Word: stock-market
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Google is seeking growth and security, betting that the coterie of new colleagues on its team will strengthen its ability to live up to its $123 billion stock-market valuation. "Partnerships had not been a core part of the way we were running the company," says Google CEO Eric Schmidt. "When you're a small company, you have to do everything yourself. As you get more established, you realize you'll never get everything done by yourself...
...foreign financial-information agencies." But alarm bells are nonetheless sounding in foreign boardrooms. In the past few months, Beijing has issued several regulations and is drafting more that appear to be aimed at limiting the ability of overseas firms to do business in China. Last week, China's stock-market regulator temporarily banned investment by foreign brokerages in domestic securities firms, citing the need to allow the local industry to consolidate so that Chinese firms would be large enough to compete with global giants. And in late August, the Ministry of Commerce issued new rules on mergers and acquisitions, including...
However, that Sino-American interdependence left the U.S. vulnerable to a crisis in China. When it came, the Chinese stock-market crash sent a shock wave through the entire Asian economy. Some blamed the powerful new Middle Eastern Shari'a-law banks, which had terminated their zero-interest-rate facilities for Shanghai hedge funds. Others saw the sinister hand of the Russian-controlled OGEC (Organization of Gas Exporting Countries), which had stunned energy importers in Asia by trebling natural gas prices. Either way, the impact was disastrous. Output collapsed. Unemployment soared. The Chinese banking system, which had never been entirely...
There are still a few loose ends from the wave of prosecutions kicked off after the 2000 stock-market slump and the Enron meltdown. And some aren't as easy to wrap up as Quattrone's. Several British bankers, known in England as the NatWest Three, were hauled to Texas in July, after loud protests back home and a drawn-out extradition process. They face charges that they worked with ex-Enron CFO Andrew Fastow to siphon millions of dollars from a deal between their former employer, National Westminster Bank, and Enron. And in August, most of the convictions...
...sophisticated Asians, private banks now offer a slew of new investment products. One of the most popular: so-called structured notes, which are complex derivatives that often pay a guaranteed minimum return like bonds, or pay above the minimum depending upon the performance of other asset classes, such as stock-market indexes or commodities. "The beauty of structured products is you can tailor them to clients' needs," says Gary Tiernan, head of product management for Deutsche Bank in Asia. It's a buoyant enough business that Deutsche now has a structured-product team of five or six people in Singapore...