Word: expectations
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...latter, which is already the world's largest private bank with $1.32 trillion in assets under management, had just 153 private bankers in Asia Pacific six years ago; earlier this year that number reached 600, most of them working in Hong Kong and Singapore. "By 2015, we expect the Asia-Pacific market to be bigger than the European market," says Kathryn Shih, the Hong Kong-based head of UBS's wealth-management operation in Asia Pacific. "The opportunities are huge." Says Sebastian Dovey, managing partner of Scorpio Partnership, a London-based consultancy to the wealth-management industry: "Asia Pacific...
...9/11 terrorist attacks the following year?prompted the world's central bankers to slash interest rates in an effort to revive economic growth. With returns on savings deposits falling to around 1% (or even lower in Japan), Asia's wealthy were roused to seek alternatives. Today, they tend "to expect a lot more return from their investments" than investors do in other regions, says Shih of UBS. Clive Bannister, the London-based CEO of HSBC Group Private Banking, notes that Asians are more "hands-on" in their investment decisions than the bank's European clients?and less willing to wait...
...charts documenting what needs fixing. Unlike other, more centralized governments, ours cannot easily force states or companies to act. And when the feds try to demand changes anyway, state and local officials bristle at the interference. Like teenagers, we resent paternalism--until we're in trouble. Then we expect to be taken care...
...took part in July 2005's London subway bombings and are believed to have been regulars at a Tablighi Jamaat mosque? Were they acquainted with Richard Reid, the jailed, failed shoe bomber, who frequented a Tablighi Jamaat mosque too? Pakistani intelligence officials aren't done with Rauf but expect eventually to hand him over to Britain. "He can be extradited," says an official, "once we get the maximum out of him." One can imagine that will not be a pleasant process...
...Lebanon's central banks and an additional $500 million in reconstruction aid to the Lebanese government. The rebuilding frenzy could provide an opportunity for the U.S. to improve its tarnished reputation with the Lebanese people. So far, the U.S. has pledged $50 million in humanitarian assistance, but few expect American efforts to have much impact. "This is going to be a very politicized reconstruction," says an officer from a U.S.-based aid group. To deliver aid effectively, "we have to work through existing institutions, but in the parts of Lebanon that need the most help, Hizballah is the only institution...