2005

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 ...

Features : Check 21 Pushes Paper Checks Closer To Oblivion

New legislation paves the way for the elimination of the 40 billion checks in circulation in the US today. It has been likened to the stampede that surrounded Y2K as banks invested millions preparing their computer systems to counteract the ...

Cover Story : World’s Best Banks

THE WORLD’S BEST GLOBAL BANKS A growing global economy made it some-what easier to be a banker in the past 12 months, as credit risks generally de-clined and de-mand for bank-ing services was brisk. The skills of the world’s bankers ...

Milestones : Low Productivity Costs The British Economy Billions

United Kingdom Perceptions of the UK’s international competitiveness have suffered a blow with studies indicating that low productivity is costing the economy £87 billion annually. According to a study conducted by Proudfoot Consulting, the banking and finance industry is among ...

Newsmakers : Hedge funds under increasing scrutiny

United States An SEC proposal to register hedge fund advisers has received a mixed response, with some welcoming it as long overdue and others saying it could impose a regulatory burden that would mean the SEC was less able to ...

Newsmakers : Companies told to pull their sox up

EUROPE Lewis:“Producing correct numbers may be impossible” with the first Sarbanes-Oxley (SOX) deadline imminent, analysts and systems vendors paint a picture of companies struggling to comply with regulators’ requirements for higher levels of visibility and transparency into company financials. SOX, ...

Milestones : British Banks Take Flak Over Equator Principles

UNITED KINGDOM Down the tubes: Banks find principles are tough to apply Just one year after signing on to the Equator Principles, the UK’s Royal Bank of Scotland (RBS) has found itself at the center of a storm over the ...

Features : Arrested Development

With their educated workforce and low costs, the Baltic states present some of the most interesting FDI opportunities in Europe. So why are they still struggling to attract investment? Two years ago, a British laboratory equipment manufacturer, Grant Instruments, stumbled ...

Newsmakers : Businesses Focus On Customer Service Risk

EUROPE The Enron accounting scandal may have sparked a wave of knee-jerk regulatory measures (Sarbanes- Oxley,FAS 133),but Europe’s top 1,000 companies are more concerned with the risks associated with poor customer service, a new study indicates. Despite the current preoccupation ...

Features : Breaking With The Bank

In-house banks are becoming increasingly popular among larger multinational corporations. They may not work for all big companies, though. Petroleum giants BP and Shell each have one. So do Dutch electronics company Philips and the US communications network provider Lucent. ...

Features : Asia’s Other Tiger

India recently overtook China as Asia’s fastest-growing economy. It’s showing no signs of slowing down. India has long been a land of stark contrasts, and its recent economic growth has only added to them. Although constrained by poverty and third-world ...

Features : Outward Bound

The market for outsourcing treasury services is snowballing as products become more refined and corporations grow more confident in the process. Outsourcing has become a hot topic in the American media only in the past few months, but in 1989, ...

Features : Brought to Book

New accounting rules covering derivatives and hedging transactions will have profound implications for corporations. They may affect the viability of some common transactions. Rob de Gidlow, treasury consultant for JPMorgan Treasury Services Even before accounting scandals such as Enron unfolded, ...

2003

Features : CLS: Settling for Less

CLS Bank was introduced to address foreign exchange settlement risk in the interbank market,but its risk-reduction and netting benefits could find wider application among corporate treasurers and fund managers. The specter of foreign exchange settlement risk has preoccupied the international ...

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GLOBAL FINANCE A PIONEERING VOICE FOR MODERN FINANCE   Global Finance is a monthly magazine founded in 1987 by publishing entrepreneurs Joseph Giarraputo and Carl Burgen. Giarraputo continues as Publisher and Editorial Director. Its mission is to help corporate leaders, ...