Magazine Cover

Cover Story

Going Under

COVER STORY: THE NEW OIL SHOCK

By Michael Shari

Triggered by street battles in OPEC member states and exacerbated by news of radiation leaking from Japanese nuclear reactors, the oil shock threatens to derail the world’s economic recovery.

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As ...

Emerging Markets Roundup

Going Under

COVER STORY: THE NEW OIL SHOCK

By Michael Shari

Triggered by street battles in OPEC member states and exacerbated by news of radiation leaking from Japanese nuclear reactors, the oil shock threatens to derail the world’s economic recovery.

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As ...

DRs: PE Firms Cash Out With IPOs

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS

By Gordon Platt

Nashville, Tennessee–based hospital operator HCA Holdings sold more shares than planned in its initial public offering in March, and it sold them at the high end of the expected price ...

M&A: Energy And Financials Heat Up

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

The energy and financial services sectors were expected to be fertile ground for mergers and acquisitions in 2011, and so far they are living up to those expectations.

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Rising oil prices, geopolitical ...

Regional Report: Asia

ASIA ACTS AMID ADVERSITY

By Thomas Clouse

The turmoil in the Middle East and North Africa and the devastating consequences of the early March earthquake in Japan are dragging heavily on Asia’s export-led, resource-intensive economic recovery.

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When the US ...

Roundtable: Sub-Custody

SPONSORED ROUNDTABLE: IN SAFE HANDS


Moderated by Dan Keeler

Key figures from the world’s leading sub-custodians discuss how they are helping their clients deal with the effects of the flood of new regulation.

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Florence Fontan

BNP Paribas Securities Services ...

Company To Watch: Fatima Fertilizer

EMERGING MARKETS INVESTOR: COMPANY TO WATCH

By Anita Hawser

Headquartered in Lahore, Fatima Fertilizer, which provides nitric acid, ammonia and other fertilizer and chemicals products, was born out of the Pakistan government’s 2001 Fertilizer Policy, which aims to develop ...

DR News: Bumper Year Ahead For Asian DRs

EMERGING MARKETS INVESTOR: DR NEWS

By Anita Hawser

A Korean flour and feeds mill company, DongA One, selected BNY Mellon as its depositary bank for its ADR program.


Each ADR issued represents two common shares of the Korean company, which ...

EM: Turmoil May Change Sovereign Fund Strategy

EMERGING MARKETS INVESTOR: NEWS

By Anita Hawser

The investment activities of sovereign wealth funds in some of the oil-rich countries in the Middle East and North Africa are being scrutinized with increasing interest by investors as political unrest continues to ...

Emerging Markets Roundup: Africa

SENEGAL LANDS SOVEREIGN RATING

By  Antonio Guerrero

Senegal received its first-ever sovereign credit rating from Moody’s in March, as the government prepared to launch its debut $500 million Eurobond.

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Reaping the benefits

Moody’s granted Senegal a B1 rating ...

Emerging Markets Roundup: Brazil

BRAZIL’S BLISTERING GROWTH RATE COULD HAVE ITS DOWNSIDE

By Antonio Guerrero

After enduring a 0.3% contraction in 2009, Brazil’s economy expanded by 7.5% in 2010, according to the country’s government.

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Enjoying the excesses

The sharp ...

Emerging Markets Roundup: China

CHINA BECOMES THE WORLD’S LEADING MANUFACTURER

By Thomas Clouse

Ending the more-than-100-year reign of the United States as the world’s top producer, China became the world’s largest manufacturer by output in 2010.

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Jiabao talks down growth

US-based ...

Emerging Markets Roundup: India

POWER SECTOR INSTALLS RECORD GENERATING CAPACITY

By Aaron Chaze

India’s power sector has installed the highest generating capacity ever in any fiscal year during the first nine months of the 2010-11 fiscal year.

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India powers up its energy capacity ...

Emerging Markets Roundup: Middle East

BUSINESS AS USUAL DESPITE UNREST

By Anita Hawser

The turmoil sweeping the Arab world threatens to cause a contagion that will spread far beyond the Middle East, says Barings Asset Management.

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Kuwait and other GCC countries in new fundraising efforts ...

Emerging Markets Roundup: Russia

CENTRAL BANK RESPONDS TO PUBLIC ANGER OVER RISING PRICES

By Kim Iskyan

Inflation in Russia hit 9.6% at the end of February—nearly double the rate posted in summer 2010—the country’s central bank finally responded, raising base ...

Guide To Custody & Investors' Services

BUYER'S GUIDE : CUSTODY & INVESTORS' SERVICES

Global Finance presents its annual sponsored guide to the leading providers in the custody and investors' services market.


BNP Paribas Securities Services

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Custody Assets:

2010: $6,205 billion
2009: $5,793 billion

Ratings: Moody ...

Taiwan Roundtable: Economy & Business

TAIWAN: CHARTING A STEADY COURSE

Moderated by Joseph Giarraputo

At a roundtable in Taipei, Global Finance brought together key figures in Taiwan’s banking and finance industry to discuss the prospects for one of Asia’s most successful export-driven economies ...

Milestones

Bangladesh: Microcredit Pioneer Faces Political Pressure

NEWSMAKERS: BANGLADESH

By Thomas Clouse

After a glittering career, Muhammad Yunus, the man whom many credit with founding the modern microcredit industry, is facing a concerted campaign to oust him as head of Bangladesh's Grameen Bank.

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Pushed out: Yunus ...

Ireland: New Government Hopes For Export-Led Recovery

NEWSMAKERS: IRELAND

By Dan Keeler

When Ireland’s voters unceremoniously booted out the Fianna Fail-led government in early March election, they were hoping that new leadership would give the country a fresh start.

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IDA’s O’Leary: Confident

Humbled by ...

Mercosur Turns 20 And Ruffles EU Feathers

MILESTONES: MERCOSUR

By Antonio Guerrero

The Southern Cone Common Market (Mercosur) is celebrating its 20th anniversary this year.

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Argentine beef exports could threaten Europe's farmer

The world’s third largest trade bloc, after the EU and Nafta, comprises Argentina ...

Russia: Kremlin Easing Investment Restrictions

MILESTONES: RUSSIA

By Kim Iskyan

A handful of impressive high-profile deals, coupled with signs that restrictions on foreign investment in Russia’s natural resources sector may soon be relaxed, suggest the Russian government may be dropping its long-standing resistance to ...

UK/US: Derivatives Traders Assess New Regs

MILESTONES: UNITED KINGDOM / UNITED STATES

By Anita Hawser

Banks are scrambling to launch electronic trading platforms for derivatives transactions such as credit default swaps (CDSs) in an attempt to get ahead of planned regulatory changes aimed at increasing transparency in ...

US: Greifeld Seeks Merger Partner for Nasdaq OMX

NEWSMAKERS: UNITED STATES

By the Gordon Platt

Robert Greifeld, chief executive of Nasdaq OMX, has been the odd man out in the search for a merger partner to keep the New York–based stock market viable in a world where ...

US: Nuclear Energy Central To Policy

MILESTONES: UNITED STATES

By Gordon Platt

Panic-stricken residents of Western US states cleared pharmacy shelves of potassium iodide tablets last month, amid fears that radiation from Japan’s nuclear crisis could reach the West Coast.

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Obama: No plans to cut ...

Corporate Finance

Debt: Investors Fear Inflation

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

The European Central Bank sent a shockwave through global fixed-income markets last month with its “strong vigilance” alert, signaling that it was about to raise interest rates to ensure that high oil ...

DRs: PE Firms Cash Out With IPOs

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS

By Gordon Platt

Nashville, Tennessee–based hospital operator HCA Holdings sold more shares than planned in its initial public offering in March, and it sold them at the high end of the expected price ...

FX: Fed Lags Europe In Inflation Fight

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The dollar has been drifting lower this year on expectations that the Federal Reserve will lag behind other developed-market central banks in raising interest rates to fight inflation, analysts say.


Currency Forecasts ...

M&A: Energy And Financials Heat Up

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

The energy and financial services sectors were expected to be fertile ground for mergers and acquisitions in 2011, and so far they are living up to those expectations.

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Rising oil prices, geopolitical ...

Newsmakers

Bangladesh: Microcredit Pioneer Faces Political Pressure

NEWSMAKERS: BANGLADESH

By Thomas Clouse

After a glittering career, Muhammad Yunus, the man whom many credit with founding the modern microcredit industry, is facing a concerted campaign to oust him as head of Bangladesh's Grameen Bank.

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Pushed out: Yunus ...

Ireland: New Government Hopes For Export-Led Recovery

NEWSMAKERS: IRELAND

By Dan Keeler

When Ireland’s voters unceremoniously booted out the Fianna Fail-led government in early March election, they were hoping that new leadership would give the country a fresh start.

150_April_Ireland_Regulars_Newsmakers_Milestones-1

IDA’s O’Leary: Confident

Humbled by ...

Mercosur Turns 20 And Ruffles EU Feathers

MILESTONES: MERCOSUR

By Antonio Guerrero

The Southern Cone Common Market (Mercosur) is celebrating its 20th anniversary this year.

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Argentine beef exports could threaten Europe's farmer

The world’s third largest trade bloc, after the EU and Nafta, comprises Argentina ...

Russia: Kremlin Easing Investment Restrictions

MILESTONES: RUSSIA

By Kim Iskyan

A handful of impressive high-profile deals, coupled with signs that restrictions on foreign investment in Russia’s natural resources sector may soon be relaxed, suggest the Russian government may be dropping its long-standing resistance to ...

UK/US: Derivatives Traders Assess New Regs

MILESTONES: UNITED KINGDOM / UNITED STATES

By Anita Hawser

Banks are scrambling to launch electronic trading platforms for derivatives transactions such as credit default swaps (CDSs) in an attempt to get ahead of planned regulatory changes aimed at increasing transparency in ...

US: Greifeld Seeks Merger Partner for Nasdaq OMX

NEWSMAKERS: UNITED STATES

By the Gordon Platt

Robert Greifeld, chief executive of Nasdaq OMX, has been the odd man out in the search for a merger partner to keep the New York–based stock market viable in a world where ...

US: Nuclear Energy Central To Policy

MILESTONES: UNITED STATES

By Gordon Platt

Panic-stricken residents of Western US states cleared pharmacy shelves of potassium iodide tablets last month, amid fears that radiation from Japan’s nuclear crisis could reach the West Coast.

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Obama: No plans to cut ...

The World's Best Investment Banks

Annual Supplement: The Middle East 2011

WINDS OF CHANGE

These are times of unprecedented change in the Middle East and North Africa. Years of pent-up frustration among the region’s youth—around 60% of the population in some countries—has already swept away two governments. More ...

Best Investment Banks 2011: Best Legal Advisers

Best Legal Advisers

Global

Skadden

Skadden Arps Slate Meagher & Flom, which operates under the brand name Skadden, was the number-one legal adviser on global mergers and acquisitions announced in 2010, according to Thomson Reuters. Skadden advised on 227 deals valued ...

Best Investment Banks 2011: Country Winners

Country Winners

North America

Canada

Scotia Capital

Scotia Capital is the global corporate and investment banking and capital markets arm of Scotiabank, the most international bank in Canada. Scotia Capital handled the three largest debt financings in Canada in 2010 ...

Best Investment Banks 2011: Deals Of The Year

Deals of the Year

Best Equity Deal: Petrobras $70 Billion Stock Sale

Lead manager: Banco Bradesco BBI

Global bookrunners: Bank of America Merrill Lynch, Citi, Santander, Morgan Stanley and Itaú BBA.

The $70 billion add-on equity offering on September 23 ...

Best Investment Banks 2011: Global Winners

Global Winners

Best Investment Bank

Morgan Stanley

Morgan Stanley’s broad-based strength in equity underwriting and financial advisory work on mergers and acquisitions worldwide is unparalleled. The investment bank’s only relative weakness is in the fixed-income area, which it ...

Best Investment Banks 2011: Regional Winners

Regional Winners

North America

Best Investment Bank

Morgan Stanley

Morgan Stanley’s strengths in the equity and M&A; advisory businesses make it the clear leader in North American investment banking. Not only did it lead General Motors’ $18.1 ...

Best Investment Banks 2011: Sector Winners

Sector Winners

Consumer

Credit Suisse

Credit Suisse advised on Coca-Cola’s $12.3 billion purchase of the North American operations of bottler Coca-Cola Enterprises. Credit Suisse also managed the $700 million initial public offering of Indfood CBP.

Financial Institutions

Bank ...

The World’s Best Investment Banks 2011

ANNUAL SURVEY : BEST INVESTMENT BANKS

By Gordon Platt

Constant innovation and unwavering commitment to the business have helped the world’s leading investment banks better serve their clients and build their market share.

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The investment banking industry continues to evolve ...

Additional Stories

Middle East: A Region In Transition

THE MIDDLE EAST 2011: OUTLOOK

By Justin Keay

The rising tide of activism surging through the Middle East and North Africa is accelerating a transformation already well under way.

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When asked what was most likely to blow governments off course ...

Middle East: Bouncing Back

THE MIDDLE EAST 2011: DUBAI'S RESURGENCE

By Justin Keay

After a tough two years, Dubai has consolidated its position as a regional financial and transport hub and is set for a sharp upturn.

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Anyone arriving on a spanking new ...

Middle East: Looking To The Future

THE MIDDLE EAST 2011: THE BANKS

By Justin Keay

The current market conditions may have prompted slowing in their expansion plans, but the Middle East’s banks are still building for the future.

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Until late 2010, the sentiment of most ...

Middle East: Taking A Leading Role

THE MIDDLE EAST 2011: QATAR

By Justin Keay

Careful economic management and a strong strategic vision have helped propel Qatar to the front ranks of the world’s fastest-growing economies.

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Ten years ago, Qatar could have safely laid claim to ...

Go With The Flow

CORPORATE TOOLBOX: LIQUIDITY MANAGEMENT

By Anita Hawser

Banks are offering increasingly innovative products to help companies make the most of their internal liquidity.

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It might be hard to picture now, but just five years ago credit was so cheap that ...

Hot Commodities

CENTRAL & EASTERN EUROPE: COMMODITIES CRUNCH

By Jonathan Gregson

Soaring commodities prices are changing the economic balance of Central & Eastern Europe and Central Asia.

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Faltering growth in some of the world’s biggest economies may be grabbing the headlines, but it ...

Take Cover

INSURANCE: POLITICAL RISK COVER

By Anita Hawser

Recent events in the Middle East and North Africa have brought political risk into sharp focus for multinationals in the region and beyond.

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It was the morning after the Japanese earthquake, and David ...

Analysis: Latin America Goes To Market

ANALYSIS: LATIN AMERICAN DEBT By Denise Bedell Latin America’s corporations are accessing both domestic and international debt capital markets as never before, and investors are happy to fund growth in the region. Last year was a significant one throughout Latin ...