2007

Features : Balancing Act

COUNTRY REPORT / BRAZIL     Buffeted by the shockwaves from the US subprime mortgage crisis, Brazil has to steer a steady course if it is to keep its economic development on track.     Buffeted by the shockwaves from ...

TCM Guide 2007 : Identity Solution

CORPORATE ID MANAGEMENT As corporate treasury systems become increasingly automated, businesses and their banking partners are devising innovative techniques to ensure only authorized personnel can make payments.   Wendel: In approximately 25% of cases, account signatories are wrong. Hans-Maarten van ...

Cover Story : Living On The Edge

CENTRAL AND EASTERN EUROPE   The EU’s newest members struggle to balance growth with stability.   Prague's stock exchange is one of many in the region that are attracting foreign investors. Despite recent political maneuverings by Russian president Vladimir Putin, ...

Milestones : London Takes The Lead For Commerce

Global     London: The "epicenter of world commerce" London is perhaps best known for major tourist attractions such as Buckingham Palace, Tower Bridge and Madame Tussaud’s, but now it has a new moniker as the epicenter of commerce globally, ...

Newsmakers : Corporate Fraud On The Rise Despite Sox

United states     Patrick Taylor: No "perfect solution" for fraud prevention Five years ago, in the wake of the Enron and WorldCom scandals, Sarbanes-Oxley (SOX) was enacted to prevent financial fraud. However, a recent survey of more than 80 ...

Features : Change Agents

CUSTODY & INVESTORS’ SERVICES Over the past three decades, the global custody and investors’ services industry has facilitated some of the most dramatic and far-reaching changes in the global financial services landscape. More than 30 years ago Chase Manhattan bank ...

Features : Open Access

FOCUS / TREASURY MANAGEMENT   On-demand software services are making increasingly sophisticated treasury management systems available to a much wider range of companies.     Atypical day in the life of a corporate treasurer entails managing the company’s cash, ensuring ...

Newsmakers : Mergers And Acquisitions: A Dangerous Game

EUROPE Derain: Accuracy is the secret With the pace of corporate M&A; showing no signs of abating, a study of more than 200 European deals in the past two years indicates that few mergers—just 9%, in fact—are deemed to be ...

Features : Bruised But Not Beaten

UKRAINE Amid the growing political turmoil in Ukraine, the country’s economy is proving remarkably resilient. When thousands of protesters took to the streets of Kiev, the Ukrainian capital, at the end of March, to outside observers it must have felt ...

Cover Story : Rising Stars

EM SPOTLIGHT - ASIA Dream town: The futuristic city of Shanghai symbolizes Chinas economic resurgence Throughout the 1980s and 1990s, foreign investors looked to the East for investment and higher growth opportunities. East Asia did not disappoint, with GDP in ...

Milestones : Exchange Chalks Up First Chinese Listing

GERMANY/CHINA Deutsche Börse Although shares in Chinese companies have been traded on the Börse before, this is the first time a Chinese company has listed on the Frankfurt exchange. Historically, most Asian companies sought listings on US exchanges, but for ...

Features : Best developed market banks

Global Finance unveils its annual list of the best banks in developed markets around the world The past year has been one of staggering growth for the world’s top developed market banks. And while profits and revenues are breaking records, ...

Features : Walking A Tightrope

COUNTRY REPORT / THE PHILIPPINES Shrugging off political uncertainty and a rising currency, the Philippine economy is enjoying steady growth. Plenty of pitfalls remain, however. Arroyo: Under pressure Philippine politics is rarely dull, and 2007 is likely to be no ...

Features : Breaking Out

FOCUS / INDIA INC. India’s biggest corporations are spreading their wings and becoming truly global organizations. Mittal Grandeur promises to be Mumbai's newest landmark. It is being built on the grounds of Taraporevala Mansion, a heritage structure. When he was ...

Newsmakers : New Book Sheds Light On Chinese Banking Industry

CHINA Kuhn: China welcomes scrutiny China has long attracted Western investors with its promise of newfound riches and a recently liberalized economy seeking foreign know-how and investment. Yet anyone who has done business in the country knows that, despite WTO ...

Newsmakers : Belarus Outlines Privatization Plans

BELARUS Nanda: Controlling spread of AIDS makes good business sense As relations continue to sour between Belarus and Russia, Belarus’s government has revealed that it wants to reduce its economic dependency on its closest neighbor. In a move that analysts ...

Newsmakers : Britain Seeks To Lead New Revolution

United Kingdom TUC head, Barber, helping to create a workplace revolution Just a century and a half after it spearheaded the Industrial Revolution, the United Kingdom claims to be at the forefront of another “revolution”—this time in the workplace—which it ...

Cover Story : The Chain Gang

As the use of letters of credit declines worldwide, banks are devising other ways to help companies manage their financial supply chains With global trade ballooning and companies looking for ever more efficient ways to fund and manage that trade, ...

Features : Custodians Carve Out a Global Footprint

The global custody and investor services industry is embarking on a new round of consolidation On December 4, 2006, when The Bank of New York announced it was merging with one of its major US competitors, Mellon Financial Corporation, to ...

Milestones : Ruble Becomes Full Settlement Currency

Russia Tessler:Wants better standards in Russian capital markets The international central security depositary (ICSD) Clearstream is the first to accept the Russian ruble as an eligible settlement currency. Following increasing demand from issuers and investment banks, the ruble became a ...

Milestones : Green Begets More Green

EUROPE Fox: Expects continued growth in “green” spending While Europe’s companies are commonly thought to lead the world in corporate social responsibility (CSR), many companies there are still proving slow to wake up to the benefits of behaving responsibly, a ...

Features : The Cost of Compliance

THE COST OF COMPLIANCE TALKING POINTS / REGULATION Stung by a barrage of complaints that its businesses are over-regulated, the US is considering amending the more controversial sections of Sarbanes-Oxley. When House Financial Services Committee chairman Michael Oxley and Senator ...

Milestones : Japan Takes Lead In Trade Finance Aid

GLOBAL Makoto Hosomi: Japanese companies will benefit, too Although the Doha round of world trade talks may have failed to achieve multilateral trade liberalization, it is fair to say that international trade flows have altered dramatically in the past decade ...

2006

Milestones : Companies Struggle To Manage Earnings Expectations

Global Narain: Transparency needed There has always been a kind of love/hate relationship between corporates and analysts. The leading FTSE companies are always happy when analysts talk up positive results and forecasts for their companies, but no one wants to ...

Newsmakers : Key Players With New Clout

NANCY PELOSI, a California liberal, is in line to become the first-ever female speaker of the House. President Bush invited her to lunch at the White House two days after the election. Pelosi has pledged to fight for legislation to ...

Newsmakers : Infosys tipped to take us market by storm

India / united states Infosys CEO Nandan M. Nilekani The first Indian company to trade on the Nasdaq in 1999, IT services company Infosys is expected to enter the elite Nasdaq 100 index when it issues 30 million ADRs. Bundeep ...

Features : Market Forces

TREASURY & CASH MANAGEMENT / LIQUIDITY MANAGEMENT Global banks are devising innovative solutions to help multinationals marshal their cash reserves. Deutsche Bank’s Lisa Rossi As globalization casts its net ever wider, the multinationals flocking to developing countries are finding themselves ...

Cover Story : 2006 World’s Best Banks

ANNUAL SURVEY/ WORLD’S BEST BANKS As the global economy continues to be challenged by rising interest rates and oil prices, banks are under increasing pressure to provide more sophisticated levels of service spanning multiple markets for less. The need to ...

Features : Business Continuity: The Show Must Go On

BUSINESS CONTINUITY The recent spate of terrorist attacks and natural disasters has rammed home for businesses the importance of planning for the unthinkable. David Gilpin: “Working from home is the ultimate business continuity solution” Companies have long been aware of ...

Milestones: Ethical Stocks Are Winning Over Fund Managers

EUROPE Wind farms: Investors seek alternatives Once upon a time, tobacco, oil and consumer-goods companies were staple stocks in most investment managers’ portfolios. That has not changed, but when one of the United Kingdom’s largest fund managers, with £107 billion ...

TCM Guide : Crossing Boundaries

Trade Finance Evolving electronic systems are blurring the lines between trade finance and cash management. David Conroy, Citigroup: Buyers are concerned with the financial viability of their suppliers head, Citigroup International trade is almost as old as mankind itself, and ...

Cover Story : Power Struggle

Reducing Consumption Most large corporations place huge demands on the world’s energy resources. New technology, however, is providing them with multiple ways to cut their power needs. In these times of heightened environmental awareness, it is not uncommon to hear ...

Milestones : Peer Pressure Rises For Compensation Regulation

United States A recent survey has shown that senior financial executives are surprisingly eager to see more disclosure of the details of executives’ compensation. Despite the fact that heightened corporate governance and financial transparency are throwing increasingly more light on ...

Milestones : Islamic Funds Flex Their Newfound Muscle

Middle East/bric New horizons: Islamic investors branch out In the wake of September 11, 2001, many Middle Eastern investors pulled their money from Western markets and began looking for sound investments closer to home. At the same time, the region ...

TCM Guide : Wired Payments

Electronic Invoicing Electronic invoicing offers benefits to both suppliers and their customers, but a lack of international standards is hindering its adoption. In Lapland, inclement weather conditions means that a journey to the post office, be it by a team ...

TCM Guide : Treasury & Cash Management Guide 2006

As multinational corporations expand their global footprint into new markets, they are confronting a range of issues—be it demands on liquidity and working capital, risk management or sourcing effective trade financing. In this our second annual Treasury & Cash Management ...

Milestones : Investors Say It Pays To Be Green

United States Risky business: Investors want transparency Agroup of heavyweight US institutional investors have upped the ante over public companies’ failure to disclose the financial risks of global warming. More than 25 investors responsible for $1 trillion in assets called ...