened at a worse time for Turkish investors hoping ...
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Financial inclusion: Mexico is missing a move to digital banking

When the history of the coronavirus’s impact on Latin America is written, it will highlight the acceleration that the virus had on the shift to digital banking and the subsequent economic impact ...
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Nubank growth hits another level as pandemic drives digital in Brazil

The shift to digital platforms has been a pronounced feature of the global pandemic – with tech stocks hugely outperforming stock market benchmarks throughout the world – but in emerging markets there ...
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Sideways: Goldman Sachs and politics – DJ D-Sol may regret crossing AOC

Goldman Sachs chief executive David Solomon contributed $5,600 to Michelle Caruso-Cabrera, a former CNBC journalist who challenged Alexandria Ocasio-Cortez in the recent Democratic primary election for the 14th congressional district in New ...
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Katana sees relative value survive the bond market convulsions

As June drew to a close, with equities selling off on fears of a second wave in China and increasing cases in the US and Germany, the new supply of investment-grade and ...
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Oscar-winning documentary maker to use securities tokens for funding

March of the Penguins' Oscar-winning filmmakers in 2006, with Luc Jacquet second from left Remember the film March of the Penguins? It charts the yearly journey of emperor penguins to their breeding ...
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Bricks and mortar retail is living on borrowed time

Most financial crises are either seeded in the real estate market or are amplified there. The current one began as a healthcare emergency and has rapidly morphed into a financial shock, but ...
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PrimaryBid triumphs in retail campaign

All investors matter. That was the title of an open letter, posted back in April by app-based retail platform PrimaryBid to the boards and managements of UK companies, then pouring out emergency ...
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Country risk: Confidence shaken in UK investor outlook

Boris Johnson’s Conservative Party was elected on a pledge to “get Brexit done”, a message that chimed with some of those who had simply had enough of three years of social division ...
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Retail investors: the new lords of misrule

Retail investors have played a big role in a rebound in global equity markets that seems bizarre in the context of Covid-related economic challenges, but makes more sense given the determination of ...
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Lack of licensing clarity tempers Ethiopian mobile money optimism

Ethiopia is one of the three sleeping giants of the mobile money industry, according to the GSMA’s State of the Industry Report on Mobile Money from 2018, which points to the country’s ...
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Asia and coronavirus: The road to health

A common metaphor in economic literature likens problems in economies to maladies that afflict human bodies: ‘the health of the economy’; ‘the sick man of Asia’; ‘the body politic’. It is not ...
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Providence, Cinven and KKR launch first strike in public-to-private M&A

At the start of June, listed Spanish telecom company MasMovil announced that it had received a takeover approach from a consortium of private equity bidders comprising Providence Equity, Cinven and KKR. MasMovil, ...
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Yum IPO hits the spot as Chinese firms target Hong Kong listings

For investment bankers in Hong Kong, June 19 will be just another in a long line of very big days. On Friday morning, they will be ushered in, bank by bank, to ...
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Deutsche has big ambitions for new International Private Bank

In June, Deutsche Bank announced the latest step in its restructuring: the creation of a new unit, its International Private Bank. This now becomes a prominent part of the larger private bank ...
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New deposit platforms show limits of negative rates

In June, Sweden’s Klarna, one of Europe’s biggest fintech companies, and UniCredit-owned HypoVereinsbank, both announced plans to distribute deposits through Berlin-based Raisin’s WeltSparen platform. Previously, in April, Deutsche Bank started distributing other ...
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Macaskill on markets: How to fight the Fed

An experiment in credit market sponsorship by the US central bank began on May 12 with its first corporate bond exchange-traded fund purchases.The new world of government support began not with a ...
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Reality bites for Singapore banks but diversification dims the pain

DBS CEO Piyush Gupta says: 'If people feel they can’t travel, they don’t spend' The headline numbers were ugly in Singapore this morning. At 8.30am, UOB chief executive Wee Ee Cheong explained ...
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Country risk: Ghana remains a safe bet ahead of its elections

Ghanaian fishermen: Riding the waves, much like their country As in other countries, Ghana is having to cope with the Covid-19 shock weighing on its macroeconomic indicators, softening GDP growth and widening ...
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Commerzbank: How Zielke and Schmittmann’s positions became untenable

Commerzbank’s chairman Stefan Schmittmann and chief executive Martin Zielke The joint resignations of Commerzbank’s chief executive Martin Zielke and chairman Stefan Schmittmann may have come as a shock for many investors. However, ...
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Sovereign bonds: Give us an E, give us an S… but maybe hold the G

If their own research is to be believed, the world’s largest asset managers are fully seized of the importance of taking environmental, social and governance (ESG) risks into consideration when investing in ...
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Santander’s positivity is an outlier in Brazil

A Santander office gleaming in the São Paulo sunshine As the first of Brazil’s big banks to report first-quarter earnings, there was more focus than usual on Santander Brasil at the end ...
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Digital disbursements plug gaps left by Covid-19 relief effort

The global lockdown has forced millions of people to stay at home. Local shops, restaurants and bars are all under extreme financial stress as foot fall has collapsed and the realization dawns ...
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German court gives ECB three months to justify sovereign bond purchases

On Tuesday, the German constitutional court delivered a withering verdict on the governance around decisions of the European Central Bank (ECB) and the Eurosystem of national central banks over the public sector ...
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Shifting corporate responsibility to consumer resilience

Nobel-prize winning economist Joseph Stiglitz made the point recently in reference to Covid-19 that the US has created an economy without resilience. It would be fair to say the US is not ...
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IIF says policy fragmentation slowing sustainable finance

The Institute of International Finance (IIF), which has 450 members from banks to central banks, is calling for greater international alignment of sustainable finance policies and regulation to better support the transition ...
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Hong Kong: BEA and Elliott show solidarity but bicker over future

David Li, chairman of Bank of East Asia Elliott Management and Bank of East Asia (BEA) on Wednesday issued a joint press release, including comments from Elliott co-chief executive Jonathan Pollock and ...
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In the Middle East, fertility is the next big investment trend

Babies are set to become big business in the UAE as the government looks at ways to tackle the low birth rate among Emiratis. This presents new investment opportunities in long-term demographic ...
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Repayment difficulties put Lebanese investors in a risk frenzy

Red light: Investors – you have been warned Lebanon stood out with one of the biggest falls of all among the countries downgraded by risk analysts in Euromoney’s global risk survey last ...
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US stabs itself in back; China complains

A bill passed by the United States Senate that aims to force all foreign firms to comply with US audit standards has received short shrift in Beijing. China’s securities regulator – the ...
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Country risk: 2020 vision brings the eurozone’s risks into focus

The outlook is poor: GDP growth in the euro area has been slowing since 2017 and analysts see little reason to expect any near-term improvement. Analysts have taken a dim view of ...
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Sideways: BlackRock walks a governance tightrope

BlackRock’s Larry Fink and New York Federal Reserve president John Williams: Both seem keenly aware that the slightest hint of impropriety in their unusual relationship could cause enormous reputational damage BlackRock was ...
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Country risk: Former Yugoslavia face higher risks – Croatia, Montenegro, Serbia exposed

The CEE region has coped well with managing the coronavirus pandemic, but will be severely tested by falling tourism, rising debts and political instability ...
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Banks step in to end African medical tourism

“When this virus struck, we found out that only 28% – less than one third – of health facilities in sub-Saharan Africa have reliable sources of energy,” says Amani Abou-Zeid, commissioner for ...
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Ukraine’s banking law: a step forward, but not a leap

Ukraine has a new banking law. On May 21, with much fanfare, president Volodymyr Zelensky finally put his signature on the bill, which had been in the works since last autumn. His ...
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In C-Reits, China sees chance to steady the ship

China has approved its first onshore real estate investment trusts, in an attempt to channel fresh capital into infrastructure projects and give its ailing economy a much-needed boost. A pilot scheme will ...
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Large bank M&A across Europe is now inevitable

Euromoney asks the chief executive of one large European bank for an outlook on the economy, likely credit losses and potential mitigants. He expects the European economy to contract maybe 8% in ...
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The return of the global wealth manager?

A look at wealth management earnings at the largest firms at the end of the first quarter proved that the hypothesis is true: wealth management is a good business to be in ...
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FCA to lenders: Watch your step

The Financial Conduct Authority (FCA) has got itself into one of its periodic lathers about the way in which banks secure business from corporate clients. This time it is bothered about the ...
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Latin America finance: Coronavirus could have a platinum lining

Covid-19 has caused human suffering across the region – needlessly exacerbated by wilful incompetence and chronic underfunding of public health systems – and imposed a huge economic and fiscal burden that will ...
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Spacs prove resilient in shaky markets

Special Purpose Acquisition Companies (Spacs), which use the IPO market to raise funds for acquisitions, have proven their ability to weather the current market turbulence. As of May 21, 26 such IPOs ...
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Investment banking: Have suitcase, won’t travel

Since the 2008 financial crisis made large physical networks an unjustifiable luxury, Western banks have increasingly relied on an army of peripatetic bankers to service clients in emerging markets. Take emerging Europe, ...
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Country risk: India’s Covid-19 hit may turn it to junk

India’s investor prospects deteriorated more than any other Asian country in the first quarter of 2020, according to Euromoney’s country risk survey. It shed 3.22 points from its risk score tally, extending ...
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Pandemic hastens Brazil’s financial shift

Some Brazilian bankers have asked if large drawdowns would inflict psychological damage on retail equity investors. This is important, as the growth of retail had offset this year’s capital outflows from international ...
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Iwoca urges CBILS banks to collaborate and requests central bank funding

Christoph Rieche, co-founder and chief executive of iwoca On May 20, the British Business Bank announced the accreditation of six new lenders to channel funding to small businesses under the UK government’s ...
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The future of supply chains after Covid-19

Online delivery slots remain elusive, but perhaps the fact that UK supermarket shelves are stacked with toilet rolls and tinned tomatoes once again is a sign that panic buying due to the ...
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