Word: pittsburgh
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...getting much love these days, except from one small but powerful group: deep-pocketed institutional traders, who are piling into dollars with ever greater enthusiasm because it is so weak and cheap to borrow. "Dollar borrowing picked up steam after the G-20 summit {that ended in Pittsburgh on September 25} when traders concluded that interest rates in the U.S. were going to stay low for a long time," says Mark Matthews, chief Asia strategist for Fox-Pitt Kelton Securities. Adds Olivier Desbarres, a currency strategist for Asia with Credit Suisse: "Hedge funds, pension funds, and the trading desks...
...some ways, HSBC is simply reacting to global trends and economic realities. HSBC's announcement coincided with the G-20 summit in Pittsburgh, during which it was decided that the group, which includes developing giants like China and India, would replace the West-dominated G-8 as the top coordinating forum for the world economy. While the U.S. and U.K. struggle to recover from the worst recession since the 1930s, Asia's economies, led by a resurgent China, are emerging from the downturn much more quickly, presenting more enticing business opportunities for HSBC and other global banks. HSBC's decision...
...After months of behind-the-scenes debate, these issues will be the elephants in the room at the G-20 summit meeting of major economic powers due to take place in Pittsburgh, Pa., on Sept. 24-25. Diplomats and analysts say that a growing convergence among nations on the technical details surrounding greater industry oversight may paper over a divisive philosophical gulf. The U.S. and Britain, with their instinctive support and dependence on free-market finance, are increasingly at odds with France and Germany, who are more skeptical about the benefits of unfettered capitalism and hope to win votes...
...world leaders take stock in Pittsburgh, there'll be a plethora of issues on the table aimed at making the world's finances more stable, transparent and resilient. Here's TIME's guide to four of the initiatives deemed most important to this effort...
...Andreas Schmitz, head of the Association of German Banks, says "it's not up to the state to decide what banks pay their employees or managers." But like other issues on the table in Pittsburgh, this is a battle bankers are likely to lose. In a speech on Wall Street on Sept. 14, the anniversary of the failure of Lehman Brothers, President Barack Obama warned the banking industry not to fight reform. "We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only...