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Kiwis: Economy picking up, fiscal pressures remain
New Zealand is growing more strongly than expected but the recovery is still patchy and the government will face high deficits and borrowing for several years yet, Finance Minister Bill English said in a speech recently. He said the economy had emerged from the global slowdown and domestic recession in better shape than many other economies, helped by strong growth in trade partners Australia and China. “It’s clear that the economy is recovering slightly more strongly than the Treasury forecast in December and that growth is predicted to strengthen further in the year ahead,” English said in a speech to a business group. He said the cap... -
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GM repays US, Canada $5.8bn
General Motors Co has completed repayments totaling $5.8bn to the US and Canadian governments for loans that helped fund the US automaker’s bailout last year, the company has announced. GM, which emerged from bankruptcy in July 2009, had pledged to repay the balance of loans from the US Treasury and Export Development Canada “in full by June at the latest.” “Our ability to pay back these loans less than a year after emerging from bankruptcy is a sign that our plan for building a new GM is working,” GM Chief Executive Ed Whitacre said in an opinion piece posted on the Wall Street Journal website. The loans had outstanding balances of... -
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Ukraine seeks $12bn in new IMF programme
“We will present a Ukrainian draft programme for cooperation with the IMF over the next two an a half years. It’s a new programme aimed at supporting economic growth”, Tigipko told reporters. “I think such a programme might hover around $12bn,” he said. The ex-Soviet republic of 46 million people, which needs fresh IMF credit to help its struggling economy recover from the global downturn, has been on a $16.4bn bailout programme from the fund. But that programme was suspended late last year, after $10.5 worth of credit had been disbursed, because the previous Ukrainian administration reneged on promises of fiscal restraint. The new ... -
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Goldman Sachs profit tops forecast, UK opens probe
Goldman’s results came four days after the firm was accused of fraud by the US SEC in the structuring and marketing of a debt product tied to subprime mortgages. “On the face of it, Goldman’s numbers are pretty good, which they do time and time again,” said David Morrison, market strategist for GFT Global Markets in London. “Investors will want to focus on the blow-out numbers, but the news the FSA is also probing the firm takes some of the shine off.” Goldman said net income rose to $3.29bn, or $5.59 per share, from $1.66bn, or $3.39 per share, a year earlier. Analysts on average had forecast $4.01 per share, according to Thomson... -
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Ghosts of past shackle Bosnia’s economic future
The conflict between Serbs, Muslims and Croats may no longer be waged with heavy artillery and ethnic cleansing, but a toxic combination of de facto partition, obstruction and graft by politicians in each group keeps a stranglehold on the economy. “What sort of investment can we expect when our political leaders are sending such very bad messages to the world and to each other?” asks Svetlana Cenic, an economist and former finance minister of the Bosnian Serb Republic. Fallout from the global financial crisis has deepened economic stagnation wrought by the rival Bosnian communities’ inability to reform dysfunctional institutions created... -
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KKR flotation takes it back to the future
An analysis of the firm’s listing documents underlines the way the industry has changed in the years since it was forced to withdraw its 2007 listing as the financial crisis set in. A comparison of the two documents also shows the changes to the firm’s ambitions and the way it does its business as it adjusts to the post-crisis world. At the time of its first attempt, in July 2007, it was flexing its muscles as the world’s largest buyout house. It had just signed the largest buyouts in Europe and the US: in the year to August 2007 it was to deploy more than $20bn (Ä14.7bn) of equity in private equity deals according to research by Priva... -
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Star in the ascent
“Prediction is very difficult, especially about the future”. A quote that has been variously attributed to individuals as diverse as physicist Niel Bohr and baseball player Yogi Berra. Whoever said it first, it most definitely has a ring of truth, and to prove it, here’s a prediction taken from the IMF World Economic Outlook of April 2007:“The world economy is expected to continue to grow robustly in 2007 and 2008—with a modest deceleration from the rapid pace of 2006 bringing growth more in line with potential and helping to contain inflationary pressures in the fifth and sixth years of the current expansion. Specifically, glo... -
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Banking on transparency
The Middle East and North Africa (MENA) region has been one of those emerging markets in which corporate governance is seen as a relatively new concept; indeed it is only in the last ten years that an Arabic word, “hawkamah” for ‘corporate governance’ has emerged. But despite its infancy in the region, corporate governance has been making significant headways. Hawkamah Institute for Corporate Governance is an international association dedicated to the advancement of good corporate governance across MENA. Hawkamah has been at the forefront of corporate governance debates through conducting studies on the state of governance in the Midd... -
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Informing decisions
BRE Bank has grown from the need of the young capital market in Poland at early stages of its development. From the very beginning it had an ambition to create innovative products, offer cutting edge business solutions and build partnering relations with its clients. Thus, it aimed to establish cooperation with prominent foreign banks, support export-oriented projects and meet market needs with regard to acquisition of foreign currencies. In line with its “stand out or die” principle, the bank has many a time played a role of pioneer, setting new trends both in terms of customer service and product offering. It was the first privatised Po... -
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Prioritising growth
Constantly developing and improving its services, Blom Bank Group provides universal banking services that meet its’ clients needs. These services include: Commercial Banking, Corporate Banking, Private and Investment Banking, Asset Management, Retail Banking, Islamic Banking and Insurance products and services. Blom Bank’s strategy is based on the expansion in the region and the diversification of its services to become a leading regional bank while continuing to ensure peace of mind to its customers and stakeholders. In fact, as one of the oldest established banks in Lebanon, if not the region, Blom Bank has always been at the centre of...
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