2009

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 ...

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 ...

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 ...

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, ...

Emerging Markets : Africa

Zimbabwe has abandoned its "worthless" currency in favor of other currencies such as the US dollar. After years of trying to defend its near-worthless currency, the Zimbabwean government has abandoned foreign exchange and price controls. Zimbabweans will now be allowed ...

Emerging Markets Roundup: 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 ...

Emerging Markets : Brazil

BRAZIL     Revving up: BV stake boosts Banco do Brasil’s auto loan portfolio The Brazilian government returned to international capital markets in January with $1.025 billion in dollar-denominated global bonds maturing in 2019. The 10-year issue, led by Goldman ...

Milestones : Slumping Copper Prices Take Shine Off Growth

CHILE     Chile's president Bachelet: Stimulating economic growth. While high copper prices had maintained Chile’s economy as Latin America’s strongest, it seems the party is over as prices plummet and demand wanes. The South American country, the world’s largest ...

Emerging Markets : Africa

AFRICA     Leaving a hole: Foreign firms have shut down Zambian mines as ore prices plummet Guinea’s military leaders chose former banker Kabine Komara as the new prime minister, tasked with coordinating a return to civilian rule after last ...

Newsmakers : Correa Steps Up Debt Campaign

Ecuador     Correa: Buying political capital with debt restructuring. Ecuadorian president Rafael Correa has made good on his 2006 presidential campaign promise to default on any foreign debt deemed illegitimate, defaulting on $3.9 billion in global bonds. This marks ...

2008

Emerging Markets : Crisis Starts To Bite Harder

AFRICA     Manuel: Rand's slide will help the country balance its books. Johannesburg-based AngloGold Ashanti, Africa’s largest gold producer, hopes to refinance a $1 billion convertible bond before Christmas, despite current market conditions that have all but closed the ...

Emerging Markets : Banks Continue Consolidation

BRAZIL     Brazil’s banks continued their consolidation trend, with the most recent deal in November creating Latin America’s largest financial group. Itaú, Brazil’s second-largest non-state-owned bank, announced its acquisition of Unibanco, the country’s third-largest, in a stock transaction valued ...

Features : Brazil Points The Way

LATIN AMERICA President Lula’s bold program of social and economic reform has become a model for economies in Latin America and beyond.   Under Lula, Brasilia has focused on growing the economy in a way that benefits people at all ...

Milestones : Argentina Seeks End To Default Saga

ARGENTINA       Seeing off the debt: Kirchner hopes investors will accept deal.   In a major policy reversal, the Argentine government is reaching out to holdouts from its $100 billion debt workout in which bondholders received a 70% ...

Milestones : IMF Seeks To Buff Up Tarnished Image

UNITED STATES       IMF: Many view it as responsible for causing, not reducing, poverty. The International Monetary Fund (IMF) is not likely to win any popularity contests anywhere in the world these days. Emerging market governments have been ...

Features : Balancing Act

COUNTRY REPORT / TURKEY Turkey’s Islamist government has narrowly avoided a constitutional crisis, but it is still treading a fine line in its quest for economic progress.   When Turkey’s constitutional court dismissed a move in July to outlaw the ...

Features : World's Best Banks 2008

ANNUAL SURVEY / WORLD’S BEST BANKS 2008     Now more than ever, the world’s best banks deserve recognition for continuing to provide excellent products and high levels of service to their clients, despite the distractions of the global credit ...

Milestones : Rating Downgrade Bucks Local Trend

ARGENTINA   Don't cry for me: Kirchner's woes deepen as inflation accelerates. While Peru and Brazil crossed the investment-grade threshold this year, Argentina is moving in the opposite direction. Ratings agency Standard & Poor’s downgraded Argentina’s foreign and local long-term ...

Newsmakers : Calderón Aide Takes Top Economy Job

MEXICO     Mexico's president Felipe Calderón is hoping Ruiz can help get the economy back on track. Faced with the fallout from the US economic slowdown, Mexico’s president, Felipe Calderón, appointed former businessman Gerardo Ruiz to the country’s top ...

Emerging Markets : Zimbabwe’s Zero-Sum Game

AFRICA     All change: Zimbabwe's coins have value again. With hyperinflation eroding the nation’s economy, Zimbabwe’s government is taking desperate measures. It lopped off 10 zeros from the Zimbabwe dollar, as inflation is now running at 2.2 million percent ...

Emerging Markets : Kenya Calling

AFRICA           Kenya's mobile communications industry flourishes following IPO of Safaricom. A June IPO by Kenyan mobile operator Safaricom was oversubscribed by 532%, according to Kenya’s finance minister Amos Kimunya. The government exercised a provision allowing ...

Milestones : Copper Giant In Sell-off Talks

CHILE               Chile's state-owned copper mine, Codelco, faces opposition over privatization plans.   With the long wave of Latin American privatizations seemingly coming to an end, Chile looks like it might be about to ...

Newsmakers : Paraguay Joins The Leftist Club

PARAGUAY     Lugo: Promising to improve Paraguay's international standing. Paraguayan president-elect Fernando Lugo, a former Catholic bishop, is the newest member of Latin America’s growing list of left-wing leaders. He faces serious challenges in a country that, until his ...

Newsmakers : In The Hot Seat

ARGENTINA   Fernandez: His appointment unsettled financial markets. As he slips into the seat occupied by four others in less than a year, Argentina’s new economy minister, Carlos Fernandez, faces the unenviable task of restoring confidence in his government’s economic ...

Features: Troubled Giant

COUNTRY REPORT / NIGERIA Despite vast hydrocarbon reserves and a government committed to economic diversification, Nigeria still faces tremendous problems. A resurgence in its banking sector may help accelerate future progress.   Oil is Nigeria’s lifeline, accounting for some 80% ...

Newsmakers : Ackermann Proposes Global Overseer

  Germany       Ackermann: Global watchdog could prevent market bubbles Deutsche Bank CEO Josef Ackermann suggests that creating a global financial sector watchdog could prevent an encore of the global market storm unleashed by the US subprime crisis. ...

Focus: Nafta : Who’s Who In Nafta

Nafta Focus Global Finance names the most influential and important people in Nafta commerce and finance. Gastón Azcárraga Andrade President, Consejo Mexicano de Hombres de Negocios, and CEO, Grupo Posadas Mexico Gastón Azcárraga Andrade has been CEO of Grupo Posadas, ...