The horrendous recent bombings in Istanbul and the devastation caused to HSBC’s headquarters there highlight yet again not only the human consequences of such terrorism but also the impact on institutions and systems. The challenge is how to assess the risks adequately and how torespond.
Turkish state investigators probing the collapse of Imar Bankasi – a medium-sized bank that was owned by one of Turkey's richest families, the controversial Uzans – have filed legal suits against the Capital Market Board, an agency regulating securities trading, and the IstanbulStock Exchange.
Jaime Caruana, governor of the Bank of Spain, demonstrates his mastery of the detail of Basel II and the Stability Pact to Karina Robinson. I have been in this business too long. Two hours flew by as I questioned Jaime Caruana, governor of the Bank of Spain and chairman of the Basel Committee on Banking Supervision, on the intricacies of thenew capital accord, the detail of Spain’s economic miracle and the level of the euro.
The Banker is not trying to emulate Tatler or other society magazines with their focus on personalities. All the same, in the financial industry and beyond we constantly demonstrate that we have access to the senior players that is second to none. Last month, we featured HSBC’s chairman Sir John Bond on the cover. This month, we have interviews and input from a wide variety of senior figures, ranging from Hong Kong property magnate Vincent Lo to US Securities and Exchange Commission chairman William Donaldson, who discusses the implications of Sarbanes-Oxley in Viewpoint.
The Turkish government is gearing up to dispatch troops to Iraq to assist in US-led peacekeeping operations and in the rebuilding of its south-eastern neighbour, in return for an $8.5bn soft US loan, despite protests from the Iraqis themselves and from Kurds living in the northern part of the country, writes Metin Demirsar.
News that South Africa’s financial sector has agreed to an ambitious black empowerment charter has pushed financial stocks upwards. The government-endorsed charter sets down detailed empowerment targets for companies, paving the way for as much as 25% of the sector’s value to be in black ownership by 2010.
Russia’s state-owned retail giant Sberbank issued its first Eurobond last month. The bank is the first to cash in on ratings agency Moody’s surprise decision to award a two-notch upgrade to the sovereign rating – taking Russia into investment grade territory.