Word: abn
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Dates: during 2000-2009
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Investment-research firm KLD Research & Analytics launched a climate-change index in 2005. This year the big investment banks have piled in, too. JP Morgan introduced an index in February comprised of bonds from firms with limited vulnerability to global warming. ABN Amro launched a Climate Change and Environment Index in March, tracking stocks in businesses like emissions reduction and water filtration. In April, UBS introduced a global-warming futures index based on the weather in 15 U.S. cities. Merrill Lynch launched an energy-efficiency index in July. And in September HSBC unveiled what it claims is the largest climate...
...course, the "core problem" is the U.S. property market, says Han de Jong, chief economist for ABN Amro in Amsterdam. "In hindsight, the housing market in the U.S. was a bubble." The cause? Superlow interest rates that encouraged lenders to offer loans to virtually anyone, even those with bad credit. Those loans were then bundled together into exotic derivatives and sold off to financial institutions worldwide; when borrowers began to default on their mortgages, money managers from São Paulo to Seoul suffered huge losses...
...products are made cheaper on the global market by a dwindling dollar. But for these U.S. manufacturers, the weak dollar is a spark of good news in an otherwise gloomy outlook. "If I were a policymaker in the U.S., I'd be happy to see the dollar slide," says ABN Amro's de Jong...
...former chief of the U.S. Federal Reserve, said it's "absolutely conceivable that the euro will replace the dollar as [the] reserve currency, or will be traded as an equally important reserve currency." If that ever happens, says HSBC chief economist Stephen King, "the dollar goes into free fall." ABN Amro's de Jong agrees that this would trigger a crisis, but doesn't think it will happen anytime soon: "Ultimately, the U.S. will lose its unique reserve-currency status, but it may take 20, 30 years." At the moment, he says, "the world simply doesn't have an alternative...
...with Singapore's state-owned investment vehicle, Temasek--which will put up an initial $1.9 billion--CDB will fork over $3 billion for a stake in Barclays, the British bank locked in a struggle with a consortium led by Royal Bank of Scotland (RBS) to acquire Amsterdam-based ABN Amro. If Barclays increases its $94 billion cash-and-stock bid--unlikely unless Barclays' stock price rises--to beat RBS's $98 billion offer, CDB will boost its stake in Barclays to $13.5 billion, making it by far the biggest Chinese offshore investment ever...