Magazine Cover

Cover Story

Cover Story : The people who are making the new Germany…

The people who are making the new Germany…


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Out: Gerhard Schröder

Peer Steinbruck, finance minister (SPD): This 58-year-old bureaucrat-turned-right-wing Social Democratic politician has arguably the toughest job in Germany: putting the country’s finances back on track. He might—just ...

Cover Story : Germany: Beyond the Election Gloom

As the dust settles after the German election, it is becoming clear that Europe’s largest economy is undergoing a profound transformation. That change will come at a price, though.

csart01 When German conservative leader Angela Merkel finally put together a ...

Emerging Markets Roundup

Emerging Markets : Heading Skyward

China

emart02 China Construction Bank (CCB) on October 27 became the first of China’s four biggest state-owned banks to launch an initial public offering. Despite mixed reactions from investors, the bank raised US$8 billion on the Hong Kong Stock ...

Emerging Markets : Dubai Exchange Lists First GDR

DR News


Investcom, an international mobile-telephone services provider, has become the first company to list its global depositary receipts on the new Dubai International Financial Exchange. Investcom raised about $750 million in its initial public offering, which was also listed ...

Emerging Markets : Ethanol and Sugar Giant Offers Shares

News


Sao Paulo, Brazil-based Cosan, the world’s biggest sugar and ethanol producer, made an initial public offering on the Bovespa Stock Exchange last month. Brazilian-produced ethanol is expected to gain increased penetration in global markets as a result of ...

Emerging Markets : Investment Grade Looms for Brazil

Brazil

Brazil continues to move closer to a coveted investment-grade rating, albeit slowly. In October Moody’s upgraded the sovereign’s foreign currency rating to Ba3 from B1 with a positive outlook, putting it three notches away from the top ...

Emerging Markets : Putin Prepares for Succession

Russia

emart03 Russian president Vladimir Putin reshuffled the government in mid-November, promoting presidential administration head and long-time Putin loyalist Dmitry Medvedev to the position of first deputy prime minister. Sergei Sobyanin, the governor of the oil-rich region of Tyumen, was named ...

Emerging Markets : Rubber to Hit the Road in Hungary

Company to Watch: Hankook Tire/South Korea


Hankook Tire, South Korea’s largest tire-maker, in November selected Dunaujvaros, Hungary, which is about 40 miles south of Budapest, as the site for its first European factory. The $600 million plant is ...

Award Winners

Award Winners : World’s Best Derivatives Providers 2005

Best Derivatives Providers
NORTH AMERICA
Best Commodity Derivatives Provider — Morgan Stanley
Best Credit Derivatives Provider — JPMorgan
Best Equity Derivatives Provider — Citigroup
Best FX Derivatives Provider — Deutsche Bank
Best Interest Rate Derivatives Provider — Morgan Stanley
EUROPE
Best Commodity Derivatives Provider — BarCap ...

Award Winners : The World’s Best Internet Banks, 2005 Part 2

Regional Winners
NORTH AMERICA
alt Best Corporate/Institutional Internet Bank — Wells Fargo
alt Best Consumer Internet Bank — Bank of America
EUROPE
alt Best Corporate/Institutional Internet Bank — RZB
alt Best Consumer Internet Bank — Citigroup
ASIA/PACIFIC
alt Best Corporate/Institutional Internet Bank— DBS Bank
alt Best ...

Milestones

Milestones : Buenos Aires Opens Global Swap

Argentina

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Buenos Aires: Offers default swap

Nearly four years after its default, the Argentine province of Buenos Aires opened a global debt swap in November that analysts predict will prompt bondholders to tender as much as 85% of defaulted debt ...

Milestones : Oil Company CEOs Defend Record Profits

United States

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Lee R. Raymond

The Republican leadership of the Senate called the chief executives of the nation’s leading oil companies on the carpet last month to explain why they were making a lot of money at a time ...

Features

Features : Best Internet Banks Conference Report

Internet Banking Conference and Awards Ceremony
Global Finance brings together leading figures from the Internet banking world to discuss the future of the market.

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Jorge Vargas,
W3

On November 8, 2005, Global Finance presented its inaugural Internet Banking Conference. The ...

Features : Dealbreakers

Sharply increasing M&A; deal volumes mask some very real problems in the cross-border M&A; market.

feart04a At first glance 2005 appears to have been a record year for worldwide M&A.; In the third quarter the volume of worldwide ...

Features : Money Launderers Find Fewer Places to Hide

New regulations and unprecedented global cooperation have combined to put the squeeze on money launderers.


feart01a In just a few short years, the global effort to clamp down on money laundering and terrorist financing has yielded dramatic results. Now there are ...

Features : Technology: Finding the Right IT Strategy

Determining what style of IT management is right for an organization can be complex. Although centralization offers many benefits, it does not always offer the necessary flexibility. With the speed of technological development, the desire to drive greater efficiency through ...

Features : The World’s Best Derivatives Providers

As the use of derivatives for risk management and cash management continues to grow dramatically, the opportunities and challenges for providers are multiplying.

feart02 Global Finance’s second annual awards for the World’s Best Derivatives Providers recognize the banks that ...

Features : Treasury and Cash Management Comes Back To the Core

Increasingly, global businesses are recognizing the benefits they can gain from centralizing their treasury and liquidity management. Setting up suitable systems to achieve that goal, however, is far from simple.


feart03a As the world’s biggest companies spread their operations ever ...

Features : World’s Best Internet Banks Awards: Part 2

Online security issues have taken center stage over the past year, presenting banks with greater challenges in retaining online customers and attracting new ones.


feart05a Amid blaring headlines, customer concern and new regulatory action regarding the security of customers’ financial information ...

Corporate Finance

Corporate Finance : Corporate Debt

Mexican Homebuilder Cuts Borrowing Costs


cfart02 Ford Motor Credit, the finance arm of number-two US automaker Ford Motor, sold $1 billion of debt in a two-part offering in late October that produced higher-than-expected yields.

Ford Motor Credit offered yields of 4 ...

Corporate Finance : Focus: Foreign Exchange

Dollar Will Remain Buoyant As Long as the Federal Reserve Keeps Raising Rates, Analysts Say

cfart01a Interest-rate rises are like vitamins for the dollar, which jumped to its highest level in two years in November and which will continue to flex ...

Corporate Finance : Global Equity/DRs

Electricité de France Offers Record ESOP

cfart03b The biggest leveraged ESOP, or employee stock-ownership plan, that Europe has ever seen was part of Electricité de France’s $8.5 billion initial public offering in November, the largest IPO in the world ...

Corporate Finance : Mergers & Acquisitions

Telecom Mergers Surge As Telefónica Buys O2


Global mergers and acquisitions in the telecommunications sector reached $303 billion in the first 10 months of 2005, the highest since 2000, according to Dealogic. Cross-border M&A; volume more than doubled in ...

Newsmakers

Newsmakers : Candid Fed Chief Could Spook Market

United States

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Ben Bernanke

Ben Bernanke could prove to be a fine Federal Reserve Board chairman in the long run, assuming he is confirmed, but his honeymoon threatens to be a stormy period for the financial markets. Analysts say Bernanke ...

Newsmakers : Colombia’s Uribe Goes for Second Round

Colombia

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Alvaro Uribe

Colombian president Alvaro Uribe, 53, scored a victory in November when the nation’s Constitutional Court overturned a 1991 ban on reelection for sitting presidents. The move hands Uribe, whose approval rating hovers near 80%, a virtual ...

Best Derivatives Providers

Features : The World’s Best Derivatives Providers

As the use of derivatives for risk management and cash management continues to grow dramatically, the opportunities and challenges for providers are multiplying.

feart02 Global Finance’s second annual awards for the World’s Best Derivatives Providers recognize the banks that ...

Award Winners : World’s Best Derivatives Providers 2005

Best Derivatives Providers
NORTH AMERICA
Best Commodity Derivatives Provider — Morgan Stanley
Best Credit Derivatives Provider — JPMorgan
Best Equity Derivatives Provider — Citigroup
Best FX Derivatives Provider — Deutsche Bank
Best Interest Rate Derivatives Provider — Morgan Stanley
EUROPE
Best Commodity Derivatives Provider — BarCap ...