More heat than light

Article Abstract:

Societe Generale and Paribas had sought to merge, while Banque Nationale de Paris (BNP) favored a rival scheme bringing together the three banks. The different schemes have been advertised in the French press, and there have been disputes over the advertising campaigns. BNP may only be partially successful, and this could prolong the takeover battle. If one of the banks decides against becoming involved it could become a takeover target, but it may also have advantages such as greater employee loyalty.

France

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Horrible truth revealed: the stockmarket has delivered a damning verdict on Japanese banks. But there is probably worse to come

Article Abstract:

Japanese bank stocks have been falling since Nov 1996, and are likely to keep falling. Shrinking equity is slowing the buildup of reserves against bad loans, bond-trading profits have dropped, new deregulation will reduce profit margins, and 'convertible preference shares' have been working against the banks.

Japan, Securities

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The difficult bit

Article Abstract:

Tax reforms, including a 17% value-added tax, are one economic reform that will increase the central government's ability to discipline the Chinese economy. Banking reforms and privatization of state-owned firms are also necessary.

China, Economic policy, Tax reform, Privatization, Privatization (Business), Tax policy

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