Europe Intelligence Wire articles from October 2002

Europe Intelligence Wire archives from October 2002

Passengers of Air Europa face delays of up to 45 minutes (Demoras de hasta 45 minutos por la huelga de Air Europa).
October 1, 2002... (From El Pais) Passengers of Spanish airline Air Europa yesterday faced delays of up to 45 minutes as a result of a strike by ground staff and crew cabin members of the airline. All of the company's 170 flights scheduled to take off from...

More than 90,000 flights delayed in Spain during first half of 2002 (Mas de 90,000 vuelos salieron con retraso desde los principales aeropuertos entre enero y junio).
October 1, 2002... (From El Pais) More than 90,000 planes which took off from five major Spanish airports between January and June 2002 were delayed. More than 22 per cent of the planes which took off from the airports of Madrid, Barcelona, Malaga, Seville...

Government approves plans for gas plant (El Gobierno autoriza una planta de gas de las electricas).
October 1, 2002... (From Expansion) The Spanish government has approved the plans of Spanish electricity groups Endesa, Iberdrola and Union Fenosa to found a joint venture under the name of Planta de Regasificacion de Sagunto, which will produce gas for the...

Arbitrators to intervene in dispute between shareholders of EHN (Arbitraje con EHN).
October 1, 2002... (From Expansion) Arbitrators have been appointed to intervene in the dispute between shareholders of Energia Hidroelectrica de Navarra (EHN), the Spanish wind energy specialist based in the autonomous region of Navarra. They will decide...

French insurer turns to rights issue market.
October 1, 2002... (From Financial News (Daily)) Scor, the French reinsurer, has become the latest company in its sector to raise funds using a rights issue in a '400m ($393m) offer that will double its market capitalisation.The French firm had a market...

Gartmore appoints Young to head global consulting.
October 1, 2002... (From Financial News (Daily)) Gartmore Investment Management has appointed Shamus Young as head of the firm's global consulting group, in charge of developing relationships with investment consultants.Young, who will report to Frances...

In brief: Scottish Widows/Gartmore Investment Management/Insight Investment.
October 1, 2002... (From Financial News (Daily)) Scottish Widows Investment Partnership has hired Phil Chappell as an investment director in its US team.Chappell was most recently at Schroder Investment Management, where he was a director of US equities...

Tetra Laval and Schneider rulings delayed.
October 1, 2002... (From Financial News (Daily)) The European Court of First Instance is delaying rulings on two controversial takeover cases that were vetoed by the European Commission, and will announce its verdicts on the same day in view of their...

European private equity fundraising fell 70% in Q2.
October 1, 2002... (From Financial News (Daily)) European private equity firms raised '1.6bn ($1.6bn) in new funds in the second quarter of 2002, a 70% fall on the first quarter's total, according to a survey published by the European Private Equity and...

New management team hired at Ffastfill to stem losses.
October 1, 2002... (From Financial News (Daily)) Operating losses for Ffastfill, an independent software vendor which provides traders with access to international electronic exchanges, rose to [pound]7m ('11m) following write-downs of investments on two...

Former GE Equity head closes new fund at '225m.
October 1, 2002... (From Financial News (Daily)) Andrew Beaton, the former head of GE's private equity arm GE Equity, has made the first closing on the first fund from his new firm, Langholm Capital Partners, at '225m ($222m), with a cornerstone investment...

Global search firms' revenues plummet.
October 1, 2002... (From Financial News (Daily)) The combined global revenues of the 25 largest headhunting firms in the US fell in 2001 by 30%, or $523m, a survey shows.Eight of the firms saw declines of more than 35% from the year before. The industry...

Analysts applaud $880m Invensys disposal.
October 1, 2002... (From Financial News (Daily)) Analysts have welcomed the $880m ('891m) sale by Invensys, the UK energy management and technology company, of a US subsidiary, saying the group could now exceed its disposal programme targets.The company...

BLP looks to boost corporate practice with KLNF alliance.
October 1, 2002... (From Financial News (Daily)) Berwin Leighton Paisner (BLP), the UK law firm, has forged an alliance with New York partnership Kramer Levin Naftalis & Frankel (KLNF) to boost its corporate practice.The transatlantic alliance will see the...

Christian & Timbers hires Heidrick search consultant.
October 1, 2002... (From Financial News (Daily)) Christian & Timbers, a search firm focusing on technology and financial services, has hired Cyrill Haas as a principal in London from rival firm Heidrick & Struggles.Haas will focus on technology for Christian...

SSB conflicts further exposed as Spitzer raises stakes.
October 1, 2002... (From Financial News (Daily)) Further evidence has emerged of conflicts of interest at Salomon Smith Barney's research division as Eliot Spitzer, New York State attorney general, took a new step in his battle to correct Wall Street's...

HSBC hires head of institutional sales.
October 1, 2002... (From Financial News (Daily)) HSBC has hired James Tanner to run its European institutional sales team within the corporate, investment banking and markets division.Tanner, who starts on October 1, will join the senior management team for...

New early-stage technology investor closes first fund at [pounds sterling]22m.
October 1, 2002... (From Financial News (Daily)) Pentech, the new venture capital firm focusing on early-stage technology investments, has closed its first fund ahead of target at [pound]22m ('35m) after a [pound]5m commitment from the European Investment...

UK investors carry the day when voting.
October 1, 2002... (From Financial News (Daily)) Foreign investors appear to be taking a 'free ride' on rising levels of UK shareholder activism, according to a survey of investor voting.UK investors are increasingly willing to tackle errant companies on...

Spitzer sues former executives for $1.7bn.
October 1, 2002... (From Financial News (Daily)) Eliot Spitzer, the New York attorney-general, sued five of America's former leading executives Monday for $1.7bn ('1.72bn), alleging that they profited from the sale of shares unfairly allocated to them by...

Pressure growing on Aberdeen chief to quit.
October 1, 2002... (From Financial News (Daily)) Pressure is mounting on Christopher Fishwick, a director of Aberdeen Asset Management, to stand down in recognition of the disastrous performance of many of the split-capital investment trusts he...

Commerzbank shares hit new low as company scraps profit forecast.
October 1, 2002... (From Financial News (Daily)) Commerzbank shares sank to an 18-year low after the company scrubbed its earnings target, boosted its 2002 risk provision forecasts to '1.3bn ($1.27bn) and warned of fresh layoffs to combat the slowest...

Equitable to compensate on mis-selling.
October 1, 2002... (From Financial News (Daily)) About 70,000 former policyholders with Equitable Life could share a total of [pound]75m ('119m) compensation, the stricken mutual said Monday.Charles Bellringer, the society's chief financial officer, said an...

SEC to probe companies' research function.
October 1, 2002... (From Financial News (Daily)) The Securities and Exchange Commission will on Wednesday say it is studying conflicts of interest and other areas of concern in the analyst research function of financial services companies. The study could...

Fidelity to axe 5% of staff.
October 1, 2002... (From Financial News (Daily)) Fidelity, the biggest US mutual fund manager confirmed hefty job cuts after a lengthy equity bear market stripped the value of its assets under management and put pressure on fees.Fidelity announced on Monday...

Unilever invests [pounds sterling]113m in venture capital.
October 1, 2002... (From Financial News (Daily)) Unilever, the Anglo-Dutch consumer goods group, has taken the unusual decision to invest up to '170m ($167m) in venture capital funds.About '100m is to be ploughed into Langholm Capital Partners Fund, in...

RBS pays $450m for US bank.
October 1, 2002... (From Financial News (Daily)) Royal Bank of Scotland increased its US presence Monday with the $450m ('455m) purchase of Commonwealth Bancorp.The acquisition of the Pennsylvania-based bank by the UK bank's Citizens division adds to RBS's...

Woman analyst loses [pounds sterling]1m City bonus bias claim.
October 1, 2002... (From Financial News (Daily)) A former top City analyst lost her fight Monday to win a [pound]1m compensation claim after alleging that she was a victim of sexual discrimination or unequal pay.However, Louise Barton, who worked as a media...

Greek regulator fines BNP Paribas '860,000.
October 1, 2002... (From Financial News (Daily)) The Hellenic Republic Capital Market Commission, the Greek securities regulator, has fined BNP Paribas '860,000 ($846,775) for allegedly using insider information ahead of a sale of shares in Alpha Bank, the...

Deutsche appoints Aldington as London chairman.
October 1, 2002... (From Financial News (Daily)) Lord Charles Aldington, a senior corporate financier at Deutsche Bank, has become chairman of the bank's London operations.He will represent Deutsche in the UK community, including regulators, government and...

Rains to replace Manduca at Morley.
October 1, 2002... (From Financial News (Daily)) Morley Fund Management has appointed Peter Rains, head of fixed income, to fill the hole left by Philip Manduca, who quit as head of alternative investment in August.Rains will continue to head fixed income...

Bond volumes recover after summer slowdown.
October 1, 2002... (From Financial News (Daily)) International bond issuance in the first nine months of the year shrugged off a swathe of setbacks to fall only 8.5% short of volumes for the same period in 2001.New bond issuance has been depressed since the...

ADP boosts European expansion with WestLB deals.
October 1, 2002... (From Financial News (Daily)) ADP Brokerage Services Group, the transaction services company, has inked two outsourcing deals with WestLB to process the German bank's treasury functions in London and debt instruments worldwide.The deals...

RBS hires Capstar's Barbe to run French asset finance.
October 1, 2002... (From Financial News (Daily)) Royal Bank of Scotland (RBS) has recruited Jacques Barbe to head its asset finance business in France within the corporate banking and financial markets division.Barbe joins RBS from the Paris office of...

Clearstream to provide Creation online.
October 1, 2002... (From Financial News (Daily)) Clearstream International, the international settlement depository owned by Deutsche Borse, has made access to its '481m ($474m) settlement system available online.It will allow its clients - which include...

Horlick hires senior Lombard Odier manager.
October 1, 2002... (From Financial News (Daily)) Nicola Horlick's SG Asset Management (SGAM) has recruited Matthew Leeman from Lombard Odier, where he was a senior European portfolio manager and senior vice-president.Leeman used to manage $3bn ('3bn) at...

Glox to provide alternative access to Swiss bond exchange.
October 1, 2002... (From Financial News (Daily)) Glox, a German-based company which provides brokers with access to stock and bond exchanges, has become the first firm to offer a connection to SWX Eurobonds, the multi-dealer fixed income exchange based in...

In brief: Invesco/Northern Trust/State Street Corporation.
October 1, 2002... (From Financial News (Daily)) Invesco, part of the Amvescap Group, has promoted Bob Yerbury to the position of chief investment officer at Invesco UK, overseeing the investment strategy of both the institutional and retail businesses....

Permira buys Italian yacht maker for the second time.
October 1, 2002... (From Financial News (Daily)) Permira has re-acquired Ferretti, the Italian luxury yacht maker that it floated on the Milan stock exchange in 2000 at a market capital of '382m ($377m), and now values at '675m.The first time the European...

Six Continents retains SSSB for demerger.
October 1, 2002... (From Financial News (Daily)) Schroder Salomon Smith Barney (SSSB) is building on its long-standing relationship with Six Continents as sole financial adviser on the UK hospitality group's demerger and return of [pound]700m ('1.1bn) to...

Watson Wyatt warns funds against overcentralising.
October 1, 2002... (From Financial News (Daily)) Companies are in danger of overcentralising the management of their pension funds and should adopt a more flexible approach, according to Watson Wyatt Worldwide, the global investment consultancy.In a recent...

T Rowe Price to expand in Europe.
October 1, 2002... (From Financial News (Daily)) T Rowe Price, the US-based asset management firm, is considering boosting its Nordic presence by opening an office in Stockholm.The office is likely to open in the next six months, said Fleming Madsen, head of...

Goldman and SG set to benefit from Breton appointment.
October 1, 2002... (From Financial News (Daily)) Goldman Sachs and Societe Generale are set to benefit from the appointment of Thierry Breton, executive chairman of Thomson Multimedia, as the new chief executive officer of France Telecom.Both banks have...

BHP Billiton debut bond overcomes market volatility.
October 1, 2002... (From Financial News (Daily)) BHP Billiton, the world's largest diversified mining group, has defied turbulent conditions in the corporate bond markets to launch a debut benchmark bond that was oversubscribed and increased.BHP Billiton...

UK biotech venture capitalist raises [pounds sterling]2m in 15 months.
October 1, 2002... (From Financial News (Daily)) The second fund of Avlar Bioventures, the UK private equity firm that invests in early-stage biotechnology start-ups, has secured its first significant funding commitment for 15 months.The Cambridge-based firm...

Deutsche puts Springer stake on the block.
October 1, 2002... (From Financial News (Daily)) Deutsche Bank has taken the unusual step of selling off its huge '800m ($790m) stake in Axel Springer, the German publisher, through a live auction.The bank has advertised in the German financial press for...

EU Court denies delay in merger cases.
October 1, 2002... (From Financial News (Daily)) A European Court of First Instance official has denied that the Court is delaying judgements on two controversial merger cases that were vetoed by the European Commission.Dominique Marro, head of the court's...

FSA seeks to improve funding security for UK life assurers.
October 1, 2002... (From Financial News (Daily)) UK life insurance companies may have to reassess how their liabilities are calculated as part of an effort by the Financial Services Authority (FSA) to improve transparency and security in the industry.The FSA...

Banks sponsor African and Caribbean graduate careers fair.
October 1, 2002... (From Financial News (Daily)) Graduate hiring by investment banks is well down on last year, but several are continuing to sponsor an annual recruitment fair organized by the African and Caribbean Finance Forum (ACFF), which promotes the...

Goldman advises Getronics on '224m subsidiary sale.
October 1, 2002... (From Financial News (Daily)) Goldman Sachs has advised Getronics, the Dutch IT firm, on the sale of its subsidiary Getronics Government Solutions to private equity firm GTCR Golder Rauner for '224m ($221m).Private equity firms expect...

Thomson to distribute S&P independent research.
October 1, 2002... (From Financial News (Daily)) Standard & Poor's coverage of more than 1200 US stocks is now available through Thomson Financial's First Call Notes allowing research access to both financial services professionals and individual...

German corporate financiers still in demand.
October 1, 2002... (From Financial News (Daily)) A number of leading financial institutions including Merrill Lynch and UBS Warburg still feel 'underpowered' in Frankfurt, fuelling an intense demand for German investment bankers despite the downturn in the...

Telefonica CTC Chile sells stake in Sonda (Telefonica CTC Chile: venta del 25% a la informatica Sonda).
October 1, 2002... (From Expansion) Telefonica CTC Chile, the Chilean subsidiary of Spanish telecommunications group Telefonica, has sold a 25 per cent stake in Sonda, the Chilean IT services specialist, to its former owner, Andres Navarro, for $37.5m. ...

FCC starts airport handling operations in Brussels (FCC ya presta servicios de 'handling' en el aeropuerto de Bruselas).
October 1, 2002... (From Expansion) FCC, the Spanish construction and services group, is to start offering handling operations at Brussels's international airport today. The Spanish company has founded a Belgian subsidiary under the name of Belgian Ground...

Fundacion Cares employs 110 disabled people (CTC: "Hemos conseguido la verdadera integracion del personal discapacitado").
October 1, 2002... (From Expansion) Spanish foundation Fundacion Cares was set up in September 1999 by CTC Servicios Integrales, the Spanish outsourcing specialist, Cilsa, the Spanish logistics company, and social services specialist Ades. Ninety per cent...

Telemadrid is looking for new advertising options ("Cualquier rincon de la cadena es valido como soporte publicitario").
October 1, 2002... (From Expansion) Telemadrid, the state-owned Spanish television channel which broadcasts for the autonomous region of Madrid, intends to take advantage of its regional character this coming season and focus on documentaries and programmes...

Catalan government has plans to buy back Al-pi (La Generalitat negocia la recompra de la operadora Al-pi).
October 1, 2002... (From Expansion) The government of the Spanish autonomous region of Catalonia is holding negotiations for the acquisition of a 75 per cent stake in Al-pi, the Spanish telecommunications company which it used to own. Al-pi, which used to...

Fundacion Cares expands across Spain (Los nuevos proyectos de Cares).
October 1, 2002... (From Expansion) Fundacion Cares, the Spanish foundation which operates a major logistics centre in the autonomous region of Catalonia, employs 110 mentally or physically disabled people. By the end of 2002, the number will have risen to...

'Operacion Triunfo' and 'Big Brother' in Russia (Endemol/Telefonica/ORT: 'OT' y 'Gran Hermano' en Rusia).
October 1, 2002... (From Expansion) ORT, the Russian television channel, will broadcast two successful productions by Endemol, the Dutch television production company controlled by Spanish telecommunications group Telefonica. The Russian channel will...

Seur forecasts turnover of 446m euros (Seur: prevision de un 4% mas de facturacion).
October 1, 2002... (From Expansion) Seur, the Spanish express delivery company, forecasts a 4 per cent turnover increase to 446m euros for 2002. During the first six months of 2002, turnover rose by 3.8 per cent to 218.7m euros. Management had forecast...

Government to give telecommunications regulator more power (Comision del mercado de las telecomunicaciones: el Gobierno da mas poder al organo regulador).
October 1, 2002... (From Expansion) The Spanish government is preparing a new law which will give the country's telecommunications regulator greater power. The government intends to modify the first article of the country's telecommunications...

Consumer protection organisation complains about Koipe (Koipe: denuncia ante Defensa de la Competencia).
October 1, 2002... (From Expansion) OCU, Spain's consumer protection organisation, has filed an official complaint about Koipe, the Spanish cooking oil group, with Spain's anti-trust authority. The organisation claims that Koipe's decision to fix...

Strike by employees of Air Europa has little impact on flights to and from Barcelona (Air Europa: escasa incidencia de la huelga).
October 1, 2002... (From Expansion) Yesterday's strike by employees of Spanish airline Air Europa and Globalia had little impact on the airline's flights to and from Barcelona's international airport. Nearly all members of staff of the company's ticket...

SCH to sell investment funds of foreign financial services companies (Santander vendera con su marca fondos gestionados por entidades extranjeras).
October 1, 2002... (From Expansion) Santander Central Hispano (SCH), Spain's largest bank, intends to start selling investment funds of foreign financial services specialists. The bank, which is Spain's leading investment fund manager with a market share of...

Fiat sells stake in Europ Assistance (Fiat lascia Europ Assistance).
October 1, 2002... (From Il Sole 24 Ore) Italian auto group Fiat has sold its 40 per cent stake in Italian medical assistance group Europ Assistance to Italian insurance group Generali for 124m euros. Fiat will generate a net capital gain of 80m from the...

Amena asks government to review interest payments for UMTS (Amena paga nueve millones al ano en intereses por los avales).
October 1, 2002... (From Expansion) Mobile telephone operator Amena, part of Spanish telecommunications holding company Auna, has asked the Spanish government to review annual interest payments of 9m euros for guarantees as part of its acquisition of a UMTS...

This Month (October 2002): Time Waits For No Man, Not Even US Treasury Secretary Paul O'Neill - The Banker Calls For His Departure.
October 1, 2002... (From The Banker) Byline: STEPHEN TIMEWELL, EDITOR In a highly uncertain world, leadership is critical. In a financial world where one economy, the US, is dominant, financial leadership of that economy is of paramount importance. US...

Comment: O'Neill Has Blighted His Chances Of Success - Paul O'Neill's Outspoken Tendencies Could Damage An Already Fragile Market. It's Time He Went.
October 1, 2002... (From The Banker) This month, The Banker calls for the resignation of Paul O'Neill. Suggesting that the US Treasury Secretary, one of the most powerful politicians in the world, should quit is a very serious matter and not one we take...

Comment: US Cannot Be A Superpower Without Friends - Even The Most Powerful Nation On Earth Needs Its Allies.
October 1, 2002... (From The Banker) Losing Treasury Secretary Paul O'Neill is not all that needs to happen to put the current US administration on track. In short, a whole new strategy is needed. As the US builds up for a possible war with Iraq, unsupported...

Comment: Australia Lays Its Cards On The Table - Australia Proves There Is Nothing Sacrosanct About Visa And MasterCard.
October 1, 2002... (From The Banker) Interchange fees, those somewhat hidden but highly lucrative earnings that stem from the settling and sharing of merchant transaction fees among banking competitors, look set to cause major ructions in the card industry....

Comment: Vietnam Must Act Now Or The Window Of Opportunity Will Close - The Best Time To Issue Bonds Is When It Is Not Necessary For The Country Concerned.
October 1, 2002... (From The Banker) In a world beset by low growth and the haunting spectre of deflation, Vietnam stands out for its forecasted GDP growth of 5.3%, beaten only by China. The government is reaping the rewards of a business-friendly,...

Bracken: Debt Restructuring Plan Sparks Trouble - Emerging Market Creditors Are At Loggerheads With The IMF Over The Latter's Proposal To Overhaul Debt Restructuring.
October 1, 2002... (From The Banker) Emerging market debt traders and creditors are on the warpath. They are planning some intensive lobbying during this month's annual meeting of the IMF and World Bank, in Washington. The objective is to kill off the...

CSFI: Analyst Bias Worry Goes Further Than US - Concerns About Equity Analysts' Independence Are Rife On Both Sides Of The Atlantic, Andrew Hilton Discovers.
October 1, 2002... (From The Banker) Byline: ANDREW HILTON Is the furore over the independence of equity analysis just a US issue (Blodget, Grubman, Eliot Spitzer's obsession, the growing pressure on Citigroup's Sandy Weill, etc)? Or is it something that...

Fitch: Banks Get By With A Little Help From Their Friends - The Default Rate Is Low In The Banking Sector But The Level Of Support Is High.
October 1, 2002... (From The Banker) Banks in the developed world aren't on the endangered species list - yet. But a new study by Fitch Ratings of bank support in the developed world shows the extent of the efforts made to save them if they run into trouble....

The Banker Awards 2002.
October 1, 2002... (From The Banker) Bankers from over 65 countries gathered at The Dorchester Hotel in London on September 3 for The Banker Awards 2002, the highlight of the global banking calendar. The awards this year, sponsored by Misys, reflected the...

Viewpoint: Through The Looking Glass Into Deflation - DeAnne Julius Assesses The Risk Of Global Deflation As Quite High In Her Keynote Speech At The Banker Awards 2002 Dinner.
October 1, 2002... (From The Banker) Byline: DEANNE JULIUS As a former central banker, I know how finely attuned policy makers' antennae are to the earliest signs of inflation. Monetary policy works with a lag, so it is no good waiting until the signs...

Cover Feature: Time To Go - Just What A Fragile Global Economy Doesn't Need Is A Loose Cannon As A US Treasury Secretary. Yet After A Succession Of Gaffes That Have Sunk Markets And Offended Presidents, Paul O'Neill Remains Unrepentant. Now Is The Time Fo.
October 1, 2002... (From The Banker) Byline: SUZANNE MILLER If Paul O'Neill secretly pines for the good old days when he ruled US aluminium giant Alcoa with impunity, one can hardly blame him. In those days, nobody thought to question the wisdom of a...

IMF/World Bank: What To Do With Emerging Market Bankrupts - The IMF And The Private Sector Seem Poles Apart On How To Deal With The After-effects Of Emerging Market Crises. Anthony Rowley Reports From Washington DC Ahead Of This Year's IMF Meeting.
October 1, 2002... (From The Banker) Byline: ANTHONY ROWLEY The solemn calm of IMF headquarters in Washington DC has been disturbed recently by what, for this most sombre and aloof of institutions, is a lively debate about whether or not the world of...

IMF/World Bank: Jack Of All Trades, Master Of None - After A Wave Of Criticism Over World Bank Chief James Wolfensohn's Goals, The Demand Is For A More Focused And Efficient Institution.
October 1, 2002... (From The Banker) Show us the results and we'll show you the money. That is the nub of the message to be delivered to the World Bank management by leading shareholders, including the US and Japan, at this year's annual meeting in...

Emerging Markets IT: Herculean Task Will Reap Huge Rewards - Modernising Banks In The Emerging Markets Is An Enormous Undertaking But It Will Be Worth The Effort, Says Parveen Bansal.
October 1, 2002... (From The Banker) Byline: PARVEEN BANSAL Imagine modernising a bank that has 10,000 branches all with separate back offices and no connectivity between them. On top of this, the bank employs 200,000 staff but actually needs about a...

Karina's Kolumn: The PR Battle Won, It's Time For The Profit War - Karina Robinson Profiles Barclays' Chief Matt Barrett, Who Promised To Double The Bank's Economic Profit Every Four Years.
October 1, 2002... (From The Banker) Byline: KARINA ROBINSON, KARINA.ROBINSON@FT.COM Overpaid, oversexed and over here. That was the British soldier's complaint about the American GIs based in the UK during the Second World War. It was also the cry when...

Global News: IIF Forecasts Gloomy For Emerging Markets.
October 1, 2002... (From The Banker) Net private flows to emerging markets are forecast to slide further to $123bn this year, the lowest level since 1992. The Institute of International Finance (IIF), in its latest capital flows report, notes that the 2002...

Global News: Delayed CLS Goes Live.
October 1, 2002... (From The Banker) Almost two years delayed, the CLS Bank's continuous linked settlement service finally went live early in September following authorisation from the Board of Governors of the US Federal Reserve System. The launch marks the...

Global News: ECB Releases Standards Reports.
October 1, 2002... (From The Banker) The European Central Bank has released detailed reports, spelling out the often extensive reforms required in the banking systems of eastern and southern European countries to reach the standards required to join the...