2007

Features : Best developed market banks

Global Finance unveils its annual list of the best banks in developed markets around the world


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The past year has been one of staggering growth for the world’s top developed market banks. And while profits and revenues are breaking ...

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.


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Arroyo: Under pressure

Philippine politics is rarely dull, and 2007 is likely to be no different ...

Features : Breaking Out

FOCUS / INDIA INC.

India’s biggest corporations are spreading their wings and becoming truly global organizations.


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Mittal Grandeur promises to be Mumbai's newest landmark. It is being built on the grounds of Taraporevala Mansion, a heritage structure.

When he ...

Newsmakers : New Book Sheds Light On Chinese Banking Industry

CHINA

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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


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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 ...

Newsmakers : Britain Seeks To Lead New Revolution

United Kingdom

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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 ...

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

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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 ...

Milestones : Green Begets More Green

EUROPE

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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 ...

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.


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When House Financial Services Committee chairman Michael Oxley and Senator Paul ...

Milestones : Japan Takes Lead In Trade Finance Aid

GLOBAL

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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

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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 ...

Newsmakers : Key Players With New Clout

newsmaker_04_big 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

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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 Rangar ...

Features : Market Forces

TREASURY & CASH MANAGEMENT / LIQUIDITY MANAGEMENT
Global banks are devising innovative solutions to help multinationals marshal their cash reserves.


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Deutsche Bank’s Lisa
Rossi

As globalization casts its net ever wider, the multinationals flocking to developing countries are finding themselves enmeshed ...

Cover Story : 2006 World’s Best Banks

ANNUAL SURVEY/ WORLD’S BEST BANKS

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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 ...

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.

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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


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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 ...

TCM Guide : Crossing Boundaries

Trade Finance

Evolving electronic systems are blurring the lines between trade finance and cash management.


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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 ...

Milestones : Peer Pressure Rises For Compensation Regulation

United States

milestones2_big 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 ...

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 ...

Milestones : Islamic Funds Flex Their Newfound Muscle

Middle East/bric

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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 ...

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


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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 ...

Features : The Benefits of Being Single

Banks and regulators are working together to cut the costs of cross-border payments in Europe.
fe_bestinveBig Since its inception, the European single currency has been fraught with economic and political problems, with some countries threatening to pull out of the euro ...

Milestones : Delayed decision highlights doubts about EU enlargement

EMERGING EUROPE/EU

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Stelzeneder: Difficult times ahead

There will be difficult times ahead for southern European countries wanting to join the EU, according to Martin Stelzeneder, an analyst with RZB in Vienna. “The southeastern countries still have a lot of ...

Features : The Best Emerging Market Banks 2006

In our 13th annual survey of top banking performers in emerging markets, we name those banks that are turning in the best performance for both their shareholders
and their customers.

img022 Emerging markets continue to present both opportunities and challenges for ...

Features : World’s Best Treasury Providers

Global Finance selects the best treasury and cash management banks, globally and by region, and the best providers of treasury management systems and services by category.

006 With companies casting their nets further afield for growth opportunities, there is increasing pressure ...

Milestones : RZB builds presence in Russia

Russia


020 Raiffeisen International’s expansion strategy in CEE stepped up a gear in February with its acquisition of Russian retail bank Impexbank for $550 million, making it the largest foreign-owned banking group in Russia. Impexbank, which is owned by seven ...

Features : The Need to Be Different

As their customers’ needs become ever more complex, custodians are finding themselves providing services that are far beyond their traditional realm.


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Alan Greene, State Street: “Custody has become fairly broad and is not just clearing and settlement”

The custody business ...

Features : Enterprising Solutions

Software giants are developing new financing techniques in an attempt to provide smaller companies with access to their high-end systems.


feart01a With enterprise application software costing anywhere from €500,000 to €2 million to implement, financing IT is a bit like ...

Newsmakers : State of the Nations

EUROPE


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Simon Zadek

Companies may be under pressure from regulators and consumers to be more socially responsible, but now a new Responsible Competitiveness Index (RCI) demonstrates the link between the state of corporate responsibility and national

competitiveness.

The RCI forms ...

2005

Features : Treasury and Cash Management Comes Back To the Core

Increasingly, global businesses are recognizing the benefits they can gain from centralizing their treasury and liquidity management. Setting up suitable systems to achieve that goal, however, is far from simple.


feart03a As the world’s biggest companies spread their operations ever ...

Features : Dealbreakers

Sharply increasing M&A; deal volumes mask some very real problems in the cross-border M&A; market.

feart04a At first glance 2005 appears to have been a record year for worldwide M&A.; In the third quarter the volume of worldwide ...

Newsmakers : Firms Fail to Follow the Money

United States/Europe


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John Gibbons

With interest rates on an upward trajectory and the credit cycle reaching maturity, it may come as a surprise to discover that there is an estimated $1 trillion in trapped capital between the US and ...

Features : Searching for Direction

Despite recent setbacks, France is still working hard to push through social and economic reforms.


feart02a With the French saying “non” to the EU constitution earlier this year and the outcome of the German election sending mixed messages about the public ...

Cover Story : 2005 World’s Best Banks

Annual Survey

csart01 The biggest banks in the world have performed like well-oiled money-creating machines this year, generating billions of dollars of profits on a quarterly basis. The risks to the global economy from rising oil prices and interest rates, however ...

Cover Story: Central Banker Report Cards 2005

csart04a After enjoying a couple of relatively peaceful years, the world’s central bankers suddenly found themselves with a lot more work on their hands. Over the past year they’ve faced some unexpected challenges. Few central bankers would have predicted ...

Newsmakers : IFAC Offers Lifeline for Beleaguered Accountants

New York

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IFAC president Graham Ward

Executives who are still bogged down in Sarbanes-Oxley and IFRS compliance are probably thinking the regulators and the world of accountancy professionals have said all they need to say on transparency and accountability of ...

Features : Vying for a Share of the Islamic Finance Market

Players Vie for a Prime Slice of a Promising Market
Global and local banks are jostling for position in a rapidly growing and potentially lucrative market.

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Islamic banking is more than 20 years old, but the terrorist attacks on the ...

Features : The Beginning Of The End Game

Countries that have failed to reform their labor markets will soon find they have no choice but to bite the bullet.


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One only has to look at the newspaper headlines splashed across the business pages of European newspapers these days ...

Newsmakers : Middle East Looks To Energy Futures

Middle East/United States

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NYMEX’s Steinhause

The Middle East has taken formative steps toward the establishment of the region’s first energy futures exchange with the announcement of a joint venture between Dubai Holding and the New York Mercantile ...

Features : Regional Focus: ASEAN

Asean Countries Find Joy in Unity
South East Asia’s regional trade alliance is looking for ways to promote intra-regional cooperation without reducing its members’ competitiveness.


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Global trading volumes have skyrocketed in the past 50 years since the World Trade ...

Features : Money Magnet

Dubai’s international financial exchange, due to open in September, aims to provide a much-needed arena for drawing in international capital.

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DIFX’s Schubert: “Particularly in the area of corporate governance, companies understand what they need to change”

The states ...

Features : Best Investment Banks

In the 12th annual Global Finance survey of the world’s best emerging market banks, we honor those banks that consistently provide excellent service and security in often-tumultuous markets.


feart06a From Google’s Internet auction-style initial public offering to the rise ...

Milestones : Financial Leaders Call for Unified Regulation

Europe/United States

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Paul Druckman

With companies on both sides of the Atlantic contemplating a raft of regulatory measures around financial accounting, leading European commentators called on European and US regulators to seek a “common international approach.”

In a damning ...