Pitfalls on the rocky road to West

Article Abstract:

The Hungarian government has introduced several measures in 1995 to expedite foreign investments in the country. For one, it devalued the forint by 9% to increase export demand and raised import duties by 8% on all products, except capital equipment and energy, to control imports. Moreover, the administration implemented budget cuts to diminish the budget deficit by 50 billion forints in 1995. In addition, Prime Min. Gyula Horn fired Trade and Industry Min. Laszlo Pal who is a staunch supporter of trade unions and a critic of majority foreign ownership of utilities. He was replaced by Imre Dunai who is seen as pro-privatization. Privatization is expected to start after the privatization law takes effect in June 1995. Public contracts have already been opened to Western entities. These moves are predicted to bring in the long-awaited western capital into Hungary.

Foreign investments, Cover Story, Economic policy, Hungary

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The pain and the glory

Article Abstract:

Citibank can be considered as the most global bank in the world. The bank, which operates in 98 countries, started opening units abroad in the early 1900s when it was prevented from launching US branches outside of New York. Unlike other multinational banks, Citibank attempts to function like a local bank in every country instead of operating as branches of its head office. An official insists that the bank employs a low-risk strategy despite the high returns that it has been achieving and is confident that it will ride out the current Asian economic crisis, refusing to consider closing operations in the troubled continent. The company has been restructuring its organization in response to increased competition. It has embraced a more centralized approach to management and plans to reduce personnel in different countries.

Commercial Banks, Intnl Banking Services, International Trade Financing, Banking industry, Management, Foreign operations, Citibank N.A. (New York, New York), International banking

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