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Cover Story

Cover Story : Turkish Turbulence

The country’s reform program is on track—just. Recep Erdogan: Wants higher growth It was never going to be easy, but the first few months for Turkey’s incoming Justice and Development (AK) government have proved more difficult than even its worst ...

Features

Features : Austria Struggles for Attention

A small exchange gets some good news. Erich Obersteiner At last, Erich Obersteiner has something to smile about. Late March, HypoVereinsbank announced it was to float up to 25% of the stock of BankAustria Creditanstalt (BACA) on the Vienna Stock ...

Features : Battle of the Indexes

Another contender has emerged in a crowded market for tradable European stock markets indexes. Mark Makepeace, FTSE’s chief executive This June, Euronext.liffe launches new futures and options contracts based on two European indexes that the exchange created with indexproviders FTSE ...

Features : Best Business Hotels & Airlines

Just when you thought it couldn’t get worse, it did. London’s Savoy Hotel Tough times continue for the world’s airlines.With their business model already under attack from nofrills carriers on short-haul and domestic routes,traditional airlines then took a series of ...

Features : Brazil: Steady As She Goes

Brazil’s new government may still have enough wriggle room to implement reforms while keeping voters happy, but time is not on its side. South America’s largest nation is slowly making its way out of an economic red zone as the ...

Features : Hotel Outsourcing Helps Close the Financing Gap

The separation of hotel brands and ownership of properties is enabling the lodging industry to entice investors to cough up money for expansion and development. Tough economic times have spawned a fundamental change in the way the hotel industry operates. ...

Features : Stand and Deliver

Three authors on modern business. The end of the great stock market boom and the subsequent flood of corporate scandals have unleashed a tidal wave of books on the iniquities of the market system, many of them run through with ...

Features : The Future of Research

Research Under the Microscope Analysts are coming under analysis, and it can be a disconcerting experience. The equity analysts’ job has become a great deal tougher in the past three years. A sustained bear market has meant pressures from all ...

Features : To Outsource, or Not to Outsource

That’s a question exercising the minds of many corporate treasurers these days, as Graham Field finds out. Ineke Bussemaker, global head of Citibank Agency Treasury Services Treasury management outsourcing is a concept that is much talked about, but not yet ...

Features : When Is a Debt Not a Debt?

The war in Iraq has called into question much of the architecture of international relations built up since the Second World War. The aftermath might shape the way that money is lent to emerging markets. In Plato’s Republic, Socrates argues ...

Emerging Markets Roundup

Features : Brazil: Steady As She Goes

Brazil’s new government may still have enough wriggle room to implement reforms while keeping voters happy, but time is not on its side. South America’s largest nation is slowly making its way out of an economic red zone as the ...

Features : When Is a Debt Not a Debt?

The war in Iraq has called into question much of the architecture of international relations built up since the Second World War. The aftermath might shape the way that money is lent to emerging markets. In Plato’s Republic, Socrates argues ...

The World's Best Business Hotels & Airlines

Features : Best Business Hotels & Airlines

Just when you thought it couldn’t get worse, it did. London’s Savoy Hotel Tough times continue for the world’s airlines.With their business model already under attack from nofrills carriers on short-haul and domestic routes,traditional airlines then took a series of ...

Milestones

Milestones : Now, Where Did I Store That E-mail?

UNITED STATES “Many people confuse Zantaz with the popular antacid Zantac. That’s OK. We save our clients a lot of heart burn.” —Steve King, Zantaz Steve King, CEO Zantaz when 10 big Wall Street firms in late April reached a ...

Corporate Finance

Corporate Finance : Global Depositary Receipts

EUROPE Six Continents’ Split-Up Creates Two New ADRs Two new American depositary receipt programs were created in April as a result of the separation of Six Continents, the world’s largest hotel group, into two companies. Bank of New York was ...

Corporate Finance : Hong Kong’s Peg Could Come Loose

ASIA Hong Kong’s budget deficit keeps getting bigger, while deflation has been consistently underestimated, analysts say. The special administrative region’s fiscal reserves have fallen by 30% from their peak in 2001 and are likely to drop another 15% in 2003, ...

Corporate Finance : Low US Interest Rates Spur Dollar Bears

THE AMERICAS The US dollar plummeted to a four-year low against the euro in early May, giving foreign investors little incentive to chase paltry US returns on investments that could be further eroded by a declining greenback, analysts say. “The ...

Corporate Finance : Market Extends Gains To Sixth Month in Row

THE AMERICAS US corporate bonds extended their bull-market run to a sixth consecutive month in April, with highyielding issues leading the advance. Corporate spreads tightened by 30 basis points versus US Treasury securities during the month, according to Wei Wang, ...

Corporate Finance : Russia’s Oil Revenue Supports the Ruble

EUROPE The ruble crisis seems like a distant memory. In August 1998, the Russian central bank threw in the towel.With the ruble under severe downward pressure, the central bank suspended trading of rubles for US dollars to conserve the country’s ...

Newsmakers

Newsmakers : Foreign Exchange Market’s New Bedfellows

UNITED STATES/UNITED KINGDOM “Access to Bloomberg’s 170,000 desk-top machines will dramatically increase our reach.” —Bill Moran, EBS Bill Moran EBS, the global bank partnership that handles $90 billion a day in spot foreign exchange trades,wants to expand beyond the inter-bank ...

Newsmakers : J.p.morgan Landmark Sold

United states “The Tax Meagiure could attract $300 billion back into the US economy” 23 Wall Street in 1914 … When the Morgan bank building was completed in 1914 at the southeast corner of Wall Street and Broad Street, it ...