Europe
Ukraine: The perils of PrivatBank
Assailed by conflict and politics, Alexander Dubilet admits that the task of running Ukraine’s biggest bank is complicated. But he insists that PrivatBank can cope with the loss of large parts of its network and dismisses rumours about secret loans and the need for state support. “How’s business?” Euromoney asks … read more >>
Ukraine: Yulia’s tale: serving clients amid hostage-taking and betrayal
July 7, 2014 loomed as a normal business day for Yulia Vyalova, PrivatBank’s branch network boss in Ukraine’s eastern Luhansk region. Normal that is, inasmuch as circumstances allowed Vyalova and her charges to do their job, staffing the 155 PrivatBank branches around Luhansk after war had erupted three months earlier … read more >>
Technology: Traditional banking is Finn-ished
A conversation with Dr Tom Dahlström of Finland’s OP Group, the ubiquitous financial services firm, is like having one’s own TED talk about banking. Firstly there’s his ‘doctor’ thing. Not many banking executives can claim to be one – Dahlström’s doctorate is for economics, which he got in Helsinki after … read more >>
Mugur Isarescu: Romania’s central figure
THE soaring walls and revolving doors of Romania’s communist-era finance ministry on Bucharest’s Constitution Square expose a deeply rooted instability that hampers one of Europe’s more volatile economies. Portraits of former ministers are displayed around the walls of the ministry’s foyer, their faces looking beyond those doors to the pompous … read more >>
Artistic licence in Romania
When Euromoney visited the hulking headquarters of Romania’s finance ministry in Bucharest in December to interview Ioana Petrescu, the then occupant of that prestigious office, we were taken by the portraits in the entrance foyer that honoured those who had served before her. There were 20 portraits – and that … read more >>
Turkey: The Battle for Bank Asya
Turkey’s president has tried to kick of one of the country’s largest banks into touch, through public attacks and behind-the-scenes pressure. Despite becoming a political football, Bank Asya is still in the game. Can Turkey’s reputation in the west as a place to do business survive Erdogan’s continued, politically-motivated vendetta? … read more >>
Downfall of a dynasty: The last days of Ricardo Salgado and Banco Espírito Santo
Bankers in Lisbon say the demise of BES is a watershed moment for the country: the turning point when old Portugal became new Europe. Ricardo Salgado tried every trick he knew to save his empire, but found that the Portuguese establishment could not – or would not – save him. … read more >>
Espírito Santos and Queiroz Pereiras: Duel of two dynasties
Ricardo Salgado went to war with a rival pillar of the Portuguese business establishment in his frantic efforts to shore up Espírito Santo group. But Pedro Queiroz Pereira had the last laugh…. For a man steeped in family honour, there is a rueful irony in the fact that it was … read more >>
Inside Ukraine’s Economic Crisis
When Euromoney penetrated the economy and finance ministries in Kiev in late May, as well as the central bank, it found an atmosphere of unease and uncertainty. A supposed dream-team, which in reality is a collection of talented and driven novices, has a battle on its hands to keep Ukraine’s … read more >>
Spain: Laboral flies the co-op flag
Jon Emaldi Abasolo surveys the remains of Spain’s devastated banking landscape and scratches his head. He’s genuinely confused. “We know how we manage our bank,” says Abasolo, a director of the Basque savings bank Caja Laboral Kutxa, part of the Mondragon group of co-operative businesses (MCC), “and we know that … read more >>
Emerging Europe: A free market for Georgia?
By the seasoned standards of the world’s finance ministers, Georgia’s Nodar Khaduri, aged 43 and just over a year in the slot, is a relative babe in arms. Take Euromoney’s last five finance ministers of the year. Our 2008 winner, China’s Xi Xuren, was the oldest, at 61, while, at … read more >>
Wendi…back by popular demand…
“Cheers to Wendi! Gan bei! Drink the cup dry!” It’s 8 pm on a freezing night in Xuzhou, and we’re having a jolly time in the Overflowing Fragrance dining room of the Sea Sky Holiday Hotel, an oddly named establishment given that this grim industrial city of 10 million people … read more >>
Oranges and Lemons: The Royal Houses of Europe
TODAY in Amsterdam, the Dutch royal family will perform something their ennobled Spanish cousins further south in Europe aren’t much inclined to publicly do these days – their job. Admittedly, today’s majestic jollies at Amsterdam’s 15th century church, Nieuwe Kerk, are unavoidable if one’s privileged station is to bestride the … read more >>
Lite-Wing: Mellowing The UK Right For The Masses
IT’S just after dusk, ahead of a harsh winter’s night in Westminster. I’m inside Europe House, the European Union’s “embassy” in London, and Nigel Farage, one of its more controversial tenants, is late. People with gravitas rush into the building, en route to a discussion of doubtless importance, on something … read more >>
Europocalypse Now
What’s that shocking smell wafting around Europe? Well, if you were sniffing in a Netherlandly direction on Wednesday, you’d have caught an unmistakable tang of fear among the thrifty Dutch, who for a brief moment during a banking technical malfunction thought they’d become the latest Eurozoners to have their hard-earned … read more >>
Monte dei Paschi: Shaken to its foundations
Through late May and early June last year, an intriguing document suddenly appeared in the inboxes of those who make their living absorbed by the baffling intricacies of Italian banking. The paper was a challenge to anyone with a dodgy internet connection, a chunky 10 megabyte PDF file spread over … read more >>
In Spain, Running With The Bullshit
THE A369 road south from Spain’s literary retreat of Ronda, the mountain town that so inspired Hemingway, Welles and amigos, meanders photogenically through Andalucia’s famous pueblos blancos, whitewashed villages punctuating one of Europe’s more spectacular mountainscapes. With their architectural nod to Arabic neighbours, Andalucia’s charming white towns are daubed like … read more >>
The Triumph Of The Pissed Off
From Brussels to Rome, his political opponents dismiss him — at their peril — as a clown, but Beppe Grillo, the Italian comedian-turned-activist movement, is nothing if not a man of his word. When The Global Mail talked to him for a few hours last May, he told us his grassroots … read more >>
Fact-Checking The Geert Wilders Road Show
In the bewildering battle of ideas, ideology and spin, facts are important. But the ugly confrontations that have marked the Australian tour of the extravagantly coiffed Dutch politician Geert Wilders — the Islamophobe whom Norwegian mass murderer Anders Breivik cited as an inspiration — have seen truth fall by the wayside. Wilders’ … read more >>
From Machiavelli To Berlusconi In 500 Years (Is This Progress?)
ISN’T there a general election coming up in Italy? Yes, it’s to be held from February 24-25, and we know there’s a poll because, in this the 500th anniversary of Machiavelli’s The Prince — a kind of Lonely Planet guide to power — Italy is engulfed by a massive corruption … read more >>
Germany: Inside Der Spiegel’s Tent
BIG MEDIA is in crisis, this much we well know. The internet is the Fourth Estate’s enemy, or possibly its saviour, if once-eminent titles such as Newsweek, which killed its 80-year-old print edition last month, and companies such as Australia’s ailing Fairfax Media, can deliver to a readership wielding smartphones, … read more >>
German Banking Gets a Spanking
Gott im Himmel! Corruption in Germany? No matter that World War II ended 67 years ago, the jingoistic London publishers of the old British war comics Commando are going strong. And in Commando, lantern-jawed Germans still are always brutal, inhuman automatons, and most everyone else in Europe, particularly Brits, are … read more >>
Denmark: Inspiring Politics?
ADAM PRICE well remembers the moment one of modern television’s most celebrated series was conceived. It was October 24, 2007 and the polymath Price — he’s a celebrity chef as well as an accomplished Danish scriptwriter — was working out in his Copenhagen gym. As he sweated, the gym TV … read more >>
EU Crisis: All For One, And Everyone For Themselves
Voters in Spain’s region of Catalonia gave secessionists a majority in November 25 regional elections. Why does Catalonia want to go it alone? As Spain suffers its sixth year of economic crisis, ‘Why not?’ might actually be the grumpy Catalans’ more likely question. Economic crises often create opportunities for long-simmering separatist … read more >>
EU: Austerity, Brie, Merci
Okay, let’s first deal with the boring but important bit — money. It’s Budget Time in Europe, and governments from London to Lisbon, from Rome to Riga are in a tizz over their commitment to the ailing European Union. On Thursday, a summit begins in Brussels at which Eurocrats — … read more >>
Conrad: The New New Black
Convicted fraudster Conrad Black, who once lorded over Australia’s Fairfax newspapers in another less-disgraced life, has been peddling around London, hyping his new book with the velocity of a Lance Armstrong EPO-ed to the eyeballs. And, like Lance, flogging The Big Lie that he’s innocent. Armstrong would have us believe … read more >>
If The Water’s At Your Neck, It Pays To Be Pragmatic
A FUNNY thing didn’t happen to Dutch voters on their way to recent elections. They didn’t debate climate change. Which, in one of the world’s more vigorous democracies, strikes one as astonishing. In the febrile atmosphere that marks the climate-change debate elsewhere, the discussion inevitably reduces to money — specifically, … read more >>
Calling a Scumbag a Scumbag: Rupert Murdoch’s Revealing Twitter Habit
Isn’t it just grand that older folk have embraced the Internet with such gusto? Why, Gramps and Granny can now Skype with the far-flung grandkids, and bitter octogenarian megalomanic billionaires can tweet about all the “toffs”, the “scumbags”, and the “lying” who’ve tried to bring their media empires down. Bitter … read more >>
What On Earth Is Going On In Spain?
THESE are very difficult days for Spain. Summer’s tourists have returned home from sojourning in the world’s second biggest tourist economy. And as the northern autumn descends into winter, that means that even more Spanish will now be out of work than the near one-in-three that entered the short holiday … read more >>
What If You (Mostly) Built A Ridiculously Ambitious City And Nobody Came?
UNTIL the recent years of Spain’s economic catastrophe, Spaniards mostly knew Seseña as the scene of a decisive battle in the country’s brutal civil war of 1936-39, during which the Molotov cocktail first found deployment in modern combat. The Battle of Seseña came early in that conflict, but it defined … read more >>
Wikileaks: Jennifer Robinson
JENNIFER ROBINSON is baffled. And that’s not the natural state of this peppy jurist, defender of whistleblowers, daughter of tiny Berry on New South Wales’s south coast now ascending the rarified legal heights of Cavendish Square, London W1 and jurisdictions beyond. I’ve asked her to clarify what seems an elliptical … read more >>
Spain: Rhapsody in (Smurf) Blue
GLOBALISATION isn’t a topic that ever much exercised the good pueblo of Juzcar, population 221. Tucked anonymously into the southern Spanish sierra dividing Ronda — the stunning mountain town made famous by Hemingway and Welles — from the tacky towers of the Costa del Sol, discussions in this sleepy, whitewashed … read more >>
Boris Bags Gold In London — But Beware The Curse Of Cameron
These Olympics have been stunning — stunning, that is, for the Brits and their much-lauded Team GB. So much so that last Saturday night, after Mo Farah streeted his 10,000-metre rivals and Jessica Ennis triumphed in the heptathlon — achievements which crowned four victories earlier that day, and capped off … read more >>
French Timewarp: A Tres Grand Step To The Right
WHEN the French and their many admirers speak of La France Profonde, or Deepest France, it is rural hamlets such as Le Hamel they have in mind. Tucked into the wheat fields of Picardie, under big azure skies a few hours’ drive north of Paris, Le Hamel gathers sleepily around … read more >>
Tower Of Sun
I NOW know what consumed Richard Dreyfuss as he entered The Mothership at the end of Close Encounters of The Third Kind. Like the ethereal glows that are Spielberg’s cinematic signature, the light emitting across southern Spain’s arid plains from Abengoa Solar’s soaring towers bewitch and entice much as it was … read more >>
The Man Who Divides Germany. Again.
THILO SARRAZIN, Germany’s most provocative author and self-styled public intellectual, wants to make a few things clear. Firstly, this economist who helped draft the template for the modern German welfare state is neither anti-euro nor anti-Europe. Yes, he has just written a book — which has soared rapidly on Germany’s … read more >>
Scrabble for Europhiles
A is for Absent. Leadership is made during crises: think Churchill, Giuliani and 9/11, Mandela’s inclusive grace, even Anna Bligh during the Brisbane floods. Overwhelmed by Europe’s most calamitous crisis since World War II, the rudderless European Union threatens to dissolve; it is in dire need of leadership. So where’s … read more >>
The Pain in Spain
Oh no, not another European economy going down the gurgler. What’s wrong with these people? Let’s start with The Binge, before we get to The Hangover. For the past 20 years, it’s been lots of fun to be Spanish. You got to party on someone else’s coin — Brussels’ and … read more >>
Laughing All The Way To Power
Italy’s most popular political figure has just told me to fuck off. At least that’s what Beppe Grillo’s hand gesture seems to say, emphatically “Vaffanculo!” as Italians like to curse. Or could his two-finger salute be more a Churchillian V-for-Victory gesture? Recent Italian events suggest as much — that his … read more >>
Greekonomics
So what’s Greece’s problem, economically? And why is Greece’s problem also Europe’s? Hmm, how much time do you have? Here goes…Greece embarked on a decade-long borrowing and spending spree after it joined the eurozone in 2001. Membership of what was then a shiny, new, strength-in-numbers currency club — notionally anchored … read more >>
It’s Time, Rupert
IN THE blue corner, there’s ‘Dave Snooty’ as Private Eye depicts the British Prime Minister; a privileged old Etonian, an embodiment of the elite. He’s a royalist, the glorified PR schmoozer with little actual qualification except a profound sense of entitlement. In the other, more Thatcherite, corner, there’s Rupert Murdoch; … read more >>
Murdoch: All The Truth That Fits
AFTER swearing on the Bible to begin a two-day interrogation in Court 73 of London’s Royal Courts of Justice last Wednesday, an octogenarian once feared as the world’s most powerful media mogul began taking questions, the first few being perhaps the only ones he answered with clear and indisputable truth. … read more >>
Does My Neo-Nazism Look Big In This?
IT’S NOT HARD to imagine this is how it went. Last July, in a boardroom in Germany, a group of executives are brainstorming ideas to lift sales of their youth-oriented clothing line, Thor Steinar. As they thrash concepts around, a TV airs its usual schlocky fare in the background, broadcasting … read more >>
The Stain on Spain
LAST July 1, in a sweltering greenhouse in southern Spain, a black man from Africa was shot by a white man from Europe. Allegedly. The black man was Dinantou Barbosa, a 29-year-old from the impoverished West African state of Guinea-Bissau, one of as many as 100,000 Africans living and labouring … read more >>
The Schlock of Gibraltar
THERE are eyesores, there’s urban blight, and then there is Gibraltar, Britain’s last colony in Europe, a carbuncle of ocean-going ghastliness that’s in a class all of its own. Next April, its 30,000 people will have been officially and determinedly British for 300 years. That’s the anniversary of the Treaty … read more >>
Braveheart’s Bomb
IT’S 7.30am in the tiny hamlet of Garelochhead, all 1,200 residents and no traffic lights of it. We’re well north of Glasgow, into the breathtaking foothills of Scotland’s remote loch-lined Highlands. The locals are friendly, the air is clean and sharp like the waters of Gare Loch; Scotland at its … read more >>
What’s Rupert’s Game in Scotland?
IT WAS a humble tweet, just 52 characters, one of around 300 million made on February 20 — initially little noticed in London but resonating across the bonny Caledonian highlands. “Let Scotland go and compete. Everyone would win,” tweeted one Rupert Murdoch last month. While that’s not how London … read more >>
Which Way Paradise?
TO MANY Glaswegians, particularly those of an independent, Catholic and Republican persuasion, Paradise is a football stadium in this tough city’s East End, where urban blight in Britain seems at its bleakest. Their idea of heaven is a drizzly winter’s Saturday, a gutful of lager and fish and chips, with … read more >>
Irish Eyes Are on Australia
IN Kilkee, a sleepy retreat from the stormy Atlantic on Ireland’s remote far west coast, they still talk about the day the West Clare Gaels Ladies Football Club won the 2010 All-Ireland Ladies Intermediate Final. It was, by all accounts, an incredible victory, a bright moment of glory that briefly … read more >>
Free The Billionaire! Would That Help President Putin?
IT’S unlikely that Forbes Magazine has too many subscribers in Segezha, a grim town of 35,000 in Russia’s wintry northwest at the edges of the Arctic Circle. But if by chance it did, the magazine would take some time to get there. Segezha is a train station that became a … read more >>
Viva O’Chevolución!
IN history’s pantheon of legendary revolutionaries, there’s Cromwell and Washington, there’s Lenin, Mao and Ho, there’s Gaddafi if you’re so inclined, and Mandela, too. And then there’s Ernie Lynch. Ernie Lynch? Now, there’s a name one doesn’t hear so much in such radical company. If the name doesn’t ring a … read more >>
The Anti Rupert Murdoch
ENGLAND can be confusing, and John Bird isn’t helping. Bird is the Anti-Rupert, a social entrepreneur who in 1991 founded – with Gordon Roddick, who also founded The Body Shop with his late wife, Anita – The Big Issue, that ubiquitous “street newspaper” distributed by homeless people from Brisbane to … read more >>
UK: The Bomb-Chucking Blogger
A DISCUSSION with Paul Staines develops not so much as conventional-journalist-interviews-gadfly-blogger-of-British-politics, as form dictates it should. Rather it mutates into an hour of grilling each other, as perhaps was destined to occur upon meeting the bomb-thrower better known as Guido Fawkes, named after the anarchist who plotted to blow up … read more >>
Top banker breaches FSA rules in £2 million share trade
A Standard Chartered plc director has breached Financial Services Authority regulations over millions of pounds of his personal share dealings in the bank’s stock. A joint investigation by Euromoney and The Global Mail into the share dealings of Stanchart’s Hong Kong-based group executive director and CEO for Asia, Jaspal Singh … read more >>
Room for Everyone at The Hague
MEET Kuniko Ozaki – 55, Japanese and, since 2009, international resident of The Hague. Ozaki-san is one of the current 19 judges of the International Criminal Court, which sits in The Hague with claims as the world’s most distinguished forum to transact criminal justice. With her untaxed, near €300,000-a-year … read more >>
Europe’s Leaders-In-Waiting Face The Mess Ahead
HINDSIGHT. It’s a wise and beautiful thing. And there’s a lot of it about Europe at the minute. In Britain, the Murdoch kids believe, with hindsight, that Rupert shouldn’t have handed Rebekah Brooks the reins at News International. Much of the rest of the country reckons, in hindsight, that Rupert … read more >>
Amsterdam: I’ve Been To Bali, Too
AMSTERDAM. Been here a year. Was concerned I’d find it boring after years absorbed by manic Asia, the last years in Indonesia, which used to be Dutch. But, neo-colonially, we’re now ensconced in the Netherlands, in an agreeably restored 18th century canal-house that once traded silks, pelts and spices shipped … read more >>
LONDON: Starbucks, Star Pupils and Protest
THE Starbucks on St Paul’s Church Yard is one of the chain’s biggest and busiest outlets in London. And no wonder, servicing disciples of two deities, The City and The Church, and myriad tourists too, at £3.50 per winter-warming, triple-shot venti latte. Worshippers of Mammon swing by here in their … read more >>
Why David Cameron is sounding a lot like Hosni Mubarak
CAIRO: David Cameron doesn’t look like Hosni Mubarak — hated scourge of Egyptians. That would be Robert De Niro. Nor does dapper Dave look like Tunisia’s ousted strongman Zine El Abidine Ben Ali, or Syria’s aptly-onomatopoeaic Bashar al-Assad, or any other tyrant from Pyongyang to Minsk. But in making a … read more >>
Wendi Deng Murdoch: La Bella Ambiciosa Que Llegò de China
LONDRES: Fue en marzo de 2007 en Pekín, adonde yo había ido a ver un hermoso siheyuan —el patio tradicional de las casas chinas— al lado de la Ciudad Prohibida, cuando por primera vez noté que algo extra- ño pasaba con mis comunicaciones. Podía enviar correos electrónicos, pero no llegaban … read more >>
Behind Wendi Deng’s billion-dollar spike
TIGER WIFE or Trophy wife? Slam-down Sister or caring partner doing a Tammy Wynette? New York socialite or about-to-be global media mogul? When Wendi Deng soared on Tuesday, 42 and pretty-in-pink, left across our TV screens to clobber the idiot cream-pieing her struggling octogenarian billionaire husband, my first thought was … read more >>
Turks might not wait
TURKEY, with its strong economy and links to Asia, may not need to be part of the European Union ISTANBUL: Is it European? Asian? Both? Neither? It’s a millennia-old question; culturally, religiously, geographically and economically. And one that could be posed more and more of Australia and its embrace, if … read more >>
Gibraltar – Cracks in the Rock?
TINY Gibraltar is an ocean away from Punxsutawney, Pennsylvania, but it doesn’t take much traversing of the Rock’s lanes to get a distinctly Groundhog Day feeling that Bill Murray might recognize read on…
Is Turkey Ready for the EU?
ISTANBUL: It was Kylie Minogue who made me think Turkey and Europe might just about be ready for each other. There was the pop poppet — well, life-size images of her — flaunting her curvaceous clunes at shoppers in the Agent Provocateur lingerie outlet at Istanbul’s Kanyon Mall. It was … read more >>