Article Abstract:
Financial experts in Southeast Asia are changing their view of foreign investment banks, particularly US banks. They have regarded them in the past as helping them to liberate their markets, but they are now beginning to perceive them as exploiters. The feeling became particularly acute in connection with the currency problems in Thailand, which was viewed as being caused by outsiders. However, if the countries want foreign investment they will have to accept foreign banks, despite the fact that some gains will go overseas.
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Article Abstract:
Guan Jinsheng's meteoric career and fall from grace epitomize the potential and poblems of China's stockmarkets. In an effort to build a Chinese version of Japan's Nomura Securities, he created Shanghai Intl Securities, or Sisco, and made it the country's biggest secrities house. Following a scandal in Feb, in which Sisco went short on a futures contract and lost $120 million, he vanished from sight, and is reputedly under house arrest. The affair sends deeply discouraging signs about China's handling of such markets.
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Article Abstract:
Japan's gloomy securities industry lost record amounts of money in 1994 and seems poised to do even worse in the current year. Three of the four largest firms took their largest pre-tax losses ever, as did all 10 of the second-tier brokers, losing up to 40% of shareholder equity. Many would be worse off without income from their capital base, though secondary businesses such as real estate also drag down their balance sheets. Optimism reigns, however, and few companies have truly slashed expenses or forecasts.
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