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 ...

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 ...

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 : 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 ...

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 : 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 ...

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 ...

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. 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 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 Exchange (NYMEX) estimated ...

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

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. From Google’s Internet auction-style initial public offering to the rise of private-equity ...

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

Milestones : Financial Leaders Call for Unified Regulation

Europe/United States 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 speech, ...

Emerging Markets : Companies To Watch: Oyak Group/Turkey

Pension Performer Coskun Ulusoy The Oyak (Ordu Yardimlasma Kurumu) Group, Turkey’s first and largest private pension fund, has built itself up to become the country’s third-largest industry conglomerate behind the family-owned Koc and Sabanci groups. Described by some observers as ...

Emerging Markets : Sovereign Bonds Find Favor

News In EU accession countries such as Turkey, eurobond sovereign order books are being met with strong investor interest. “The pull towards EU membership is going to make Turkey increasingly attractive,” says Martin Hibbert, managing director, Deutsche Bank. Turkey’s recent ...

Emerging Markets : Emerging Europe Market Activity Grows

DR News Cole-Fontayn Debt instruments such as convertible bonds and securitization are growing forms of investment in emerging markets, says Michael Cole-Fontayn, managing director, global issuer services, The Bank of New York. But, Cole-Fontayn says, depositary receipts are still the ...

Features : Europe’s Exchanges Poised for Power Struggle

Exchange Change Tension is running high in London’s financial district as two rival European exchanges make a play for the venerable London Stock Exchange. Given the publicity surrounding Deutsche Börse’s £1.35 billion bid for the London Stock Exchange (LSE), one ...

Milestones : Growth-Hungry Investors Chase the Wrong Markets

Global Investors looking for high stock market returns in rapidly growing economies such as China and India are likely to be disappointed, a new study has found. Based on equity return and dividend growth data from 17 markets spanning 105 ...

Milestones : Outsourcing Myths Dispelled

Global Outsourcing has gone in and out of fashion, with various studies debating the pros and cons of farming out business processes to a third-party provider. Yet a study commissioned by Accenture dispels some commonly held beliefs among finance directors ...

Features : Paperless Payment Processing Gains Popularity

Pushing Paper Aside Despite the long-acknowledged advantages of electronic processing of invoices and payments, companies have been slow to let go of paper. The Web is changing all that. For the past 20 years, technology vendors have tempted companies with ...

Features : Custodians Push Toward A New Frontier

Changes in clients’ needs are driving global custodians beyond their traditional roles Placido: "Margin pressure is forcing the closer integration of vanilla-execution and post-trade processing" For almost a decade consolidation and the drive to reduce costs has characterized the global ...

Features : Cards That Count The Costs

An increasing focus on corporate expenditure and on transparency is bringing a renewed focus on the potential benefits of corporate credit cards and purchasing cards. In sharp contrast to the consumer world, commercial cards are not necessarily equated with unbridled ...

2004

Features : A Matter Of Principles

Eighteen months ago a group of leading project finance banks adopted the Equator Principles. They are now under attack from critics who claim the banks were more interested in profits and PR than in principles. On June 4, 2003, 10 ...

Newsmakers : Ngos Boycott Ifc Policy Review

UNITED KINGDOM The IFC refutes claims that its review of environmental and social safeguard policies constitutes a watering down of current standards and that the consultation process is “deeply flawed.” In an effort to make its current safeguard policies, which ...

Milestones : Se Habla Español

The Americas Anyone who has called a US bank’s call center recently has heard the ever-popular command of “Press 1 for English, Press 2 for Spanish.” It seems banks have finally discovered the US Hispanic market. The 40 million Hispanics ...

Cover Story : World’s Best Companies List

NORTH AMERICA AIRLINES JETBLUE AIRWAYS CEO and Director: David Neeleman After gaining passenger loyalty in the US with its goal of “bringing humanity back to air travel,” JetBlue went international this year, adding flights to two Caribbean destinations. The airline ...