European leaders blame Russia for the takeover of Ukrainian cities by armed separatists. Yet they’re refraining from further sanctions because it’s not a full-blown invasion. The wavering and waiting will only increase the final price to be paid for Vladimir Putin’s actions.
Dayo Olopade’s “The Bright Continent” describes “kanju,” the hustling, striving and rule-breaking that make modern Africa work. The canny invisible hand can outwit the dead hand of corrupt bureaucracy. Sadly kanju makes the continent a tough place to do fully organized business.
From China’s CITIC to Singapore’s Temasek, Asian acquirers are increasingly relying on in-house talent to get deals done. The loss of potential deal flow in an already tough market means big banks will have to work harder to prove their worth.
The union of the Chinese giant with its Hong Kong-listed subsidiary offers rare visibility into China’s sprawling state conglomerates. CITIC Pacific shareholders get mostly listed assets at a discount – and if all goes well, a potentially profitable ringside seat in the cleanup.
Some $6 bln of legal costs chewed up all the U.S. bank’s Q1 profit. It took half as much again to cause a quarterly loss at JPMorgan last year. BofA’s bad results, however, probably will leave Citi boss Mike Corbat wondering why his better-performing bank got stiffed by the Fed.
The Swiss lender’s private banking arm is pulling in more money. But a 11 pct year-on-year dip in quarterly investment banking revenue suggests Credit Suisse’s other main engine isn’t motoring. Paring back further in fixed income would be one way to get things moving.
The stock exchange is poised to launch a debate on shareholder voting rights after Alibaba cancelled its listing in the former colony. Dumping “one share, one vote” won’t necessarily attract many new IPOs. But it would undermine Hong Kong’s already shaky corporate governance.