“Fear of floating” is alive and well among EM central banks says Global Head of Sovereigns, James McCormack, in his latest Global Perspectives commentary. — The recent strength of the US dollar, which is up about 3.5% in nominal effective terms since late January following a two-year depreciation, is causing investors to re-evaluate their emerging market (EM) exposures. Comparisons with the 1982 Mexican crisis and the 1997 Asian crisis are alarmist and overdone, but faith…

Revival of active currency policy may chime with Trump’s China objectives — By James McCormack News that Japan has overtaken China as the top foreign holder of U.S. Treasury securities comes perhaps fortuitously as the incoming Trump administration girds for potential confrontation on economic and trade issues with Beijing. The development could play into a coordinated initiative that might help with Japan’s extended deflation battle…

US Mobile Wallets Lack Strong Value Proposition — By Michael Taiano Despite growing sharply off of a low base in recent years, consumer adoption of mobile wallets in the U.S. has developed at a much slower pace than most industry experts would have predicted. According to MasterCard, nearly 85% of payment transactions globally are still made with cash, creating a significant…

Sin City’s moves beyond gaming ensuring a better hand — By Alex Bumahzny and Colin Mansfield Nearly half of Atlantic City’s resorts have closed in the past two years, a scene not altogether unlike the noted closures of the Las Vegas’ casinos of yesteryear like The Dunes and Sahara. Where the storyline differs, however, is in the fate awaiting that other casino resort city. …

“No running commentary” not sustainable for two years — By James McCormack The UK is on the verge of embarking on its biggest and most abrupt transition since the end of World War II with only a rudimentary public understanding of what it will entail. Nearly four months after the referendum confirmed a majority in favour of leaving the EU, there is…

‘Nothing to be done’ again for UK commercial property funds [post-Brexit] — By Alastair Sewell Vivian Mercier famously reviewed “Waiting for Godot” as the play in which “…nothing happens, twice.” We may well have just seen the very same effect in the UK commercial property fund market. Following on from the Brexit vote in June 2016 the vast majority of UK open-end commercial property funds…

Growth in African Sukuk Shows Positive Momentum, but Structural Challenges Remain — By Bashar Al Natoor Many African countries are working to develop their legislative and regulatory frameworks to establish Islamic finance and sukuk as a sustainable funding alternative. With Africa’s demand for infrastructure financing solutions and its significant Muslim population, such an opportunity might be well received.

New ‘Core Four’ emerges amid questions around Tiger’s return to the PGA — By Chad Lewis The Safeway Open, which begins Thursday and effectively kicks off the 2016–17 PGA TOUR season, was supposed to mark the return of one of golf’s most recognizable names, Tiger Woods. Tiger withdrew from the event on Monday citing vulnerabilities with his game. This reignites questions around Tiger’s…

Brexit may introduce new players to compete with the UK in Islamic Finance footrace — By Bashar Al Natoor September 2016 The UK has played a central role in growing the global footprint for Islamic finance over the past several years, with significant growth at the turn of the century when the Islamic Finance taskforce was established by the Government. Since the UK referendum in June and the decision…