The brownies are on Moorgate

Moorgate Communications passed an important landmark this month – our tenth anniversary. It was in October 2002 that Moorgate started work for its first client, Standard & Poor’s. Working from a shared office in Tabernacle Street (just north of Finsbury Square), Moorgate soon added Deutsche Bank to its client roster – two clients that we continue to happily serve to this day. Indeed, our aim of communicating our clients’ expertise through the execution of long-term thought leadership projects was born from working closely on these two accounts – and has remained a core part of our offering ever since. Happy anniversary Moorgate Communications!

 

PensionsFirst Capital offers comment on the bulk annuity market

Many believed that insurer Aviva’s decision early this year to withdraw from the pension £50m-plus bulk annuity market (which includes both buy-ins and buyouts), signalled the death knell for the market. However, contributing to a feature for Pensions Age magazine, PensionsFirst Capital CEO Hugo James disagrees, arguing that it innovation can overcome many of the barrier’s to the market’s success. He states that one of the reasons why the very large transactions aren’t happening is because from a shareholder value perspective, paying an insurer a premium to meet its 15% return on capital requirement is destroying shareholder value for sponsoring corporates that are achieving a lower return on their capital. For these corporates, it makes sense to put up their capital to capture the same return for their own shareholders.

To read the full article, please click here

Natixis explores the French labour market

The French labour market does not appear to react to changes in unemployment, the economic cycle, competitiveness and profitability for French companies – which is quite unusual when compared to other eurozone countries. In his latest column for FTSE Global Markets, Patrick Artus, chief economist at Natixis, analyses why the French labour market is indeed so particular, looking at four key variables: the presence of unions; the minimum wage; employees’ bargaining power; and the nature of wage negotiations.

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Natixis: Changing dynamics in the food and beverage sector

In a guest commentary for Real Deals, Graham Olive, head of acquisition and strategic finance for Northern Europe at Natixis, explores the developing dynamics in the global food and beverage sector. He argues that although the sector may not be as safe for investors as it once was – due in part to demographic/environmental pressures and increased transportation costs – acquisition multiples are holding up well. A number of supply-side drivers are ensuring an attractive deal pipeline, while there has also been a steady flow of Asian inward investment into the sector.

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Deutsche Bank: Transaction Banking in Changing Times

 

Deutsche Bank’s Satvinder Singh, Global Head of Trust & Securities Services and Cash Management for Financial Institutions, discusses the evolution of transaction banking, and how banks can continue to address their clients’ needs despite ongoing market challenges.

[youtube=http://youtu.be/SAJb7yF_jOU]

© FTSE Global Markets / Berlinguer Ltd, 2012

BNY Mellon to Provide Innovative Global Payments Platform

BNY Mellon recently announced a major initiative on the part of its Treasury Services to develop an Enterprise Payment Hub (EPH) for clients globally. Ultimately supporting all currencies, payment channels and geographic regions, the innovative platform’s design and technology will set new standards for speed and efficiency.

Our announcement saw coverage from FX-MM, Trade & Forfaiting Review, Trade Finance, gtnews, Global Trade Review and Treasury Management International (print edition), amongst others.

In his latest FX&MM commentary, Nordine Naam sees strength in the US dollar and uncertainty in the euro

Uncertainties over the European crisis and the extent of the slowdown in Chinese growth suggest the US dollar should be firm in the short-term. Furthermore, the imminent third quarter reporting season in the US is likely to fuel volatility in riskier assets, which in turn ought to bolster the greenback. Meanwhile, the EUR/USD could manage to rebound towards 1.34 if Spain asks for the EFSF, before retreating on the back of the bad macro and micro news-flow expected from the euro zone during October.

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Natixis’ Artus on debt ratios

In his latest FTSE Global Markets blog, Patrick Artus reveals the key drivers behind OECD countries’ high debt ratios, and discusses what can be done to bring them down. Among the many challenges facing OECD countries are a poor return on capital, rising interest rates on some government debt and much private sector debt, concern from borrowers about their default risks and income streams, plus the deterioration in levels of wealth held in property and equity markets. According to Artus, the only remaining hope for countries to redress their high debt rations is for an improvement in corporate profitability

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Commerzbank: confronting the challenges facing Islamic Finance

Islamic finance is one of the world’s fastest-growing asset classes. However, writing  in this month’s Cash & Trade,  Carsten Kayatz, senior product manager for financial institutions at Commerzbank , identifies a number of barriers that are currently preventing the sector reaching its full potential –   in particular the lack of a uniform set of rules and regulations for compliance.

To read the full article, please click here

 

 

Long Acre Life assesses whether pension buyouts are the best use of shareholder funds

The latest headline pension deficit figures, which suggest that the total defined benefit (DB) pension deficit of UK plc has more than doubled over the past year, provide yet more evidence that schemes are continuing to run extremely large, and unhedged, risks. Against this backdrop, de-risking DB pension schemes is now one of the most crucial challenges faced by scheme sponsors. In this article for Pensions World, Chairman of Long Acre Life, David Norgrove, suggests that the decision on whether it makes sense to use excess corporate cash to transact on a full pension buyout – where all liabilities are transferred over to an insurer – depends very much on the individual company and its alternative use of capital. That said, innovative approaches to pension buyouts may increase the appeal from a corporate finance perspective, with positive accounting implications to boot.

To read the full article, please click here