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...This conviction is an indication of just how far the Japanese economy has come. Following the stock and property collapses of the early '90s, most businesses and consumers drastically cut their spending and investments. With demand falling, prices dropped too, exacerbating businesses' unwillingness to invest in new ventures, and Japan found itself in a disastrous deflationary spiral. In desperation, the BOJ reduced interest rates to zero in 1999, but it had little impact for years because Japanese companies were hobbled by so many other problems, like bloated payrolls and debt-laden balance sheets. Under the reform agenda initiated by Prime...
...interest rates would have a significant impact on global money flows. For one thing, it could spell the end of the Japan "carry trade," the practice of large investors borrowing yen cheaply to invest in anything with higher yields?from U.S. treasuries to stocks to emu farms. The carry trade has been blamed for speculative excesses in global stock and commodity markets, not to mention exotic investments like Icelandic and New Zealand currencies. In June, financier George Soros blamed the recent dip in global markets on the BOJ's money-supply tightening since March, noting: "When the Japanese central bank...
...bank's financial innovations were born partly out of necessity. Once an outpost of defunct British investment bank Hill Samuel Ltd., Australian executives carried out a management buyout in the mid-'80s and renamed the bank Macquarie in honor of a 19th century colonial governor. But it wasn't until 1996, when Australia's commodity exports began to result in large budget surpluses for the government, that Macquarie's chief executive, Allan Moss, who had joined the bank in the sleepy Hill Samuel days, saw his big chance. "Bond markets were drying up," recalls Gary Turner, a Sydney-based financial...
...Ahead, but far from alone. Not content merely to supply traditional services such as stockbroking, underwriting and strategic advice to corporate clients, investment banks worldwide are increasingly taking on more risk by putting their own money into deals. In a recent letter to shareholders, Henry Paulson, Goldman Sachs' outgoing CEO and nominee for U.S. Treasury Secretary, noted how Goldman and others now look to use "their own balance sheets to extend credit to clients, to assume market risk on their behalf and sometimes to co-invest alongside them." In some respects, industry pioneers like Macquarie and Goldman are borrowing from...
...astonishing $400 million - adding more fuel to the fire over CEO pay and calls for oil industry profits to be reined in. While BP isn?t lobbying for drilling in the Arctic National Wildlife Refuge, the company has big plans to expand in North America; it aims to invest $37 billion over the next decade, including refinery expansions, increased exploration and production in the deep-water Gulf of Mexico and development of a liquefied natural gas terminal. ?They have more to lose in North America than any other company,? says Fadel Gheit, an oil analyst with Oppenheimer & Co. ?They cannot...