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Papers and Presentations - S&P Downgrades 34 Italian Banks
UniCredit SpA (UCG), Intesa Sanpaolo SpA and Banca Monte dei Paschi di Siena SpA (BMPS) were among 34 Italian financial firms downgraded by Standard & Poor’s, after the credit-ratings firm reduced the nation’s grade last month.
UniCredit, Italy’s biggest bank, and No. 2 Intesa had their long-term ratings lowered to BBB+ from A, S&P said today in a statement. Monte dei Paschi, the No. 3 bank, was reduced to BBB from BBB+. All three have a negative outlook, S&P said.
- EPAM downsizes IPO to $12, prices below range-underwriter
EPAM Systems Inc sold fewer shares in its initial public offering of common stock at a lower price than expected, according to an underwriter.
- Malev Shuts as Euro Crisis Claims Second Airline
Malev Zrt. (MALEV), the state-owned Hungarian airline founded in 1946, ceased flying after the government withdrew financing, becoming the second victim of European austerity measures in a week after the collapse of Spanair SA.
Malev, which has debts of 60 billion forint ($270 million), halted flights at 6 a.m. local time, with police guarding its ticket booth at Budapest’s main Liszt Ferenc airport as hundreds of passengers milled around seeking to rebook or get a refund.
- India Says Asia Is Now The "Default Option" For Companies Seeking Fast Growth In The Global Economy
A Senior Indian Government Minister Tells Top Business Leaders at the Annual Confederation of Indian Industry-The Boston Consulting Group Meeting in Davos that India, China and the Other Big Economies in Asia Will "Script the Story of Economic Growth" Over the Next 10 Years
- HSBC sells Central American operations
HSBC Holdings plc agreed Tuesday, Jan. 24, to sell businesses in three Central American countries in the latest chapter of its worldwide retrenchment. Colombia's Banco Davivienda SA will pay HSBC $801 million in cash for its entire banking operations in Costa Rica, El Salvador and Honduras.
- EPAM Systems, Inc. Commences Initial Public Offering of Common Stock
Newtown, PA — January 24, 2012 – EPAM Systems, Inc. (the “Company”) today announced the launch of its initial public offering of 7,400,000 shares of common stock. Subject to market and other conditions, the Company expects to sell 1,517,647 shares of common stock and the selling stockholders expect to sell an aggregate of 5,882,353 shares of common stock.
- 2012 GDP forecast from IMF: US 1.8%, Euro Area -0.5%, UK 0.6%
h intensifying strains in the euro area weighing on the global outlook, the International Monetary Fund (IMF) has sharply cut its forecast for world growth this year, saying prospects have dimmed and risks to financial stability have increased.
- Moody's restores Indonesia investment-grade rating
Moody's Investors Service on Wednesday restored Indonesia's investment grade sovereign credit rating, weeks after a similar move by rival ratings agency Fitch.
- Why You Should Invest in Vietnam
Indonesia, which has been thought of as a great place to invest in the last year or so, is passé and the best opportunity in the region for 2012 is to invest is Vietnam.
- Lazard Gets Five Weeks to Find RBS Buyers
Lazard Ltd. (LAZ), the largest non-bank merger adviser, has been given five weeks to find a buyer for all or parts of Royal Bank of Scotland Group Plc (RBS)’s equities and advisory operations before managers start firing employees, according to three executives at the bank.
- Indonesia regains investment grade after 14 years
Indonesia has recovered the investment grade status for its sovereign debt at Fitch Ratings after 14 years, putting the country on the same level as India.
- Growth in Vietnam retail sector
Most investors know all about the headline-grabbing BRIC countries – Brazil, Russia, India and China. But there's a tendency to overlook the investment possibilities in smaller emerging nations. One such emerging market is Vietnam.
- Putting the “R” back in “BRICs”, by Michael O`Flynn
Numerous commentators and professional prognosticators have questioned Russia’s positionas one of the world’s leading emerging economies by suggesting the letter “R” be removed from the phrase “BRICs”. This acronym, originally conceived by Goldman Sachs economist Jim O’Neil, has for over a decade placed the Russian economy and stock market on par with the fast-growing countries of Brazil, India and China. It is my contention that Russia most certainly deserves to be regarded as one of the elite EM nations, in part due to shared characteristics with its BRIC peers, and in part due to its uniqueness.
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