Magazine Cover

Cover Story

Cover: Politics And Sovereign Ratings

POLITICS AND THE SOVEREIGN RATING

By Michael Shari

The debate rages on as to whether recent sovereign downgrades were politically motivated, or whether the ratings agencies were simply slow to act on decisions made long before. Stakeholders worldwide are calling ...

Emerging Markets Roundup

M&A: Africa Key Target For Mining M&A

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS


By Gordon Platt

More than 2,600 mergers and acquisitions worth $149 billion were announced in the global mining industry last year.

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They represented an increase of 33% from 2010, making 2011 the busiest year ...

Custody & Investors’ Services Guide

CUSTODY AND INVESTORS' SERVICES: SPONSORED BUYER'S GUIDE

BNP PARIBAS SECURITIES SERVICES


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CUSTODY ASSETS:

2011: $5,854 billion (December 2011)

2010: $6,205 billion

RATINGS: Moody's: Aa3; S&P: AA-; Fitch: A+

CLIENT PROFILE: By location: Our network is ...

DR News: Russia Reforms Laws For DR Issuers

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

Russia made a number of major changes in its securities legislation that will affect depositary receipt programs for shares of Russian issuers, according to law firm Dewey & LeBoeuf. Some of the biggest ...

EM News: Investment To Support China’s GDP Growth

EMERGING MARKETS INVESTOR: NEWS

By Gordon Platt

Monetary and fiscal policies in China will ease further to support investment in infrastructure, public housing and water resource projects, says HSBC.

In addition, Beijing should and will likely deregulate sectors, including utilities ...

Emerging Markets Roundup: Africa

SOUTH AFRICAN MINING TO GET VENTURE CAPITAL INCENTIVES

By Antonio Guerrero

South African finance minister Pravin Gordhan will grant a major venture capital incentive for SME mining companies.

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South Africa: Investing in small mining operations

South African finance minister Pravin ...

Emerging Markets Roundup: Brazil

ENVIRONMENTAL FUNDING GETS THE GREEN LIGHT

By Antonio Guerrero

The Brazilian government will invest $35.4 billion to increase sugar cane production for the booming ethanol industry.

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Bumper crop: Brazil ramps up cane field production

The Brazilian government has announced ...

Emerging Markets Roundup: China

STABILITY, NOT REFORM, IS LIKELY ON THE MENU

By Thomas Clouse

Premier Wen Jiabao lowers the annual growth target to 7.5% and promotes social services and wage growth.

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In his final opening address to China’s annual congress, premier ...

Emerging Markets Roundup: India

PRIVATIZATION PROGRAM FAILS TO MEET TARGETS

By Aaron Chaze

The Indian government pushed to meet targeted privatizations for the 2011–2012 fiscal year.

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Powering up India’s thermal power plants

The Indian government gave a final—and less-than-successful—push to ...

Roundtable: Taiwan

NEW OPPORTUNITIES FOR GROWTH

By Andrea Fiano

At a roundtable in Taipei, Global Finance brought together key figures in Taiwan's banking and finance industry to discuss how new cross-strait trade opportunities will support this export-driven economy.

Andrea Fiano, editor ...

Global Salon

Salon: Dean Baker - Fostering Growth

FOSTERING GROWTH


By Alberto Riva

Global Finance sat down with economist Dean Baker, co-director and co-founder of the Center for Economic and Policy Research in Washington, DC, and author of several books, including The End of Loser Liberalism: Making Markets ...

Milestones

Could Cooperatives Change The World?

MILESTONES: GLOBAL

By Paula Green

Would the global economic crisis have been so severe if cooperative banks—which create value for their members as they achieve profits—ruled the financial world?

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And would the European Union and many of their ...

Free Float Frees Up Sri Lankan Rupee

MILESTONES: SRI LANKA

By Kim Iskyan

After months of conjecture, Sri Lanka’s central bank announced on February 9 that it would no longer defend the rupee at a particular level—in effect, allowing it to float.

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The move spooked ...

Strong Growth, Strong Reform In Mongolia

MILESTONES: MONGOLIA

By Thomas Clouse

Mongolia’s economy grew at a record-setting pace in 2011, bringing optimism for improved living standards—and concerns about overheating.

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In February the World Bank cited 2011 GDP growth at 17.3%, up from 6 ...

Corporate Finance

Debt: Corporate Bonds Break Records

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

Issuance of high-grade US corporate bonds soared to $99 billion in February.

Issuance of high-grade corporate bonds in the US market soared to a monthly record high of $99 billion in February ...

DRs: Facebook Adds 25 More Underwriters

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS

By Gordon Platt

Facebook prepares for its initial public offering that it hopes could raise $10 billion.

Facebook added 25 new underwriters to its original group of six, as it prepared for its initial ...

FX: EU Debt Still Commands Center Stage

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The foreign exchange market continues to be rattled by Europe's debt crisis, analysts say the issue is far from settled.


The foreign exchange market continues to be rattled by Europe's ...

M&A: Africa Key Target For Mining M&A

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS


By Gordon Platt

More than 2,600 mergers and acquisitions worth $149 billion were announced in the global mining industry last year.

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They represented an increase of 33% from 2010, making 2011 the busiest year ...

Newsmakers

Feinberg Departs After BP Oil Spill Settlement

NEWSMAKERS: UNITED STATES

By Gordon Platt

Kenneth Feinberg, the Boston-bred lawyer who oversaw the process of paying out billions of dollars to victims of the 2010 oil spill in the Gulf of Mexico, was relieved of his duties last month ...

Former PM Stands Trial As Outlook Improves For Iceland

NEWSMAKERS: ICELAND

By Luca Ventura

As his trial commenced in March in Reykjavik, Geir Haarde, the former prime minister of Iceland, was the first world leader to face criminal charges over the 2008 financial crisis. Haarde, 60, could serve up ...

Nigerian Candidate Breaks The World Bank Mold

NEWSMAKERS: GLOBAL

By Luca Ventura

When Robert Zoellick announced in February that he would leave the World Bank in June, at the expiration of his five-year term as president, initial speculation over his possible successor revolved around the usual names ...

Reding Lobbies For Board Member Quotas

NEWSMAKERS: EUROPE

By Valentina Pasquali

In the European Union, women comprise 60% of university graduates but only about 12% of corporate board members.

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Reding: Tackling red-hot issues such as gender parity

The European Commission has decided to take action to ...

The World's Best Investment Banks

Best Investment Banks 2012: Country Awards

By Michael Shari

COUNTRY AWARDS - NORTH AMERICA

CANADA

BMO Capital Markets

Thanks to its strength in mining and energy, BMO Capital Markets commanded a 20.1% share of Canada’s M&A market last year. That was more than any ...

Best Investment Banks 2012: Legal Advisers

By Michael Shari

LEGAL ADVISERS

GLOBAL

Simpson Thacher & Bartlett

Advising companies on 154 M&A deals worth $294.5 billion, Simpson was ranked number one by Thomson Reuters in 2011. It advised Petrohawk Energy on its $15.1 billion sale ...

Annual Supplement: Middle East 2012

CHANGE IS IN THE AIR

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As one drives into Riyadh, the Saudi Arabian capital, on King Khalid International Airport Road, a symbol of change appears suddenly through the window after miles of desert. It is the enormous campus of the ...

Awards: Best Investment Banks 2012

ANNUAL SURVEY AND AWARDS— REDEFINING SUCCESS

By Michael Shari

Global investment banks and strong local banks make the list in our annual awards.

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For an investment bank, success has long been defined as staying true to one’s brand. In ...

Best Investment Banks 2012: Deals Of The Year

By Michael Shari

DEALS OF THE YEAR

BEST EQUITY DEAL

Glencore International $10.1 billion IPO

Lead Manager: Citi

Global Bookrunners: Credit Suisse, Morgan Stanley, Bank of America Merrill Lynch, BNP Paribas

In Europe’s largest IPO since 1999, Glencore ...

Best Investment Banks 2012: Global Awards

By Michael Shari

GLOBAL AWARDS

BEST INVESTMENT BANK

Goldman Sachs

In a year when success in investment banking was defined by survival, Goldman Sachs gained market share by devising extraordinarily creative solutions for its clients in raising capital across asset ...

Best Investment Banks 2012: Regional Awards

By Michael Shari

REGIONAL AWARDS - NORTH AMERICA

BEST INVESTMENT BANK

Goldman Sachs

Goldman Sachs has built what KBW’s Cannon calls “the powerhouse brand” on Wall Street by constantly structuring complex deals that combine its three core businesses—equity, debt ...

Best Investment Banks 2012: Sector Awards

By Michael Shari

SECTOR AWARDS

CONSUMER

Citi

Despite the fact that Citigroup’s overall market share was flat last year, it was the lead bookrunner of the largest equity capital market deal in the consumer sector by far. Citi raised ...

Middle East 2012: Doha Dreams

FAITH IN THE DOLLAR PEG

By Gordon Platt

Global Finance sits down with Qatar’s central bank governor, sheikh Abdullah Bin Saud Al-Thani. The pegged-exchange-rate regime is working well, according to Al-Thani, and the resilient financial sector will help Doha ...

Middle East 2012: Dubai’s Debt Dependency

EASING THE BURDEN

By Gordon Platt

Dubai has some way to go before its debt profile is viewed as safe and sound, but it has already made great strides.

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The Dubai debt crisis shocked the world in November 2009. Despite ...

Middle East 2012: Economies In Transition

SHIFTING SANDS

By Gordon Platt

Extraordinary changes are occurring in the Middle East in the aftermath of the Arab Spring uprisings. New economic models—and new opportunities for foreign investors—are developing. But the potential for great reward comes with ...

Middle East 2012: Levantine Banks

THE LEVANT BANKS ON STABILITY

By Gordon Platt

Caution and conservative growth are the key goals of Levantine economies.

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The resource-poor countries of the Levant have been trying to promote open markets, free trade and labor mobility among themselves to ...

Additional Stories

Asian Development Bank Meeting 2012

ENVISIONING THE FUTURE

By Thomas Clouse

Business leaders, policymakers and development experts will gather in Manila the first week of May at the Asian Development Bank's (ADB) 45th Annual Meeting of the Governors.


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At last year’s Annual Asian ...

Company to Watch: BR MALLS / Brazil

BRAZILIAN MALL OPERATOR RINGS UP SALES GAIN

By Gordon Platt

Brazil’s retail sales rose more than expected in December—climbing 6.7% from a year earlier and suggesting that domestic consumption will remain strong despite global market conditions.

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BR ...

Regional Focus: Southeast Asia

ASIAN PEARLS By Denise Bedell Three pearls of Southeast Asia are beginning to glow with their own unique luminescence. Malaysia, Thailand and the Philippines are increasingly on the radar of international investors and corporations. Red Hook, Brooklyn, is home to ...

Roundtable: Philippines

UPWARD TRAJECTORY Moderated By Denise Bedell At a roundtable in Makati City, Manila, Global Finance brought together key banking and corporate figures in the Philippines to discuss how they are responding to the challenges they face in attracting global investment ...

Sponsored Roundtable: Subcustody

COMPETITION, REGULATION AND TECHNOLOGY

Moderated By Joseph D. Giarraputo

At a roundtable in London, Global Finance brought together key figures in the subcustody industry to discuss how they are responding to the many challenges posed by the eurozone crisis, the ...