New EBRD chief champions democracy mandate
LONDON, May 19 (Reuters) – The European Bank for
Reconstruction and Development’s president-elect said the bank’s
role in promoting democracy through its investments would be a
central focus for his term, as the EBRD agreed a 1 billion euro
fund for North Africa.
In addition to the impact of the euro zone crisis on the
bank’s emerging Europe region, there are increasing concerns
about the strength of democracy in countries such as Russia,
Ukraine and Kazakhstan, while the bank’s four new countries of
operation in North Africa face political instability.
EBRD appoints UK’s Chakrabarti as president
LONDON, May 18 (Reuters) – The European Bank for
Reconstruction and Development said on Friday it appointed
senior UK civil servant Suma Chakrabarti as the bank’s first
British president for the next four years.
Chakrabarti is currently permanent secretary – the most
senior civil servant – at Britain’s Ministry of Justice. He
previously ran Britain’s Department for International
Development (Dfid).
East Europe wary of fresh euro bank crunch
LONDON, May 18 (Reuters) – A new banking crunch in the euro
zone risks another sharp retreat by western parent banks from
vulnerable economies in central and eastern Europe, a process
that must be slowed to preserve growth, officials from the
region said on Friday.
Rising speculation that Greece will leave the single
currency and a mass downgrade of Spanish banks’ credit ratings
late on Thursday have intensified fears among local depositors
and global investors about the stability of euro zone banks.
EBRD seeks new leader to fight fresh fires
LONDON (Reuters) – The impact of the euro zone crisis on emerging Europe and the political challenges of North Africa will occupy minds at eastern Europe’s development bank meeting in London this week, where a new president to deal with it will also be chosen.
The European Bank for Reconstruction and Development, set up in 1991 to enable the former communist economies of the Soviet Union to make the transition to the free market, hosts its annual meeting for its 65 country and multilateral shareholders on Friday and Saturday.
EBRD seeks new leader for battle on two fronts
LONDON, May 11 (Reuters) – Facing a possible change at its
helm, emerging Europe’s development bank risks stretching itself
thinly as mission creep into North Africa eats up resources
while the bank’s core charges feel the heat from raging euro
zone financial fires.
The European Bank for Reconstruction and Development, set up
in 1991 to enable the former communist economies of the Soviet
Union make the transition to market economies, hosts its annual
meeting for its 65 country and multilateral shareholders at its
London headquarters on May 18-19.
Israel’s new political fix may support markets
JERUSALEM/LONDON (Reuters) – Political stability and receding worries about an attack on Iran are likely to support Israel’s markets after the country formed a unity government on Tuesday, but budget and regulatory reform could be a worry.
Prime Minister Benjamin Netanyahu formed the broad coalition government in a political surprise that avoided an early election.
‘A Coke and a smile’ too little for emerging mkts
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Emerging markets offer drinks manufacturers exactly what they’re looking for – millions of potential new consumers ready to buy their products. But it’s not enough any more just to sell EM consumers a distilled version of the American Dream, says Euromonitor beverage analyst Jonas Feliciano.
While consumers may once have bought Western carbonated drinks for the same reason they bought blue jeans, now people in the top five drinks growth markets of China, Mexico, Brazil, Indonesia and India want something adapted to local tastes, Feliciano says:
Saudi stocks eye foreign flows
Saudi stocks have been on a roll on expectations of more foreign investment.
The Saudi index is already one of the most liquid frontier markets, even though foreigners cannot buy stocks directly, but only through participatory notes.
Plans to widen foreign access to Saudi shares via limited direct ownership have lifted the stock market by 18 percent this year, compared with a gain of only 2 percent in broad frontier markets. The index hit its highest in 3-1/2 years a few weeks ago but has fallen a bit since then.
Egypt’s presidential election boost?
Presidential elections may make investors look more kindly on Egypt, as a further sign of democracy in the country.
Egypt, the best-performing MSCI emerging equity market this year, has risen 40 percent after falling sharply in 2011, but many investors remain cautious.
Insight – London seeks leading role as yuan bond trade goes global
LONDON (Reuters) – Opposite the neoclassical pile of the Bank of England in the heart of the City of London stands an unprepossessing building that houses a Chinese bank.
Bank of China (UK) has been in the City since 1929, the year of the Wall Street Crash, but nobody much noticed the bank, or any Chinese presence in London’s financial markets, until two weeks ago.
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