Reporting Archive

Mar 01, 1996
Ken Lopian, senior vice president at Bank of New York, says no fewer than ten Russian level I ADRs are in the depositary's pipeline for 1996, with Hungarian and Czech companies also testing the waters. Last year saw Russian utility Mosenegro raise $22.5 mn through a privately placed ADR structured by BoNY. Lukoil, an oil firm, followed with the first level I ADR out of Russia. Metals group Norilsk Nickel, which will likely be the first in line for an ADR...
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Dec 01, 1995
Until about ten years ago - when the word crest still meant the curly foaming ridge at the top of a wave - share registers were about as important to captains of UK industry as passenger lists were to captains of trans-Atlantic liners. It was important to know who was on board as the ship set sail, and which passengers should be placed at the captain's table, but otherwise it was a document of little interest. It was produced for ritual lifeboat drills and other set ...
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Nov 01, 1995
In the womb, the human embryo recapitulates the stages of evolution, developing and shedding gills and tails. In the same way, the journey along the new privately built toll superhighway between Hong Kong and Guanchou is a recapitulation of the evolution of modern economies. It begins in the post-industrial Hong Kong, travels through the High Tech Shenzhen Special Economic Zone and on to neo-rust belt Guangchou. The cranes and building sites sprouting along the route...
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Oct 01, 1995
Ecuador is on hardly anyone's radar screen. Perhaps it should be. This country, bypassed by the train of economic liberalisation that has swept through much of Latin America, is the last Latin market to 'emerge'. Recently, the central bank has been sponsoring investment and promotion conferences in the US. Sponsored supplements have also been placed in financial trade magazines and newspapers. Ecuador has a couple of DR programmes (with Citibank) and, when the...
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Sep 01, 1995
Canadian IR may still be at a formative stage but its underlying growth is easily exceeding expectations. Indeed, the Canadian Investor Relations Institute (Ciri) now boasts more members - over 300 - than its UK counterpart, making it second only to Niri. A core of exceptionally well-versed senior IROs forms the nucleus of the community in Canada, but there are also many newcomers on the scene, trying to climb the learning curve as fast as possible. Ciri surve...
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Sep 01, 1995
The elegant pile of whitewashed colonial architecture which houses the Casablanca Stock Exchange (CSE) appears to have been designed to shield its inmates from the dangers of the Boulevard Mohammed V outside, rather than to bother them with any immediate threat of future enrichment. Beyond the circular lobby, the flavour is more of a gentleman's club than of Africa's second largest bourse (after Johannesburg). Until recently, mutual funds were an unknown conce...
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Jul 01, 1995
Lunching in a brasserie in the Galerie de la Reine in Brussels reminded me of an incontrovertible fact: beer brewed by Trappist monks does not induce silence - at least not at first. I was trying to talk about progress with the development of a pan-European system for securities trading. But the conversations going on at tables all around me rose in volume as the brothers' lethal brew or other equally potent beverages did their work. As a result, rational discussion ...
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Jun 01, 1995
Steve Wunsch, CEO of the upstart Arizona Stock Exchange (AZX), likens the spectrum of trading alternatives facing investors to a choice of restaurants. The fare at Nasdaq boasts depth, speed and liquidity at a rather high price; the crossing networks' black bargain boxes offer low transaction costs and sizeable deals, but entail a wait and a degree of uncertainty about what will turn up on the plate; and the traditional exchanges go on serving a reliable meal of meat...
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