Almost a decade after Wall Street questioned the appeal of securities tied to economic growth that Argentina issued to extricate itself from a record $95 billion default, banks from Citigroup Inc. to Credit Suisse Group AG are doubting whether they can be valued at all.
Greek government bonds are worth buying at 61 cents on the dollar because European Union officials must agree a bailout package, said Eric Kraus, a strategist at Otkritie Financial Corp., a brokerage part-owned by Russia’s second-biggest bank.
Russia’s 12-year oil boom is nearing its peak, forcing the next president to decide whether to cut taxes and revive production or use the windfall from $100 oil to boost public spending and quell mounting unrest.
In a Muslim cemetery on a hill above Almaty, Kazakhstan’s largest city, a bronze bust of Erzhan Tatishev faces away from the headquarters of the bank he once led. It’s a fitting final gesture for BTA Bank JSC’s first chief executive officer, who died of a gunshot wound while hunting wolves near the Kyrgyzstan border in 2004.
Warrants tied to Argentina’s economy are posting the biggest gains this year on speculation President Cristina Fernandez de Kirchner’s increased spending before mid- term elections will bolster growth and ensure a payout for holders of the securities.
HSBC Holdings Plc is closing Hermitage Capital Management Ltd.’s flagship Russia fund just as its co-founder, William Browder, is being sued for libel in London and tried in absentia for tax evasion in Moscow.