Asia corporates hesitate to hedge out interest rate risk

Banks are advising companies to protect themselves against an expected rise in interest rates. But with rates so low and the cost of swaps so high, does hedging really make sense?

Tightening times: The Fed is predicted to raise rates in 2015

There's a new captain at the helm of the world's most powerful financial institution. Janet Yellen was sworn in as chair of the US Federal Reserve at the start of February. Her arrival has coincided with a great deal of speculation about when short-term interest rates might rise.

The Fed has pledged to keep interest rates low during its current bond-buying programme, which will end by December 2014, but it is unclear how quickly they might rise afterwards. Following the first meeting of the Fed