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Forex firm offers to cut the deck
The plunge of the European common currency has been the market theme for much of 2010. With the euro value declining to the lowest level against the dollar since 2006, foreign exchange trading has given way to extraordinary profit taking. Feeding on turbulence, the forex market offers unparalleled opportunities in both upturn and downturn markets compared to the more traditional stock and property markets. In addition, the alluring tool of leverage, the ease of market entrance and exit and the possibility of small capital investment has opened the doors to a much wider range of participants. Forex trading can yield enormous profits in a relat... -
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Financial services gain human touch in Mexico
Back in the fifties, Mifel was a small company servicing SMEs on financial strategies. Later on, it began to grow a small fund to operate with and eventually obtained the first private concession for an exchange house in Mexico back in the tumultuous and complicated eighties. In 1993, Mifel set up a leasing company and in that same year Grupo Financiero Mifel was born, a step that paved the way for the concession of one of the first new private banking licenses to be granted since the industry was nationalised in Mexico back in 1982. In 2003, the group introduced a new management team led by Daniel Becker and several very talented members of ... -
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Not exactly an Italian holiday
For over three years, Western governments have been battling one of the most severe economic crises of the last century. It commenced with the subprime mortgage crisis in the US, Northern Rock in the UK, Lehmans, and now new rumours of uncertainty coming from Europe. In the midst of all of this, there have also been threats of hyperinflation, deflation and now sovereign debt default. Leaders around the world have been working continuously to come up with appropriate measures to “exit the crisis”. The question is – which one? It is a crisis in continual evolution. The financial losses registered in 2007, 2008 and 2009 have resulted in a ... -
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Reforming the public sector
Many of these changes and reforms have been possible, through the use of public private partnerships. Shalakany Law Office has been working closely with the three main parties involved; the government, the service providers and the lenders, on a variety of different public partnership projects across different sectors, giving them a unique insight into inner workings of the programmes themselves. World Finance spoke to a representative from The Office about the relationship between the proposed reforms and public private partnerships, how the reforms are affecting the country as a whole and how the government are creating this business friend... -
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Bolivian securities gain international respect
Nacional Financiera Boliviana Sociedad de Titularización S.A. (NAFIBO ST) is the leading securitisation company in Bolivia and the most innovative in Latin America having securitised future cash flows of small companies, cooperatives and NGOs oriented to microcredit. NAFIBO ST has also pioneered the use of structured notes over the past few years, while such products have been largely out of favour in many countries. Its portfolio of companies is wide ranged, from pharmaceuticals, cement producers, supermarkets to large mining operations and energy projects. NAFIBO ST is owned by Banco de Desarrollo Productivo (BDP SAM) a second-tier bank ow... -
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As seen at the World Cup and Expo 2010
Not many countries with two million people and an area of 20, 0000 sq. km have played in the 2010 World Cup, and are attracting thousands of visitors to the Slovenian pavilion in Shanghai designed around the fact that its capital Ljubljana is also this year’s UNESCO World Book Capital. Companies that want to relocate or set up subsidiaries in a country with good growth prospects where starting a business is easy, investor protection is high, both labour and taxation are value for money and life is great, will find Slovenia to be a location of choice. Gradual economic recovery is on track after experiencing the flipside of Slovenia’s econo... -
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Continuous growth for market leader
The bank has remained the most profitable in Bolivia for the fourth year in a row. In order to achieve these profits, the bank cut costs significantly, therefore being able to counteract the significant decrease in interest rates that affected the financial system. The bank continued its growth strategy both in deposits, loans and investments. The bank opted to reinforce the sale of products and services that aim to retain customers, and sell them complementary products, therefore making the relationships more profitable and advantageous for both the bank and the customers. The liquidity indicators were improved considerably during the past y... -
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China tries to soothe fears about local debt
China has played down the risks in a wave of borrowing by local governments, saying that officials were getting to grips with a debt problem that economists warn could yet destabilise the financial system. A statement issued by the Ministry of Finance and the China Banking Regulatory Commission (CBRC) gave a largely clean bill of health to the pile of debt racked up in a surge of stimulus spending during the global financial crisis last year. The majority of loans would be repayable from cash flow generated by the investments they are financing, and banks had set aside more than enough provisions to cover any defaults. “There are indeed som... -
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Insurer FP banks on Mideast employee benefits
Life insurer Friends Provident, now part of the British group Resolution, sees a rise in employee benefits in the Middle East as a springboard to growth in the region’s nascent insurance industry, an executive said. “The main focus is on the United Arab Emirates and we are currently speaking to another territory about getting a license there,” said Matt Waterfield, general manager for Friends Provident in the Middle East and Africa. “Friends Provident have clearly identified certain regions around the world, the Middle East is one, for expansion and so we’re receiving investment in terms of being able to apply for this license,” h... -
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Peru’s finance minister to leave this week
Peru’s Finance Minister Mercedes Araoz will be replaced in a cabinet shuffle this week, three sources in the ruling party and close to the government have unveiled. One of the sources said Ismael Benavides, who once led one of Peru’s largest banks, will be the new finance minister and that a swearing in ceremony was slated for Thursday. “It’s going to be Thursday at 3 p.m. (2000 GMT),” the source said. “We know that Mercedes Araoz will leave no matter what,” said another source. Benavides, who also previously served as agriculture minister under President Alan Garcia, declined to comment. A cabinet shuffle is widely expected so ...
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