Magazine Cover

Cover Story

Cover: Currencies: War or Peace?

NO LONGER JUST A GAME?


By Ronald Fink

The recent spate of currency devaluation will start to have a serious impact unless global leaders focus on economic fundamentals, rather than figments.

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The yen is down 25% against the euro since ...

The World's Best Investment Banks

Annual Supplement: Middle East 2013

WELCOME TO THE FUTURE

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Photo Credits: RITU MANOJ JETHANI/ Shutterstock.com

Passengers arriving at Dubai International Airport on Emirates’ double-decker Airbus 380 aircraft taxi up to a new $3.2 billion dedicated terminal, Concourse A, which opened in February. After ...

Awards: Best Investment Banks 2013

A SECTOR IN TRANSITION

By Michael Shari

Global investment banks spent the past year adjusting to the new reality of highly regulated markets and below-historical rates of return.


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Last year was one of evolution for the world’s investment banks ...

Best Investment Banks 2013: Best Legal Advisers

BEST LEGAL ADVISERS


By Michael Shari

BEST LEGAL ADVISERS
Global

Skadden Arps Slate Meagher & Flom

North America Cleary Gottlieb Steen & Hamilton
Latin America

Skadden Arps Slate Meagher & Flom

Western Europe Freshfields
CEE Cleary Gottlieb Steen & Hamilton
Asia-Pacific Nagashima Ohno & Tsunematsu ...

Best Investment Banks 2013: Country Winners

COUNTRY WINNERS


By Michael Shari

COUNTRY WINNERS
NORTH AMERICA
Canada BMO Capital Markets
US J.P. Morgan
LATIN AMERICA
Argentina Banco de Galicia y Buenos Aires
Brazil Itaú BBA
Chile Banco de Chile
Colombia Bancolombia
Mexico Santander Mexico
EUROPE
Austria ...

Best Investment Banks 2013: Deals of the Year

DEALS OF THE YEAE


By Michael Shari

DEALS OF THE YEAR
Best Equity Deal

US Treasury/American International Group (AIG) $20.7 billion follow-on offering, September 2012.

Bookrunners

Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan, Bank of America Merrill ...

Best Investment Banks 2013: Global Winners

GLOBAL WINNERS

By Michael Shari

GLOBAL WINNERS
Best Investment Bank J.P. Morgan
Best in Emerging Markets Bank of America Merrill Lynch
Best in Frontier Markets Qatar National Bank
Best Equity Bank Morgan Stanley
Best Debt Bank Bank of America ...

Best Investment Banks 2013: Regional Winners

REGIONAL WINNERS


By Michael Shari

REGIONAL WINNERS
NORTH AMERICA
Best Investment Bank J.P. Morgan
Best Equity Bank Morgan Stanley
Best Debt Bank J.P. Morgan
Best M&A Bank Goldman Sachs
LATIN AMERICA
Best Investment Bank Itaú BBA
Best ...

Best Investment Banks 2013: Sector Winners

SECTOR WINNERS


By Michael Shari

SECTOR WINNERS
Consumer Citi
Financial Institutions Citi
Healthcare Piper Jaffray
Industrials/Chemicals Jefferies
Infrastructure China Construction Bank Corp
Media/Entertainment J.P. Morgan
Metals & Mining BMO Capital Markets
Oil & Gas Goldman Sachs
Power Morgan Stanley ...

Middle East 2013: Ethical Banking

THE ALLURE OF ETHICAL BANKING

By Gordon Platt

Islamic banks in the Gulf region are tapping into growing demand for ethical banking and are upping their game in structuring sukuk and wholesale banking services.

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Ethical banking services continue to be ...

Middle East 2013: Jordan’s Uphill Battle

BRIDGING THE GAPS

By Gordon Platt

Jordan has a difficult road ahead as it implements economic and political reforms as part of an IMF loan package and deals with the spillover from unrest in neighboring countries.

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Jordan’s economy is ...

Middle East 2013: Seeking Unity On GCC

SEEKING UNITY

By Gordon Platt

GCC members continue to pay lip service to economic and political union, but experts say much more needs to be done on the military, security and development fronts before that can happen.

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Photo Credits: DR ...

Middle East 2013: Takaful Insurance

SHARING RISK

By Anita Hawser


Takaful insurance markets are growing steadily in the Gulf, but the regulatory framework is still developing in some countries.

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Taking out car, property or life insurance is second nature in the West, but in the ...

Middle East 2013: Transition Economies

DEFYING EXPECTATIONS

By Gordon Platt

For many, the Arab Spring symbolizes years of painful economic and political reforms ahead. But financial institutions are upbeat about the region’s prospects, noting that markets such as Iraq and Libya continue to outperform ...

Middle East 2013: UAE: Visions Of Splendor

VISIONS OF SPLENDOR

By Gordon Platt

Investor confidence has returned to the UAE, with the former debt-laden emirate of Dubai once again planning major infrastructure projects. Even a new financial center is planned for construction.

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Dubai continues to dream big ...

Newsmakers

Newsmakers: Groupon: A New Stress Test For High-Techs?

NEWSMAKERS: US


By Udayan Gupta

Technology companies lead a charmed life. Flawed business strategy, poor execution, inexperienced management...some technology companies seem to shrug them off and continue.


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The master of spin: Groupon's founder, Andrew Mason

But the February ...

Newsmakers: Kuroda Aims To Rewrite BoJ History

NEWSMAKERS: JAPAN


By Valentina Pasquali

Prime minister Shinzō Abe's election victory at the end of 2012 promised to bring sweeping changes to Japan's handling of its lethargic economy, with renewed efforts to spur growth and combat deflation.


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Kuroda ...

Newsmakers: Matolcsy Creates Anxiety For Hungary’s Central

NEWSMAKERS: HUNGARY


By Paul Mackintosh

Widespread concerns in Europe over the independence and integrity of Hungary's institutions were rekindled recently by the news that prime minister Viktor Orbán had appointed his right-hand man, György Matolcsy, as the new governor ...

Newsmakers: Peaceful Election Sets Stage For Investment Bonanza

NEWSMAKERS: KENYA


By Dan Keeler

Kenya appears set to reap a substantial investment dividend in the wake of its largely peaceful presidential election held in early March.


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Kenyatta beats his rivals

Analysts believe that portfolio flows and foreign direct investment ...

Milestones

Milestones: Italy Coughs And The Rest Of Europe Sneezes

MILESTONES: ITALY


By Valentina Pasquali

The general elections held in Italy in February yielded a hung parliament, marked the phenomenal rise of the little-understood protest movement of former comedian Beppe Grillo, and unexpectedly revived the flagging political career of former ...

Milestones: Shareholder Say On Pay Takes Form

MILESTONES: EUROPE


By Anita Hawser

Billed as a major blow to the UK’s status as a global financial services hub, the European Parliament and council sent a clear message in February about bank bonuses, reaching an agreement that bankers ...

Corporate Finance

Debt: Bond Market Rally Losing Steam

CORPORATE FINANCING NEWS: CORPORATE DEBT


By Gordon Platt

Investors have piled into US treasury bonds in recent years to escape such financial scares as the eurozone debt crisis and slowing growth in China.


Analysts warn that the bond rally is ...

Equity: Rising Stock Market Fires Up IPOs

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS


By Gordon Platt


A rising tide lifts all ships, and the bull market in stocks is enabling a number of technology and housing-related companies, particularly in the US, to float initial public offerings.

Total ...

FX: Dollar In Long-Term Bull Trend

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE


By Gordon Platt

The dollar has been in a long-term declining trend against the major currencies for nearly a decade, losing about 40% in value, but analysts say it is no longer weakening in periods ...

M&A: Megamergers Raise Hope for More

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS


By Gordon Platt


With the stock market hitting record highs and confidence growing in the US economy, dealmaking has accelerated dramatically. A series of megamergers has unleashed a spirit of optimism about the prospects for ...

Emerging Markets Roundup

Cover: Currencies: War or Peace?

NO LONGER JUST A GAME?


By Ronald Fink

The recent spate of currency devaluation will start to have a serious impact unless global leaders focus on economic fundamentals, rather than figments.

300x385-CoverStory 10-Currency-wars

The yen is down 25% against the euro since ...

Newsmakers: Matolcsy Creates Anxiety For Hungary’s Central

NEWSMAKERS: HUNGARY


By Paul Mackintosh

Widespread concerns in Europe over the independence and integrity of Hungary's institutions were rekindled recently by the news that prime minister Viktor Orbán had appointed his right-hand man, György Matolcsy, as the new governor ...

Back Page: Polls and Stats - Clearing Skies Ahead

Emerging Markets Future Output Index

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"Expectations of ‘future output’ by EM businesses, specifically by manufacturers, improved sharply in February as a sign of strong sentiment. Our hopes are mainly pinned on China, Asia and commodity producers in the Middle East ...

Country Report: Russia

REFORM BECOMING REALITY


By Laurence Neville

After years of promises, there are tentative signs that Russia is finally getting serious about reforming its economy.

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Russia has always been the odd one out in the BRIC quartet of leading emerging economies ...

Emerging Markets Roundup: Brazil

BUYING SPREE TO CONTINUE FOR ICONIC US BRANDS


By Antonio Guerrero

Brazilian billionaire Jorge Paulo Lemann of 3G Capital continued his buying spree of major US consumer brands, this time joining forces with Berkshire Hathaway’s Warren Buffett in a ...

Emerging Markets Roundup: China

INCREASED SPENDING AND REFORMS COULD BOOST DOMESTIC CONSUMPTION

By Thomas Clouse

In his final annual work report to the National People’s Congress, outgoing Chinese premier Wen Jiabao set the country’s 2013 GDP growth target at 7.5% and ...

Frontier Markets: Namibia

RISING STAR


By Dan Keeler

Namibia’s fortunes may be about to change dramatically.

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Sandwiched between regional titans South Africa and Angola, Namibia is better known for its colossal sand dunes and the jagged carcasses of ships that have foundered ...

Regional Report: Asia

A DECOUPLING IN THE WORKS


By Udayan Gupta

Intraregional investment within Asia is starting to take hold—reducing reliance on demand from developed markets.

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When Essar Power, a unit of Asian energy giant Essar Energy, raised approximately $900 million in ...

Risk Management: Emerging Markets Risks

SEEKING CONSISTENCY

By Paula Green

Multinationals struggle to manage business risks—such as political, reputational and tax risks—and insurance issues, as they expand their emerging markets footprint. And some of those risks are on the rise.

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Ace Hardware sees ...

Global Salon

Salon: Hiren Ved, CIO, Alchemy Capital

INDIA’S DEMAND ECONOMY


By Udayan Gupta

At this month’s Global Salon in New York, Hiren Ved, chief investment officer of Mumbai-based investment fund Alchemy Capital Management, discussed the Indian markets and economy in a global context and within ...

Back Page

Back Page: Polls and Stats - Clearing Skies Ahead

Emerging Markets Future Output Index

450-Regulars 34-back-page-rev

"Expectations of ‘future output’ by EM businesses, specifically by manufacturers, improved sharply in February as a sign of strong sentiment. Our hopes are mainly pinned on China, Asia and commodity producers in the Middle East ...

Additional Stories

Asian Development Bank Meeting Update

A REGION TRANSFORMED


By Kim Iskyan

The ability of workers in Asia to increase their skill set and improve their quality of life will be key themes at the Asian Development Bank’s upcoming annual meeting in Delhi, India.

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Senior ...

Corporate SEPA Migration

LATE THROUGH THE GATE


By Rebecca Brace

With less than a year to go before the SEPA migration end date of February 1, 2014, companies operating in Europe must get migration projects under way or face disruptions to their payments ...

Country Report: Taiwan

MANAGING THE GOLDEN CROSSING

By Arthur Clennam

As relations with China continue to flourish and the Taiwanese economy picks up, political drift becomes an issue.


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Taiwan, to its credit, is a place where people speak their minds. Media mogul Jimmy ...