The Banker back issues from May 2008:
Reaching The Parts That The Credit Crisis Cannot Reach...
May 01, 2008 ... Byline: BRIAN CAPLEN, EDITOR This month's issue of The Banker is full of articles about banks and countries unaffected by the subprime crisis. In reality, the countries and banks impacted are very few but they are large and Western, with a vociferous media in tow, so you could ...
An Easy Target In The Blame Game - Instead Of Asking Tough Questions About The Macroeconomy And Shareholder Pressure, People Are Blaming Bankers For The Credit Crisis.(Column)
May 01, 2008 ... Bankers are not popular at the best of times, but right now it is open season and any pundit with spare column inches - or blog space - to fill is taking a pot shot at them. They have been described variously as greedy and reckless and are being held up as the sole perpetrators of the ...
Inflation Casts Shadow On EBRD Meeting - Eastern Europe's Growth Spurt Looks Unsustainable In The Light Of Spiralling Inflation - A Glum Thought For The Kiev Gathering.(European Bank for Reconstruction and Development )
May 01, 2008 ... Eastern Europe is booming. The European Bank for Reconstruction and Development (EBRD) estimates a striking 7.8% growth rate for the Commonwealth of Independent States (CIS) in 2007, the best for years. But there may still be some glum faces when the economic policy-makers of ...
Reserves Must Be Handled With Care - Latin America Must Make Careful Investment Decisions To Avoid Wasting Reserve Accumulations On Misguided Projects, Warns Enrique Garcia.
May 01, 2008; ... Byline: ENRIQUE GARCIA Over the past decade, emerging economies experienced a fast-paced accumulation of foreign currency reserves. According to figures from the International Monetary Fund, developing economies held $5000bn in foreign assets in 2007 - about 80% of global ...
IIF Troubleshoots To Curb Crisis - The IIF Is Preparing A Report Recommending That The Financial Industry Increases Transparency And Improves Risk And Liquidity Management To Ride Out The Credit Crunch, Writes Rick Waugh.
May 01, 2008; ... Byline: RICK WAUGH A number of critical issues have converged on global financial markets to create the current crisis. Significant among the industry's woes are: compressed spreads; lax lending and underwriting standards; aggressive mortgage terms; unregulated mortgage ...
Main News - CIC And JC Flowers Sign Private Equity Fund Deal.
May 01, 2008 ... The China Investment Corporation (CIC), the country's $200bn sovereign fund, has signed a deal with JC Flowers to start a $4bn private equity fund to focus on investment in US financial assets. The deal negotiations started earlier this year and follow large, unprecedented ...
People - Paulson Leads Fund Manager Earnings List.(John Paulson)(Suzan Sabanci Dincer appointed in Akbank Tas)(Brief article)
May 01, 2008 ... Hedge fund manager John Paulson has come out on top in the list of the 100 top-earning fund managers, compiled by Trader Monthly magazine, with a record-breaking $3bn in earnings last year, according to reports. Big bank CEOs' loss was hedge fund managers' gain in the US subprime ...
Reports - IIF Interim Report Reviews Market Best Practices, While Standard & Poor's Report Looks At Small European Sovereigns.
May 01, 2008 ... IIF interim report Market best practices In response to the strains that originated from the deterioration of the US subprime mortgage market, the Washington- based Institute of International Finance (IIF), made up of 375 financial services firms from across the ...
Bottom Line - Morocco Loans Still Strong.(Brief article)
May 01, 2008 ... Moroccan banks have achieved strong growth in their loan books in recent years. Bank Al-Maghrib, the central bank, reports that total credit in the banking sector grew 17.7% to Dh327,357m ($38,708m) in 2006, the last complete year for which figures are available, following on 2005's 12.5% ...
Nestle Takes A Health Check - Nestle Chairman Peter Brabeck Tells Karina Robinson Why The Multi-national Company, Like Its Customers, Is Embarking On A Wellness And Nutrition Diet.
May 01, 2008 ... Byline: KARINA ROBINSON Like most women with an unhealthy chocolate addiction, a trip to the Vevey- based, lakeside headquarters of the world's largest chocolate manufacturer with its tempting array of Kit-Kats was a frightening prospect. But what was on offer was much wider ...
Booming Banks - The Popular Media Would Have The World Believe That Banks Are In Crisis. A Few Are, But Beyond The Headlines Lies A Different Story. Stephen Timewell, Charli Corbett, John Rumsey, Jules Stewart, Charles Smith And Oliver Balch.
May 01, 2008; ... Byline: STEPHEN TIMEWELL, CHARLIE CORBETT, JOHN RUMSEY, JULES STEWART, CHARLES Smith and Oliver Balch The markets are in disarray, mortgage holders are defaulting and banks are in crisis - that would be your understanding if you only relied on the newspapers and television as ...
Deals Of The Year 2008 - The Past 12 Months Have Been Turbulent For The Banking Sector. Despite The Consequences Of The Credit Crunch On Structured Credit Models And Transaction Flows, Both International And Local Banks Have Once Again Brought An Impressi.(Company overview)
May 01, 2008 ... Global Winner Netherlands The Deal - RBS, Fortis and Santander's i 1/271.1bn acquisition of ABN AMRO Merrill Lynch was exclusive financial adviser to the consortium (RBS, Fortis and Santander). The bidders' in-house teams also worked on the transaction; ...
Agenda - Rich Herman - As The Credit Crunch Continues To Bite, Rich Herman, Global Head Of Institutional Clients At Deutsche Bank, Tells Geraldine Lambe That Banks And Clients Alike Have To Morph To Fit The New Landscape. But The Crisis B.
May 01, 2008; ... Byline: GERALDINE LAMBE Deutsche Bank has fared pretty well in the market turmoil that has seen some European and US competitors suffer almost catastrophic subprime write-downs. Deutsche, by contrast, came through 2007 with a more manageable bill of i 1/21.6bn. No ...
European Issuers - The World Paper Chase - Market Unrest Has Helped Asian Investors To Buy AAA Rated Paper From Europe At Best-ever Prices, Yet There Is Growing Competition From Around The World, Reports Michael Marray.
May 01, 2008; ... Byline: MICHAEL MARRAY The global turbulence on credit markets has led to a flight to quality among Asian investors, who are demonstrating a strong appetite for AAA rated sovereign, government-backed and supranational paper from Europe. Some of these issuers are getting their ...
Team Of The Month - HSBC Pulls Off a,[logical not]1bn ING Debut Against Unpromising Backdrop - HSBC's Covered Bond Team Planned Its Winning Strategy For ING's Covered Bond Issue Around Confidence Building, And Gathered Interest In A Cautious Market Thr.
May 01, 2008; ... Byline: EDWARD RUSSELL-WALLING Just as the covered bond market thought it was staring into the abyss, along came ING with its debut issue. By successfully raising i 1/21bn - albeit at a price - it showed that benchmark deals can still be done, given a good story, a careful ...
Issuer Strategy - Rush Of Orders In A Tricky Market - A Desire For Liquidity Drove Wolters Kluwer To Issue A 10-year Bond Last Month In An Otherwise Barren Market. It Was Lapped Up By Investors, Edward Russell- Walling Reports.
May 01, 2008; ... Byline: EDWARD RUSSELL-WALLING The European public market for new, long-dated BBB paper has been a desert since before the present credit troubles began. The last issuers were BAT and Ericsson, back in June 2007. So the successful pricing of a 10-year bond by Wolters Kluwer last ...
Leveraged Loans - Testing Times For Rescue Packages - Borrower-friendly Loan Terms In 2006/07 Will Allow Embattled Companies To Postpone Debt Restructuring Despite Tough Conditions In 2008. But They Might Be Wiser To Engage Creditors Early,.
May 01, 2008; ... Byline: PHILIP ALEXANDER When the credit markets first started shutting down in mid-2007, much attention focused on large leveraged loans that leading global banks had been unable to syndicate. As the signs of economic slowdown multiplied, thoughts began to turn towards the ...
Structured Products - Still Popular In A Riskier World - Stock Market Turbulence Has Not Swayed High-net-worth Investors Away From Structured Products In Emerging Markets, Which Bring Them Excellent Returns, But They Are Being Forced To Adjust.
May 01, 2008; ... Byline: MICHAEL MARRAY In spite of the turbulence on global stock markets, many high-net-worth (HNW) private banking clients continue to be interested in buying structured products based on the medium-term performance of emerging markets equities. Over the past four ...
Structured Products - All Eyes On Asia - Structured Products Are One Of The Few Business Areas On Which Banks Still Have A Positive Outlook - And The Asian Side Of The Market Is The Busiest Of All. Natasha De Teran Reports On Developments In A.
May 01, 2008; ... Byline: NATASHA DE TERAN Asia had "a fantastic year", says Henry Pang, head of equities and derivatives for Asia, (excluding Japan) at BNP Paribas. "The bulk of activity was propelled by the wealth management sector, where there was strong demand for equity-based ...
Transaction Banking Takes On A New Lustre As Liquidity Dries Up - Transaction Banking Has Taken On A New Vitality As Banks Starved Of Traditional Sources Of Revenue By The Credit Crunch Hunt For A Steady Income Stream In A Volatile Market. Charl.
May 01, 2008; ... Byline: CHARLIE CORBETT The reputation of banks across the world has taken a hammering of late. Towering financial institutions, once seen as bastions of stability, have crumbled in the face of the most severe liquidity crisis in living memory. Bear Stearns' collapse and ...
RBS Reaches Out - Brian Stevenson, Head Of Global Transaction Services At RBS, Tells Charlie Corbett How The Bank's Global Footprint Has Received A Huge Boost From Its Acquisition Of ABN AMRO's Transaction Banking Business.(Brian Stevenson of Royal Bank of Scotland PLC)(ABN AMRO Bank N.V. (Amsterdam, Netherlands)
May 01, 2008; ... Byline: CHARLIE CORBETT The Royal Bank of Scotland-led purchase of ABN AMRO was a landmark transaction, not just in terms of its immense scale but in terms of how banks' attitudes towards transaction banking have changed. Most in the market agree that one of the primary ...
Cash Management Takes Centre Stage - In Times Of Financial Strife, Financial Institutions Look Towards Business Areas That Show Sturdy Growth Despite The Prevailing Conditions. Transaction Banking And, In Particular, Cash Management Is One Suc.
May 01, 2008 ... Q: What trends have you seen emerging in the cash management business over the past few years? There are several key trends that have emerged in cash management - and transaction banking more generally - over recent years. The most important issue I would point to is the ...
Hedge funds - Risk roles change in crisis fallout - The credit crunch has exposed flaws in the way that hedge funds transact with their prime brokers. Michelle Price reports on how the relationship will change going forward.
May 01, 2008; ... Byline: MICHELLE PRICE The collapse of a hedge fund is newsworthy but never has it been catastrophic for the wider economy. Even so, the traditional market consensus - that hedge funds are the riskier counterparty in the relationship between a hedge fund and its prime broker - ...
Derivatives Clearing - Competitive Clearing - Competition And Consolidation Among Exchanges, On Both Sides Of The Atlantic, Is Reshaping The Clearing Models For Exchange-traded Derivatives, Reports Frances Maguire.
May 01, 2008; ... Byline: FRANCES MAGUIRE As derivatives exchanges come under fire from bank-owned consortiums, similar to Project Turquoise in the equities market, the focus has momentarily turned away from trading platforms towards clearing in the derivatives market, as derivatives exchanges ...
Portugal - Shoring Up The Defences - Just As The Dust Was Settling On The Chaotic Attempted Takeover Of Banco BPI By Millennium BCP, The Global Credit Crunch Came Along. Peter Wise Reports On A Tumultuous 18 Months For Portugal's Banking S.
May 01, 2008; ... Byline: PETER WISE By the traditionally prudent standards of Portuguese banking, 2007 was a tumultuous year. After the collapse of a hostile i 1/25.32bn- takeover bid for smaller rival Banco BPI, Millennium BCP, the country's largest listed bank, was shaken by a series of bitter ...
Portugal - Portugal: The Ones To Watch - Peter Wise Reports On The Portuguese Firms That Are Making A Name For Themselves On The International Stage.(Energias de Portugal )
May 01, 2008; ... Portuguese companies were traditionally passive exporters. But as globalisation took hold and the domestic market became too small for the bigger firms, many groups have successfully internationalised. The best companies are using innovation, diversification and overseas investment to gain ...
Turkey - Politics Mars New Stability - Turkey's Banks Prepare To Navigate The Storm Of A Pending Global Economic Downturn, Buttressed By A Surge In Foreign Investment And A Strong Currency. Yet Political Uncertainties Cloud The Future, Wri.
May 01, 2008; ... Byline: METIN DEMIRSAR Turkey's banking system, bolstered by the elimination of weak financial institutions, an influx of foreign capital and a strong local currency, has been weathering the global economic slowdown relatively smoothly. But the nation's financial sector could ...
Finland - A State Of Immunity - Conservatism, Strong Deposit Bases And Past Consolidation Bode Well For Finland's Banks In The Global Credit Squeeze, Writes Robert Anderson.
May 01, 2008; ... Byline: ROBERT ANDERSON Finnish banks have ridden a strong boom since the country's banking crash in the early 1990s, and the global credit squeeze looks unlikely to change that. The earlier financial crisis may have immunised Finnish banks against the current global disease. ...
Romania - Positive Prospects In Play - BCR's Interim CEO Is Confident That The Bank's Transformation Will Allow It To Capitalise On The Opportunities Presented By One Of Europe's Fastest-growing Economies, He Tells Philip Alexand.(Dominic Bruynseels of Banca Comerciala Romana S.A.)(Company overview)
May 01, 2008; ... Byline: PHILIP ALEXANDER The Austrian interim CEO of Banca Comerciala Romania (BCR) has enjoyed his stay in south-east Europe. Manfred Wimmer extols the virtues of the Carpathian mountains and the Transylvanian plateau, and concludes: "When I retire from banking, I'll invest in ...
Ukraine - Italian Giant Leaps East - Italy's Leading Light In Eastern Europe, UniCredit Has Ambitious Plans After Buying Into One Of The Region's Most Dynamic Markets With Its Purchase Of Ukraine's Ukrsotsbank, Writes Philip Alex.
May 01, 2008; ... Byline: PHILIP ALEXANDER Political logjam and early elections last year did little to dampen foreign investor enthusiasm for Ukraine's fast-growing economy. Foreign direct investment (FDI) reached at least $8.3bn in 2007, a rise of more than 70% year-on-year, as gross domestic ...
Russia - Triumph During Adversity - UralSib Is Among The Lucky Few To Benefit From The Credit Crunch. Virtually Unreliant On International Financing, The Bank Has Stood Strong And Is Now Winning Custom From Rivals That Are Strugg.
May 01, 2008; ... Byline: BEN ARIS In the wake of the 1998 crisis, a handful of commercial banks stepped up to become market leaders simply because their larger competitors collapsed. Not UralSib. It emerged several years later, as the result of a series of unprecedented mergers, to become ...
Azerbaijan - Time To Seize Opportunities - Azerbaijan's Government Is Intensifying Efforts To Strengthen The Non-oil And Regional Economies Using Oil Revenues And Legislative Improvements. But Inflation Is A Growing Threat, Reports Philip Alex.
May 01, 2008; ... Byline: PHILIP ALEXANDER The evidence of Azerbaijan's oil boom extends far beyond gross domestic product (GDP) growth, which was estimated to be about 30% in 2007 - one of the highest rates in the world. The all-day gridlock of 4x4s on the city's broad boulevards is testimony to ...
Azerbaijan - Incomplete Revolution - Azerbaijan's Authorities Are Pushing Banks To Entrench Improved Performance By Adopting International Management Practices, Reports Philip Alexander.
May 01, 2008; ... Byline: PHILIP ALEXANDER If Azerbaijan's gross domestic product (GDP) growth is among the highest in the world, the growth in both loans and deposits has been even more spectacular in recent years. "For more than 30 years as an academic and working with the government, I have ...
Azerbaijan - Caucasus Calling - The Azerbaijan Government Is Keen To Use Its Geostrategic Location And Growing Resources Wealth To Establish Its Status As A Regional Hub, And The Financial Sector Is Eager To Play Its Part, Reports Philip Alexa.
May 01, 2008; ... Byline: PHILIP ALEXANDER The Baku-Tbilisi-Ceyhan (BTC) pipeline, which takes Azerbaijan's oil directly to European markets without running through Russian-controlled networks is already transforming the country's economic fortunes. For Heydar Babayev, Azerbaijan's minister for ...
Japan - Shackles Of A Behemoth - The Future Business Of Yucho Bank, The Unwieldy Beast That Emerged From The Privatisation Of Japan's Postal System, Is Unclear And It Faces Hostility From Private Players. Charles Smith Reports From Tokyo.
May 01, 2008 ... Byline: CHARLES SMITH "It will be the first and last project of this kind in the world," says Mitsuyoshi Okano, president of Suruga Bank, a medium-sized regional bank outside Tokyo that is famous for its innovative retail lending, including the first housing loans ever offered ...
Latam Private Wealth - Wealth Market Booms - Latin America, Especially Brazil And Mexico, Offers Huge Opportunities For Private Wealth Management As More Individuals Break Into The $1m Bracket. Jason Mitchell Reports From Buenos Aires.
May 01, 2008 ... Byline: JASON MITCHELL Vast wealth will continue to be generated in Latin America as long as commodity prices remain high, according to leading private bankers. The latest Merrill Lynch/Capgemini Annual World Wealth Report states that there were 371,000 high-net-worth ...
Bahrain - Hard Work For A Leading Player - Bahrain Faces A Difficult Task To Keep Ahead Of Its Rivals As The Leading Financial Centre Of The Middle East, But The Right Moves Could Pay Off. Stephen Timewell Reports From Bahrain.
May 01, 2008; ... Byline: STEPHEN TIMEWELL For more than three decades, Bahrain has played a leading role in the Gulf's financial development. As an offshore banking centre in the 1970s, Bahrain acted as the main conduit for the hordes of suitcase bankers streaming into Saudi Arabia and for ...
Bahrain - Good Show Of Profits - Stephen Timewell Looks At The Latest Performance Of Bahrain's Banks And Finds Them Relatively Unscathed By The US Crisis.
May 01, 2008 ... The debate over the competitiveness of financial centres is complex and multi-faceted but the actual performance of the institutions in those jurisdictions is quite another matter. In March, The City of London's Global Financial Centres Index recognised Bahrain as the world's ...
Lebanon - Depositors Drive Sector Growth - Despite The Political Pressure And Turmoil Of Not Having A President, Resilient Lebanese Banks Are Continuing Their Expansion Abroad, Writes Nadine Marroushi.
May 01, 2008; ... Byline: NADINE MARROUSHI Although shattered by conflict and undermined by an ongoing political crisis, Lebanon has some good news: the economy is still growing, with economists predicting 2.4% growth in 2008, up from an estimated 2% in 2007. Better still, the country's bigger ...
Private Equity - Huge Potential To Tap - The Allure Of Private Equity Might Have Faded In Developed Markets, But Africa Is Providing Golden Opportunities For Funds That Are Willing To Swallow A Bit More Risk. Charlie Corbett Reports.
May 01, 2008; ... Byline: CHARLIE CORBETT The 18th century satirist and poet Jonathan Swift once wrote: "So geographers, in Afric maps, With savage pictures fill their gaps, And o'er uninhabitable downs, Place elephants for want of towns." Mapmakers' ability to chart Africa has come a long way ...
Lateral Thinking And Agility Are Essential In A Changing World.
May 01, 2008 ... In many parts of the world, the global economy is being driven as much by trade in information, ideas and services, as by trade in physical goods. Organisations that were able to achieve success and predominance through sheer productivity and massive scale are now fewer and far between ....
Tech Vision - Toni Merschen - The Head Of MasterCard Worldwide's Chip Centre Of Excellence Talks To Michelle Price About How The Company Is Attempting To Combat Global Online Card Fraud Through Its Two-factor Authentication Model.
May 01, 2008; ... Few technological retail banking innovations have proved as spectacularly successful as the humble payment card. From London to Taiwan, the payment card has achieved a status that is both truly mass, and truly global. But the ubiquity of the payment card necessarily brings with it major ...
Crunch Time For Data Centres - The Amount Of Data That Financial Institutions Need To Store Is Constantly Increasing, With Knock-on Effects On Data Centre Capacity, Energy Use And Running Costs. Michelle Price Reports.
May 01, 2008; ... Byline: MICHELLE PRICE The data centre is the beating heart of all large, modern corporate IT infrastructures. Home to ever-increasingly powerful hardware, it is not only the place in which billions of transactions are processed daily, but it also serves as the organisation's ...
Shaping Tomorrow - The Patterns Of Human Nature - In The Financial Markets, There Seems To Be A Repeating Pattern Of Related Crises And Business Collapses Every Decade Or So. Could It Be Because Lessons Are Not Being Learned From Past Mistakes.(Column)
May 01, 2008; ... Byline: CHRIS SKINNER Have you noticed how regularly the booms and busts in the investment markets take place? 2007-08: the credit crunch and Societe Generale Kerviel crisis. 2002: Enron, Worldcom, Parmalat and split capital investment trusts crisis. ...
Reg Rage - US Banks Reeling From Regulatory Review - The Proposed Radical Shake-up Of Financial Regulation In The US Has Rattled The Banking Industry, Writes Michael Imeson.
May 01, 2008; ... Byline: MICHAEL IMESON What is it? The US Treasury Department is proposing an overhaul of the US financial regulation system. The blueprint for a Modernised Financial Regulatory Structure, released on March 31, is intended to strengthen consumer protection, improve ...
Financial Intelligence Guides - Exchanges - Foreword - A New Breed Of Exchange.
May 01, 2008; ... Byline: HERBIE SKEETE - MANAGING DIRECTOR, MONDO VISIONE The recent evolution of the world's exchanges is a story of dynamic transformation. Until the 1980s, exchanges would, in their essentials, have been recognisable to a merchant who was trading in the 14th century - the time ...
Financial Intelligence Guides - Exchanges - Healthy Competition - Regulators And Users Alike Are Working To Break Down The Barriers Between World Exchanges In A Fight To Open Up The Market And Reduce Costs, Writes Frances Maguire.
May 01, 2008; ... Byline: FRANCES MAGUIRE As commercial service providers, the world's securities exchanges are coming under fire from their regulators and their users, which are both trying to lower costs by creating a competitive level playing field. This is more keenly being played ...
Financial Intelligence Guides - Exchanges - Capital Market Considerations - There Are Many Factors To Consider When Evaluating Which Approach To Take To Establish Or Enhance Market Infrastructure. David Myers Considers The Role Of The Capital.
May 01, 2008; ... Byline: DAVID MYERS An international financial jurisdiction (IFJ) is a framework that is defined by regulatory, tax and legal factors. These factors combined with the overall strategy and the workforce or people behind it will determine the operating model and success of the ...
Financial Intelligence Guides - Exchanges - Malaysian Market Remains Resilient - The Malaysian Bourse's Keen Focus On Market Appeal And Its Diversity Of Investment Opportunities Put It In A Strong Position To Capitalise On Opportunities In The.
May 01, 2008 ... While 2007 was a tremendous record-breaking year for the Malaysian stock exchange, the market's performance at the start of the new year certainly set the scene for much more challenging months ahead. The vagaries of the global economic scene stemming from the rising crude oil prices, ...
Financial Intelligence Guides - Exchanges - The Benefits Of Vertical Integration - By Covering The Whole Value Chain Through An Integrated Business Model, Exchanges Can Benefit All Of Their Customer Groups From Issuers To Private Investors, Sa.
May 01, 2008 ... Byline: RAINER RIESS An integrated business model covering the initial public offering (IPO) market, a cash and a derivatives market, as well as clearing and settlement processes is a key success factor not only for the owners and managers of an exchange organisation, but also ...
Financial Intelligence Guides - Exchanges - Prime Location For Listing - Luxembourg's Profile As An International Finance Centre Has Seen Significant Growth In Recent Years, On The Back Of Its Increasing Focus On International Listings.
May 01, 2008; ... Byline: MICHEL MAQUIL In 1963, the first eurobond was listed on the Luxembourg Stock Exchange. Since then, Luxembourg has seen considerable growth not only in the listing of international issues but also of its reputation as an international financial centre. ...
Financial Intelligence Guides - Exchanges - Perfect Positioning - A Pragmatic Commercial Approach And Sensible Regulation Have Contributed To The Bermuda Stock Exchange's Development And Global Success.
May 01, 2008; ... Byline: GREG WOJCIECHOWSKI Bermuda is home to a thriving and dynamic offshore financial services industry. For many years, it has been the leader in creating and implementing business and regulatory models that have become the standard for other jurisdictions to follow. ...
Financial Intelligence Guides - Exchanges - Directory.(Directory)
May 01, 2008; ... Mondo Visione Mondo Visione is the leading source of insight and knowledge about the world's exchanges and trading venues. Since 1991, it has provided those who operate and invest in the global markets with fast, reliable information, delivered in print and online ....