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Claims that China is manipulating its currency are misguided - and dangerously skew the true nature of global imbalances
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New legislation is meant to lure foreign firms into Afghanistan to rebuild a shattered land. Yet for all the good prospects, it remains a daunting place to work
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Dangers of jobless masses widely ignored, warns ADB chief economist
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ADB chief Haruhiko Kuroda’s plans to reform the institution have come under fire from key members. Here, he fends off mounting criticism that the bank is straying from its core mission
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Despite unprecedented strides in recent years, Pakistan’s economy faces huge hurdles. If it is to progress further, the country needs to sort out its rural areas
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Police force set to outnumber ADB delegates as protesters gather to “bash” multilaterals
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Goldman Sachs in London has hired Laurent Bouaziz, head of the new products group at BNP Paribas. Bouaziz, responsible for structuring and pricing of new derivative investment products in London, joins Goldman as co-head of the micro structuring group with Patrick Street. Spokeswoman Rebecca Nelson said he will join as a managing director in July, reporting to the heads of structuring and trading. Bouaziz was on gardening leave and could not be reached. Shaun Wainstein, head of BNP Paribas' London equities and derivatives platform, did not return a message.
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Deutsche Bank has hired a new trader, John Fisher, v.p., from SunTrust.
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Credit investors are rushing to unwind long bond, short iTraxx Crossover positions because the play has flipped from a positive carry to negative. Traders say the combination of widening cash spreads and tightening synthetic spreads has reduced returns on the strategy and prompted the sell off. One London-based strategist noted the sell off has contributed to the sharp rally in iTraxx Crossover spreads, which have tightened around 40 basis points since Easter, to 224 bps on Monday.
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-- Elliot Ganz, general counsel for the Loan Syndications and Trading Association, referring to investors who bought Enron debt led by banks being sued by the company for fraud. A U.S. Bankruptcy Court has ruled to disallow those bankruptcy claims.