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...deficit restrictions imposed by E.U. authorities. And crucially, the resilience of Europe's consumers - whose spending accounts for 58% of GDP in the region - is coming under increasing pressure, even in shopping stalwarts like the U.K. "Well, things could be worse," says Robert Prior-Wandesforde, a European economist at HSBC, with what passes for optimism. "It doesn't look as though Europe is going into recession." That might not be true of Germany, which accounts for 30% of euro-zone GDP. Last week, Germany's statistics office estimated that in 2002, Europe's largest economy grew just .2% and could...
...investment accounts are conservatively estimated between $15 billion and $30 billion." Taken together, that's roughly the equivalent of Russia's gross domestic product. No wonder Western banks are eager to capitalize on this lucrative market. While Bahrain's Noriba is operating exclusively under Shari'a principles, several others - HSBC, Citibank, Commerzbank and BNP Paribas - provide Shari'a-compliant services along with conventional ones. UBS won't disclose its projected future profits in Bahrain. But Noriba ceo Toufic Kanafani says, "If we didn't see the potential for Islamic banking, we wouldn't have opened this bank. The demand...
...When HSBC decided to expand its investment-banking presence in India, it needed someone to lead the charge. Not surprisingly, it chose Naina Lal Kidwai. The first Indian woman to graduate from Harvard Business School, in 1982, Kidwai, 45, has established herself as one of India's best bankers, a shrewd negotiator with a talent for anticipating new sectors of growth...
...Mickey Mecca - and perhaps threaten Disney's copyright. Stanford professor Lawrence Lessig notes that a long-standing legal hypothetical asks: "What if two people independently wrote the same play?" The answer, he says: "Both get a copyright. Seems fact is stranger than cartoon." THE BOURSE Give 'Em Credit HSBC has for years snapped up assets across Asia and the Americas, but some analysts still balked at last week's purchase of U.S-based Household International for a vault-draining $14 billion in stock. Household, which gives credit and loans to "sub-prime" customers, has a history only a pawnbroker could love...
...over $4 billion. The deal will face strict regulatory scrutiny. There's No Place Like Home Further undoing former CEO Jean-Marie Messier's strategy, Vivendi is moving control from New York back to Paris. Vivendi will also finalize its €12 billion disposal plan this week. Growing Pings HSBC continued its international expansion, buying a 10% stake in China's No. 2 insurer, Ping An, for $600 million. INDICATORS Chocolate Prices Get Hot Cocoa prices hit 17-year highs of $2,317 a ton as rebel forces in the Ivory Coast blocked roads and moved toward the key trading...