Newsmakers : Oxley Back In The News


nm0401 No one can accuse Representative Michael Oxley, the Ohio Republican of Sarbanes- Oxley fame, of shunning the media spotlight.The chairman of the House Financial Services Committee was back in the headlines in March, when he turned his ...

Corporate Finance : Long-Delayed Telkom IPO Finally Makes It to Market


Telkom, South Africa’s state-controlled telephone and wireless operator, listed its shares on the Johannesburg and New York stock exchanges on March 4.
The long-delayed partial privatization included an unusual pricing scheme. Members of a group of South ...

Corporate Finance : Mergers & Acquisitions

THE AMERICAS Devon Energy Moves Into Deeper Water

Oklahoma City, Okla-homa-based Devon Energy agreed to merge with Ocean Energy of Houston,Texas, in a $5 billion stock-swap trans-action.As a result, Devon Energy will become the largest US-based indepen-dent oil ...

Milestones : Accounting Board Puts Options Expensing On Front Burner


“Mandatory expensing—using flawed valuation models—will lead to inaccurate and misleading information for investors.” —Ken Wasch, SIIA

ms0101 The norwalk, Connecticut- based Financial Accounting Standards Board agreed unanimously at its meeting in March to add to its agenda ...

Corporate Finance : Foreign Exchange

THE AMERICAS Canadian Dollar Turns Suddenly Popular

Rising interest rates, solid economic growth, a big trade surplus and strong commodity prices pro-pelled the Canadian dollar sharply higher in March.

Why did the long-hapless loonie, as the Canadian cur-rency is known ...

Corporate Finance : Foreign Exchange

Currency Traders Expect China To Revalue Yuan



Participants in the foreign exchange market have caught a whiff of possible changes afoot in China’s tightly controlled currency regime.

For the first time in many years, long-term forward currency contracts ...

Features : World’s Best Foreign Exchange Banks 2003

Global Finance selects the leaders in the $1.25 trillion-a-day foreign exchange market.

The foreign exchange market, with daily turnover of $1.25 trillion, remains the world’s biggest financial market, even though trading has dwindled somewhat following the introduction ...

Corporate Finance : Global Depositary Receipts


Emerging Markets Fund Leads BLDRS Volume

The baskets of listed depositary receipts, or BLDRS, a family of four exchange-traded funds launched on the Nasdaq Stock Market in November 2002, are gradually gaining investor acceptance, if trading volume is ...

Corporate Finance : Bidders Queuing Up For British Grocer


William Morrison Supermarkets touched off a bidding war for rival British supermarket chain Safeway with an offer valued at $6.7 billion in stock and debt. The Safeway board withdrew its recommendation that shareholders accept the offer after Britain ...

Corporate Finance : Cash-Laden Insurers Reaching for Yield


The US corporate bond market rallied strongly in the early weeks of 2003, with lower-rated bonds outperforming higherrated issues. As cash positions remain plentiful, interest rates are holding at historic lows, and spreads of corporate bonds to Treasury ...

Features : World’s Best Trade Finance Banks 2003

The financial services industry enhances its role as trusted intermediary by taking the risk out of international transactions

13 As the locomotive of the global economy, the United States faces considerable uncertainty about potential conflict in Iraq and the threat that ...

Corporate Finance : Europe Passes US In Value of Deals


For the first time in 11 years, the value of European corporate takeovers in 2002 was greater than the value of US takeovers.

Crédit Agricole’s $16.8 billion agreement to acquire Crédit Lyonnais pushed Europe over the top ...

Corporate Finance : ADR Trading Volume Up, Despite Weak Markets


Trading of American depositary receipts rose 6.8% in volume terms in 2002 to 28 billion shares, according to New Yorkbased Citibank Depositary Receipt Services.

Overall trading volume continued to rise, particularly for Asian issuers, indicating investors’ ongoing ...

Corporate Finance : US Corporate Volume Slumped 28% in 2002


US corporate bond issuance in 2002 fell 28% to $465 billion, according to analysts at Dealogic in New York. The largest investmentgrade issue was General Electric Capital’s $6.9 billion, two-part offering on March 13 2002, which ...

Newsmakers : Biggs Leaving Morgan Stanley To Manage Hedge Fund


Some Wall Street executives retire to play golf and spend more time with their families. Barton Biggs, 70, Morgan Stanley’s chief global strategist, is “retiring” later this year after 30 years with the investment bank to lead ...

Milestones : Coca-cola Puts The Lid On Earnings Guidance


We are quite comfortable measuring our progress as we achieve it.” —Douglas Daft, chairman and CEO, Coca-Cola


Daft:Will let figures speak

Athanta-based Coca-Cola,the world’s largest soft-drinks company,says ...

Corporate Finance : Global Depositary Receipts


China Telecom Issue Poorly Received in US

China Telecom slashed the size of its initial public offering by more than half in the face of weak investor demand, but the IPO was still the fifth-largest new issue of 2002 ...

Corporate Finance : Foreign Exchange

THE AMERICAS US Economic Recovery May Not Boost Dollar

The US dollar will not realize any benefit from expected stronger growth in the US economy this year if the recovery is accompanied by a continued widening in the trade deficit ...

Corporate Finance : Corporate Bonds

THE AMERICAS Sudden Rally Erases High-Yield Losses

The sun came out in the high-yield corporate bond market in November, narrowing spreads to treasury securities with record speed and eliminating most of the market’s steep losses for the first 10 ...

Corporate Finance : Mergers & Acquisitions

THE AMERICAS HSBC Extends Reach Among US Consumers

HSBC Holding agreed to buy Household Interna-tional, the largest indepen-dent consumer finance company in the United States, in a stock-swap transaction valued at $15.3 billion, extending the bank’s relationship to ...

Cover story : Thinks to Look for in 2003

Japanese Bank Failure?

e1 Might a large Japanese bank fail in 2003? Quite possibly, say analysts, who point out that the government will be forced to step in to prevent a system- wide crisis of confidence. Pain is spread across a ...