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IMF says present reserves 'inadequate' to deal with global crisis

The managing director of the IMF, Dominique Strauss-Kahn, has sent a letter to the G-20 heads of government and institutions, saying the IMF’s funds could be perceived as “inadequate” to deal with the global financial crisis, and calling on the G-20 to provide more money.

GCC banking sector set for consolidation

The GCC’s banking sector is set for consolidation, and Abu Dhabi’s two leading banks, National Bank of Abu Dhabi (NBAD) and Abu Dhabi Commercial Bank (ADCB), could lead the way, according to the head of Shuaa Securities, Mohammad Ali Yasin.

Is the Western credit crunch good for emerging market private equity?

Four of the top professionals in emerging markets private equity recently held a lively debate at PEI’s emerging markets forum in London, on the proposition ‘This house believes the western credit crisis is good for emerging markets private equity’.

 The participants would like to make it clear that the views expressed were purely in the spirit of the debate, and not necessarily their or their organisation’s actual view.

Dubai International Financial Centre launches DIFC Global

DIFC Investments, the investment arm of the Dubai International Financial Centre, launches DIFC Global, a new subsidiary that provides a global network of premium business centres and corporate services that support companies in developing their international business.

EU raises concerns about Austria bank bail-out

The EU commission on competition has raised concerns about the Austrian government’s €2.7bn bail-out of Erste Bank at the end of October. Erste Bank is one of the largest banks in Austria and in central and eastern Europe.

Latvia not going the way of Iceland, says central bank governor

The governor of the Bank of Latvia, Ilmārs Rimšēvičs, says he is confident that Latvia is not going the way of Iceland. “The short-term debt of Iceland is twice as high as the total gross external debt of Latvia. Moreover, half of the banks’ short-term debt is in fact long-term”, he told an investor conference in London on November 4.

Emirates NBD launches £100mn 'Hero Global Football Fund'

Emirates NBD, one of the largest banking groups in the Middle East, has launched a £100mn ‘Hero Global Football Fund’. The fund plans to identify promising young players from Africa, South America and the Far East in order to develop their talent and then make a profit by selling players’ registrations and other economic benefits, such as image rights, to professional clubs in Europe.

Swedbank appoints new CEO

On November 5, Swedbank appointed Michael Wolf to the position of CEO. Swedbank has subsidiaries in Latvia, Estonia and Lithuania, and is the largest bank in the Baltic states. It also has 190 branches in Ukraine.

Mongolia urged to act quickly by metals investors

Investors in Mongolia say the country’s lively but fractured political landscape is putting the economy at risk and holding back significant investments by foreign multinationals.

Kazakhstan set to buy 25% stake in top four banks for US$5bn

In late October, the government of Kazakhstan offered to buy 25% stakes in the top four banks in the country, for a total of over US$5bn, through its investment vehicle, Kazina. The deal still needs to be approved by the banks’ shareholders.