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Parmalat focus: Tragedy or farce?

Corporate Europe has been gripped by a scandal that has led to the downfall of one of Italy's largest and most established companies – dairy producer Parmalat. Bondholders don't know whether to laugh or cry at the size of the fraud.

NAB names new chairman

National Australia Bank (NAB) has appointed Graham Kraehe as chairman following the resignation of Charles Allen from the bank. The move comes just over a month after the bank announced that it was set to lose an initial estimate of A$180 million from…

Blewitt to head BoA’s structured product sales

Bank of America has promoted Dik Blewitt to head of structured sales, reporting to Mike McLaughlin, head of global structured products at the US bank and Bob Johnson, head of asset securitisation and investment-grade sales.

IASB to create advisory group

The International Accounting Standards Board (IASB) is investigating the establishment of an advisory forum, following comments from euro official Frits Bolkestein last month that standards for the treatment of derivatives are still unsuitable for…

Bracing for Basel

When international banking supervisors met in Basel, Switzerland in 1999 to propose a new framework for capital adequacy, they set in motion the biggest shake-up of the decade as to how banks measure risk and allocate capital. The new proposals, called…

Morgan Stanley forex co-head retires

Morgan Stanley has made Philip Newcomb sole global head of foreign exchange, following the retirement of Peter Murray at the end of January, reports Risknews ' sister publication FX Week . Murray, who was based in London, and Newcomb, based in New York,…

IASB to create advisory group

The International Accounting Standards Board (IASB) is investigating the establishment of an advisory forum, following comments from euro official Frits Bolkestein last month that standards for the treatment of derivatives are still unsuitable for…

EU transparency: Lost in translation

Many credit market participants agree that a single European financial services market would be good for all concerned. But there is widespread doubt over whether the EU is the right architect for the project.

BoA promotes veteran to head of forex

Bank of America (BoA) has filled the role of head of global foreign exchange with the internal promotion of Christiane Mandell. Based in New York, she will keep this role for the enlarged bank following the forthcoming merger with FleetBoston Financial.

UKFSA issues fraud paper

The UK’s Financial Services Authority (FSA) published a discussion paper in mid-December entitled DP26: Developing our policy on fraud and dishonesty.

DrKW appoints head of hybrid capital

Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Dresdner Bank, has appointed Mark Woolley from Goldman Sachs as head of hybrid capital.

SG bolsters European credit business

SG, the investment banking arm of French bank Société Générale, has appointed Michel Granchi as director of credit sales. He will be responsible for developing the bank’s hedge fund business.

CAI & CL chiefs share top posts

Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) executives will share the management of foreign exchange after the two banks’ merger on April 30, reports Risknews ' sister publication FX Week .

Joint Forum hires new chairman

Gay Huey Evans, director of markets at the UK’s Financial Services Authority, has been chosen to take over the role of chairman of the Joint Forum, a group of experts set up to deal with issues common to the banking, securities and insurance sectors…

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