Word: bankes
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...image that deliberately echoes Tintin's many maritime exploits. Built at a cost of $20 million, and financed by Hergé's second wife Fanny, the museum reflects Hergé's huge corpus of work, much of which has, until now, been languishing largely unseen in studios and bank vaults. The displays focus not only on Tintin, but also the many other comic-strip characters Hergé created, and the myriad influences on his work. (See pictures of Belgium...
Last year China Construction Bank's net profit soared 10% to $11.9 billion. In the same period, Bank of America, which at the time owned some 19% of the Chinese lender, earned just $4 billion, down 73% from 2007. That's all you need to know to understand why Bank of America in May sold a 5.8% stake in China Construction Bank for $7.3 billion. Bank of America has been so badly hurt by the U.S. financial crisis that it needs to raise billions of dollars to recapitalize. Meanwhile, Chinese banks are making money hand over fist as China...
What was up is now down and the other way around, and it's going to stay that way for some time. Former powerhouses such as Bank of America and Citicorp have turned into shadows of their former selves as they shed assets and withdraw from foreign markets. Meanwhile, lenders in China and India that are little known outside their home countries now have the wherewithal to expand internationally. They have the potential to become the Citicorps of tomorrow. (See pictures of the global financial crisis...
Whether China Construction Bank and its developing-world brethren are actually willing and able to increase their international presence is an unanswered question. But the numbers indicate their relative financial strength certainly offers them the option...
Richard Fisher, president of the Dallas Federal Reserve Bank, just returned from a trip to China, where, he told the Wall Street Journal, "senior officials grilled me about whether or not we are going to monetize the actions of our legislature. I must have been asked about that a hundred times...