2007

Features : Big Banks Eye Micro Market

SECTOR REPORT / MICROFINANCE Some of the world’s biggest banks are taking an interest in lending to some of the world’s smallest potential customers. After her husband died, Adija Msw was left destitute with an extended family of 12 to ...

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 sufficient funds are ...

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 ...

Features : The Benefits of Being Single

Banks and regulators are working together to cut the costs of cross-border payments in Europe. 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 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 reforms ...

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

Milestones : RZB builds presence in Russia

Russia 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 Russian ...

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

Newsmakers : State of the Nations

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

Features : Dealbreakers

Sharply increasing M&A; deal volumes mask some very real problems in the cross-border M&A; market. At first glance 2005 appears to have been a record year for worldwide M&A.; In the third quarter the volume of worldwide M&A; deals was ...

Newsmakers : Firms Fail to Follow the Money

United States/Europe 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 Europe ...

Features : Searching for Direction

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

Cover Story: Central Banker Report Cards 2005

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, for example, ...

Cover Story : 2005 World’s Best Banks

Annual Survey 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, ...

Newsmakers : IFAC Offers Lifeline for Beleaguered Accountants

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