LATEST ARTICLES FROM BANKER EDITOR
IBM stresses need to plan for disasters
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 exchange faces charges of negligence
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.
Company Awards 2003
The Banker magazine launches its Company Awards in this edition, a showcase of exceptional companies across the world. More than 500 invitations to enter the awards were sent to companies in 35 countries. A strict prerequisite for selection was that companies had to enter to be considered, a system designed to ensure legitimacy and transparency. By making assessments on the basis of a standardised entry form only, it was possible to compare like with like and make evaluations across industries and sectors. The key criteria for consideration were historical financial performance; adoption and impact of new technology; potential for revenue and profit growth in the home market or globally; and governance and corporate social responsibility. The multi-disciplinary selection panel made a qualitative assessment to identify companies that had an extra “edge”, either investing in new technologies or implementing bold or innovative strategies to grow. The objective was to find companies that are financially sound with the potential to grow significantly in the future. The final element was to balance rapid growth with sustainability and good corporate governance. The end result is 29 companies in 29 different countries (in the case of six countries, an award was not made because the quality of responses was not up to standard). Ahead you will see familiar names and some not so familiar, all are high profile companies in theirrespective markets.
The roadshow must go on, says BRI
The JW Marriott Hotel in Jakarta may not be the obvious place to stage a roadshow: only weeks before, a car bomb exploded nearby, killing 14 people, injuring 150 and destroying the lobby. But that was the location chosen by Bank Rakyat Indonesia to spread the message about its recent IPO when 40.5% of the state-owned bank was floated on theJakarta Stock Exchange.
Banks keep trading in the family
Investors calling their investment banks to place an equities’ order should not be surprised if the call is not returned. After Spitzer, the equities’ brokerage business is looking patently lacklustre. The great research engines that the banks built just cannot be kept firing on meagre broking commissions. Without the allure of corporate finance, they are looking distinctly expensivepropositions.
CEOs prescribe rapid transition for the relief of merger pain
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.
RSA gets balance right for empowerment charter
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.
Sovereign rating boost spurs Russia’s retail giant to issue $1bn Eurobond
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.