Kuwait’s government is allegedly considering to set up a multi-billion bailout fund to help troubled firms in light of the global financial crisis, several newspapers reported.
Capital Markets
In its annual review of funds in the Middle East and
Standard Bank is entering into a strategic partnership with Troika Dialog, one of the biggest investment banks in Russia. Standard intends to become a 33% shareholder in Troika.
Dambisa Moyo, a former economist at Goldman Sachs and now independent consultant and author, says the US$1tn that the West has given to Africa in aid over the last 30 years has been wasted, and that the continent needs to move to a more capital markets approach.
The banking system in
The pessimistic predictions of Nouriel Roubini, professor at NYU Stern Business School and founder of RGE Monitor, have been proved uncannily accurate. Here, he says that the US and UK banking sectors are mainly insolvent, and that rather than propping up ‘zombie banks’, it may soon be time to nationalise most of the sector.
The worse situation in Eastern Europe, the better things seem to go for Blackstone’s European advisory team. In the last few weeks, it has won mandates advising the government of Ukraine and Latvia’s Parex banka on two of the biggest restructurings the CEE region has ever seen, and it is about to win another major restructuring mandate, rumoured to be with the government of Kazakhstan.
An estimated 3,000 cars have been dumped at Dubai and Abu Dhabi airports by expat workers leaving the country after losing their jobs. Many still have keys in the ignition. It is a sign of the times in credit crunch Dubai.
Latvia’s capital, Riga, has been the scene of days of riots after a peaceful anti-government demonstration by an estimated 10,000 people turned violent in mid-January.
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.
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.
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.