2010

Milestones: Reconstruction Spending Shores Up Economy

Chile By Antonio Guerrero Piñera: Hoping to promote economic growth, despite crisis The massive earthquake and subsequent tsunami that hit Chile in late February caused hundreds of deaths, as well as destroying some 500,000 homes and damaging infrastructure. Yet, as ...

Emerging Markets: Africa

Roundup By Antonio Guerrero Nigerian central bank’s energy fund has caused controversy South Africa’s $2 billion dollar-denominated sovereign bond issue in March marked the country’s largest-ever foreign-currency-denominated security. The 10-year paper carries a 5.5% coupon, which is the lowest rate ...

Emerging Markets: Brazil

Roundup By Antonio Guerrero Meirelles: Reining in Brazil’s stimulus measures Brazil’s central bank moved to tighten monetary policy by raising bank reserve requirements on term deposits from 13% to 15% as of April 9. The central bank had reduced reserve ...

Emerging Markets: Africa

Roundup By Antonio Guerrero Under threat: Wildlife in Uganda’s Kabwoya reserve African Union (AU) heads of state attending a February summit will review plans to create a $4 billion Libya-based African investment bank. South Africa, Nigeria, Libya, Algeria and Egypt ...

Emerging Markets: Brazil

Roundup By Antonio Guerrero Nacional, part of Wal-Mart’s rapidly expanding Brazilian arm With Brazil’s strong economic recovery fueling consumer demand, local and international retailers are increasing their market presence. Retail sales are expected to grow by 12% in 2010. Wal-Mart ...

Features: Regional Report: Southern Africa

In From The Cold Global businesses and investors are taking more interest in sub-Saharan Africa, home to some of the world’s most neglected emerging markets. By Antonio Guerrero Sub-Saharan Africa has long been considered to be on the far frontier ...

Newsmakers: Central Banker Under Fire

Argentina By Antonio Guerrero Redrado: Rejected presidential order to resign Argentina’s central bank presidents have long received low grades for their lack of independence. The situation has been exacerbated under Argentine president Cristina Fernández de Kirchner, who has strengthened the ...

Cover Story: Credit Where It’s Due

Credit Where It’s Due As governments around the world contemplate reeling in the financial lifelines that helped them prevent a global systemic meltdown, the prospects for credit growth in the coming decade are still unclear. By Antonio Guerrero While a ...

Emerging Markets: Brazil

Roundup By Antonio Guerrero Itaipu: Hydro plant blamed for near-nationwide blackout Banco do Brasil, controlled by the federal government, may seek up to $4.4 billion in primary and secondary share offerings during the first half of the year, according to ...

Emerging Markets: Africa

Roundup By Antonio Guerrero Game on: South Africa prepares for the 2010 World Cup This year’s FIFA Soccer World Cup in South Africa will inject nearly $7.5 billion into the nation’s economy, according to a study by the auditing firm ...

Newsmakers: Crisis Takes Toll On Mexico’s Ratings

Mexico By Antonio Guerrero Calderón: Reform agenda is in danger of stalling Analysts had for months warned of an impending Mexico downgrade. When it finally came, it did so in the form of a one-two punch. In November Fitch cut ...

2009

Emerging Markets: Africa

Roundup By Antonio Guerrero Panning for gold: African mines spark investor interest Rising gold prices have sparked renewed interest by foreign investors in African mines. Banro, a Canadian gold miner, expects to close a debt financing deal for its Twangiza ...

Emerging Markets: Brazil

Roundup By Antonio Guerrero Too strong: Authorities fret over appreciation of Brazilian real The Brazilian government took the controversial step of reintroducing a 2% financial transactions tax on purchases of stocks and bonds by foreign investors that had been eliminated ...

Milestones: Panama Poised For Investment-Grade Status

Panama By Antonio Guerrero Providing a lift: Canal expansion will boost Panama economy Panama is poised to become Latin America’s newest investment-grade-rated country. Standard & Poor’s pushed Panama closer to the coveted rating in November when it raised the outlook ...

Cover Story: Opportunity Knocks

Emerging Markets Focus: Latin America Much of Latin America is reaping the benefits of a rapid growth in China’s involvement in the region. Booming trade levels are changing some key global market dynamics. By Antonio Guerrero As the skies begin ...

Features: Intellectual Values

INTELLECTUAL VALUES Companies on the hunt for liquidity are unearthing hidden treasures in their intellectual property portfolios. By Antonio Guerrero As companies strive to make the best use of their assets, to focus on their core operations and to best ...

Emerging Markets: Brazil

Roundup By Antonio Guerrero Banco Santander Brasil, the local subsidiary of Spanish banking giant Banco Santander, in October raised more than $8 billion in Brazil’s largest-ever IPO and the world’s largest this year. Abu Dhabi’s state-controlled Aabar Investments invested $328 ...

Newsmakers: Calderón Goes To War Against Inefficiency

Mexico By Antonio Guerrero LFC workers protest against Calderón’s actions When Mexican president Felipe Calderón decided in October that the staterun LFC electrical utility had sapped resources for too long, to the tune of $3 billion in annual federal subsidies, ...

Emerging Markets: Africa

Roundup —Antonio Guerrero China is extending its access to Africa’s raw materials with a new deal in which it will provide some $7.2 billion in financing to the de-facto government in Guinea, the world’s largest bauxite producer and an important ...

Emerging Markets: Brazil

Roundup By Antonio Guerrero Banco Santander floats its Brazilian operations in IPO Banco Santander in September launched a much-awaited IPO of its Brazilian unit, in a deal expected to raise more than $5 billion—one of the world’s largest IPOs this ...

Newsmakers: Economic Gloom Deepens As Honduras Crisis Continues

Honduras Antonio Guerrero Zelaya: Garnering interna tional supprt After Honduran soldiers stormed leftist president Manuel Zelaya’s home in June and he fled into exile, many speculated the Central American nation’s economy was poised for growth. After all, Zelaya had aligned ...

Features : Central Banker Report Cards 2009

During one of the toughest years on record, the world’s central bankers were tested as never before. Contributors: Gordon Platt, Antonio Guerrero, Anita Hawser and Dan Keeler It is clear that 2009 is not a year on which the world’s ...

Newsmakers: Potential Lula Successor Clears Legal Hurdle

Brazil Antonio Guerrero Palocci: Stillfacing more corruption allegatio ns Former Brazilian finance minister Antonio Palocci has won a political victory after the country‘s Supreme Court dismissed charges that he violated bank secrecy laws. The ruling could put Palocci, a 49-year-old ...

Emerging Markets: Africa

Roundup By Antonio Guerrero Trade between Africa and China is slowing Africa has emerged as one of the key casualties of the global economic slowdown, after newly released figures show its exports to China plummeted this year. Trade between Africa ...

Emerging Markets: India

Roundup By Antonio Guerrero Growth drive: India’s auto sector is thriving The US government has committed $2.45 billion for Indian borrowers through the US Export-Import Bank’s India Infrastructure Facility. Funds will be used for medium- and long-term dollar loans for ...

Emerging Markets: Brazil

Roundup By Antonio Guerrero Brazil’s president, Lula da Silva, tours a Petrobras facility The US Export-Import Bank agreed to provide Brazil with some $10 billion in financing to develop the Petrobras state-controlled oil company’s offshore pre-salt oil reserves. Reserves discovered ...

Features: Country Report-Spain

A TOUGH ROAD AHEAD Spain’s banks and savings institutions are still reeling from the collapse of the country’s housing market. By Antonio Guerrero With Spain experiencing its deepest recession in 60 years, its banking sector stands at a crossroads. On ...

Emerging Markets: Africa

Roundup By Antonio Guerrero Ghana looks to diversify exports beyond cocoa After years of seeing foreign investors flee amid a plummeting economy and political upheaval, Zimbabwe may be about to reverse the outflow with its impending privatization of Zimbabwe Steel ...

Emerging Markets: Africa

Roundup By Antonio Guerrero Botswana, the world's largest diamond producer, received a $1.5 billion loan from the African Development Bank, marking the bank's largest-ever budget support facility. It is also Botswana's first loan from the development bank in 17 years. ...

Emerging Markets: Brazil

Roundup By Antonio Guerrero Mantega: Welcomes foreign investors to Brazil Taking advantage of falling yields, Brazilian borrowers are returning to international debt markets. BNDES, the state-owned development bank, sold $1 billion in 10-year bonds in June, yielding 6.546%. The deal, ...

Newsmakers: Kirchners Face Uncertain Future

ARGENTINA By Antonio Guerrero Kirchner: May have to rein in her populist agenda When Cristina Kirchner won Argentina's 2007 presidential election, she was taking over the office held since 2003 by her husband, Nestor Kirchner. Observers speculated the couple could ...

Features: Profiting From Prudence

Despite a recent drop in profits amid the country's economic slowdown, Brazilian banks are poised for long-term growth. By Antonio Guerrero Amid a turbulent global market, Brazil's banking and financial sector is proving remarkably resilient. A stringent regulatory environment, strong ...

Regulars : Milestones : Latin American

Latin American markets are feeling the global financial pinch, and ratings agencies are taking notice, with downgrades soon to follow. By Antonio Guerrero Standard & Poor’s downgraded El Salvador from BB+ to BB last month, and it seems Mexico is ...

Regulars : Newsmakers : Panama

The election of a pro-business leader in Panama now makes president-elect Ricardo Martinelli a member of the somewhat lonely club of Latin American right-wing leaders, in which the only other member is Colombian president Alvaro Uribe. By Antonio Guerrero However, ...

Regulars : EM Roundup Brazil

The latest news from Brazil. Just three years after acquiring Brazil’s Banco Pactual investment bank for some $2.5 billion, UBS is selling the bank back to its previous owners for roughly the same amount. By Antonio Guerrero The sale is ...

Regulars : EM Roundup Africa

The International Finance Corporation (IFC) estimates less than a quarter of Africans have access to electricity, and those who do pay twice the average retail rate of users in other emerging regions. By Antonio Guerrero A report from research firm ...

Emerging Markets : EM ROUNDUP Africa

South Africa’s Standard Bank, Africa’s largest lender by assets, has become the first international financial institution to join the IFC’s $5 billion global trade liquidity program. The program aims to extend loans to regional banks for on-lending to importers and ...

Emerging Markets : EM ROUNDUP Brazil

Citing Brazil’s prudent economic policies, Standard & Poor’s affirmed the country’s BBB- investment-grade rating with a stable outlook. In its rationale, S&P; said Brazil’s low investment-grade ratings are supported by the government’s ongoing commitment to prudent macroeconomic policies. S&P; expects ...

Features : Help Or Hindrance?

HELP OR HINDRANCE? Mounting concern over the economic prospects of the world’s poorest nations is encouraging developed nations to reassess their aid policies. By Antonio Guerrero World Bank president Robert Zoellick calls on the developed world to help poorer countries ...

Newsmakers : Mexico first to tap IMF credit line

Mexico becomes the first country to tap IMF credit line;and risk management remains undervalued by money managers. Concerned about a weakening peso and possible 2010 fiscal gap, Mexico has turned to Washington for assistance for the first time since its ...

Emerging Markets : Africa

Tsvangirai: Vowed to restore relations with the IMF. The African Development Bank has used its own capital base to create a $1.5 billion trade finance facility that aims to fuel trade and investment in the region. African commercial lenders and ...

Emerging Markets : Brazil

Brazil's air force is helping finance Embraer's $500 million development program for a new military transport plane. Following Brazil’s recent credit boom, banks are starting to face increased customer arrears. A research report from BB Investimentos, a division of Banco ...

Newsmakers : Uncle Sam's Southern Friend

Colombia Uribe: Washington’s ally Colombian president Alvaro Uribe, the conservative right-wing leader reelected in May, remains Washington’s closest ally in a region governed overwhelmingly by center-left administrations. Critics, however, assert that the 53- year-old attorney, educated at Oxford and Harvard,must ...

Emerging Markets Roundup: Africa

Tsvangirai: Vowed to restore relations with the IMF The African Development Bank has used its own capital base to create a $1.5 billion trade finance facility that aims to fuel trade and investment in the region. African commercial lenders and ...

Newsmakers : Santander Loses Face In Latin America

LATIN AMERICA Sleepless in Madrid: Santander chairman Emilio Botin Spanish banking giant Santander is struggling to contain the fallout from the more than $3 billion loss its clients sustained through the bank’s investments in funds linked to disgraced New York ...

Milestones : Banks And Multilaterals Step In To Boost Trade

BRAZIL Brazil’s central bank: Attempting to boost banks’ trade finance lines With commodity prices plummeting from last year’s highs, Latin American governments are seeking ways to support their trade sectors as part of their economic stimulus plans. Strong export revenues ...

Emerging Markets : Brazil

Brazilian oil giant Petrobras will use debt issuance to finance new offshore exploration. The Petrobras state-controlled oil company sold $1.5 billion of 10-year bonds on international markets in February. The deal, which carries a 7.875% coupon, was managed by HSBC, ...