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Cover Story

The 10%+ Club

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COVER STORY: THE 10% + CLUB

By Laurence Neville

Predicting what countries will be the next growth outperformers is tricky at best. Those firms that back the winners will undoubtedly profit, and the countries that make the list will attract greater ...

Features

EM Regional Review: Asia

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WAITING GAME


By Anita Hawser


Asia is watching closely to see what happens to the West's buckling economies. However, intraregional trade growth and ever-increasing trade between the emerging markets will help cushion any impact.

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Much of the world’s ...

Emerging Markets Issues

Best Derivatives Providers 2011

ANNUAL SURVEY AND AWARDS

By Michael Shari

Counterparty risk trumps pricing as criteria for picking derivative providers. Wall Street is retaking market share from European rivals

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Never underestimate the sleight of hand with which the fast-paced derivatives industry can change ...

Biggest Emerging Markets Banks 2011

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CHINA’S BIG FOOTPRINT


By Andrew Cunningham

Global Finance presents its annual listing of the biggest banks in the emerging markets.


When it comes to asset size, the dominance of Chinese banks in emerging markets is hard to overstate. The ...

EM News: BRIC Exchanges Announce Alliance

EMERGING MARKETS INVESTOR: NEWS

By Gordon Platt

Stock exchanges in the BRIC countries, plus South Africa, plan to cross-list equity index derivatives as the first phase of a joint initiative announced at the annual meeting of the World Federation of ...

EM Regional Review: Africa

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AT A CROSSROADS


By Jonathan Gregson

Africa is at the cusp of major change. Whether that change involves greater economic growth and an improved standard of living depends on both internal and external events over the next few years.

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The ...

EM Regional Review: CEE

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WINTER OF DISCONTENT

By Justin Keay

Although there are some bright spots, many CEE countries face the prospect of another economic downturn thanks to tight European ties.

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For most countries in the postcommunist world, 2011 has proved to be a ...

EM Regional Review: Introduction

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FEAST AND FAMINE

By Anita Hawser

The emerging markets are affected to a greater or lesser degree by what is happening in the developed world.

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Those countries and regions that are most closely tied to the West—such as Central ...

EM Regional Review: Latin America

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PREPARING FOR THE WORST

By Antonio Guerrero

Latin American countries are starting to build reserves and diversify economies to brace for a possible global downturn. The question is whether it will be enough to protect the export-driven region.

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When Latin ...

EM Regional Review: Middle East

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THE ARAB SPRING’S COSTS AND CONSEQUENCES

By Gordon Platt

Countries in the region are evaluating the economic outcome of social and political upheaval—both the opportunities and the challenges.

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Commercial International Bank, Egypt’s largest private sector bank, is ...

Newsmakers

Daunting Tasks For Papademos

NEWSMAKERS: EUROPE

By Valentina Pasquali

Greece’s interim prime minister Lucas Papademos was appointed in November, after much squabbling between the country’s two main political parties.

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Papademos most qualified candidate for the job

Papademos faces the daunting tasks of ...

Jon Corzine Has A Lot Of Explaining To Do

NEWSMAKERS: UNITED STATES

By Gordon Platt

Jon Corzine, the former governor of New Jersey and once a US senator, believes that a man’s word is his bond.

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Fallout from MF Global raises concerns over CFTC watchfulness

When Europe’s ...

The Italian Job

NEWSMAKERS: ITALY

By Anita Hawser

As yields on Italian debt crept above 7% in mid-November, all eyes were on Italy as the next house of cards that could come tumbling down in the eurozone.

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Bini Smaghi out at ECB, moves ...

Woodford Out Of The Picture At Olympus

NEWSMAKERS: JAPAN

By Luca Ventura

When Michael Woodford was promoted to president and then CEO of camera and medical equipment maker Olympus Corporation earlier this year, analysts and investors had high hopes for the future of the 92-year-old Japanese firm ...

Milestones

Asian Companies Ripe For Investment

MILESTONES: SINGAPORE / INDONESIA

By Gordon Platt

After portfolio managers removed tens of billions of dollars from Asian equity markets during the sell-off in early autumn, corporate valuations are now highly attractive in some industries and sectors.

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Hopes For Era Of Stability In Kyrgyzstan

MILESTONES: KYRGYZSTAN

By Kim Iskyan

Late October’s landslide victory of incumbent prime minister Almazbek Atambayev as the new president of Kyrgyzstan may bring a modicum of stability to the country’s tumultuous domestic political environment.

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Atambayev may favor Eastern ...

Living Wills Improve Banks’ Crisis And Risk Management

MILESTONES: GLOBAL

By Anita Hawser

While the focus at the moment may be on bailing out indebted countries in the eurozone, one of the legacies of Lehman’s collapse is the need for systemically important financial institutions (SIFIs) to draw ...

Corporate Finance

Debt: Yields Bring In Investors

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

With market yields nearing 10%, investors rushed back into the high-yield corporate bond market in mid-October to take advantage of low prices and spreads to Treasury bonds of 900 basis points.

“Spreads ...

Equity/DRs: Groupon Opens IPO Market

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS


By Gordon Platt

The US market for initial public offerings sprang to life in November, following a two-month drought.

The successful $700 million offering by Groupon, which was the largest IPO by a US ...

FX: Europe’s Debt Plan Missing Detail

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

Risk aversion appeared to be creeping back into the markets in early November, as the initial euphoria about the eurozone’s master plan to solve the debt crisis began to fade. Italy ...

M&A: US Shale-Gas Boom Attracts FDI

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Foreign buyers accounted for 76% of the total value of US oil and gas mergers and acquisitions in the third quarter of this year, with 22 deals valued at $37.3 billion ...

Emerging Markets Roundup

The 10%+ Club

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COVER STORY: THE 10% + CLUB

By Laurence Neville

Predicting what countries will be the next growth outperformers is tricky at best. Those firms that back the winners will undoubtedly profit, and the countries that make the list will attract greater ...

Biggest Emerging Markets Banks 2011

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CHINA’S BIG FOOTPRINT


By Andrew Cunningham

Global Finance presents its annual listing of the biggest banks in the emerging markets.


When it comes to asset size, the dominance of Chinese banks in emerging markets is hard to overstate. The ...

DR News: Unsponsored DRs Abound Amid Lack Of New Issues

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

The market for new sponsored depositary receipt programs for companies in emerging markets has dried up since the equity market turmoil in August, but there has continued to be a steady stream ...

Emerging Markets Roundup: Africa

SOUTH AFRICA EASES RULES ON FOREIGN OWNERSHIP

By Antonio Guerrero


South Africa’s National Treasury is studying a plan to allow offshore companies traded on the Johannesburg Stock Exchange (JSE), known as inward-listed companies, to be regarded as domestic firms ...

Emerging Markets Roundup: Brazil

PETROBRAS TO SELL OFF ASSETS WORLDWIDE

By Antonio Guerrero

Brazil’s state-controlled Petrobras oil company is selling its worldwide noncore assets to support a $224 billion capital expenditure plan for 2012–15—which will fund development of the country’s ...

Emerging Markets Roundup: China

TRADE FRICTION WITH THE US GROWS

By Thomas Clouse

China and the United States are facing further trade friction after the US Senate passed a bill imposing tariffs on Chinese imports.

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P epsiCo challenges Coca-Cola’s dominance

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Emerging Markets Roundup: India

SLACKENING M&A; MAY PICK UP AS MONETARY POLICY EASES

By Aaron Chaze

Corporate dealmaking in India has declined in the period of the year through October 2011.

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Indian Internet penetration grows

According to global consulting firm Grant Thornton, domestic ...

Emerging Markets Roundup: Russia

THRESHOLD RISES FOR FOREIGN INVESTMENT IN THE NATURAL RESOURCE SECTOR

By Kim Iskyan

Russia’s parliament is set to approve long-awaited amendments to legislation on foreign investment in certain strategic sectors.

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Easing requirements for natural resources investment

The legislative change ...

Safest Emerging Markets Banks 2011

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ASIAN DOMINANCE


By Andrew Cunningham


Global Finance ’s first annual ranking of the Top 50 Safest Banks in the Emerging Markets.

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The ranks of the safest banks in the emerging markets are dominated by Asia and the Arabian Gulf, accounting ...

Global Salon

Global Salon

PARADIGM SHIFT


By Vanessa Drucker

As part of its Salon series, Global Finance sat down on November 1 with Marc Chandler, global head of currency strategy at Brown Brothers Harriman and author of Making Sense of the Dollar .

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Chandler, Brown ...

Additional Stories

Best Internet Banks Awards Ceremony

AWARDS CEREMONY: LOCATION NEW YORK CITY

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Representatives of most of the first-round winners of The World’s Best Internet Banks awards joined Global Finance on November 3 at the Harvard Club in New York City for the ninth annual Best ...

Company To Watch: Ranbaxy Laboratories / India

INDIAN DRUG MAKER SEEKS TO CASH IN ON GENERIC LIPITOR

By Gordon Platt

Ranbaxy Laboratories, India’s largest pharmaceuticals company, has secured a six-month exclusive right to sell a low-cost version of Lipitor, Pfizer’s popular anti-cholesterol drug, in the ...

Country Report: Greece

BALANCING ACT


By Vanessa Drucker

Greece’s politicians must balance growth and austerity, but it will mean walking a tightrope with no safety net in sight.

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Greece needs a fresh blueprint for economic and social survival. Eurozone debt restructuring packages ...

Country Report: Turkey

EVADING A HARD LANDING


By Gordon Platt

Turkey’s widening trade and current account deficits are making some investors nervous, but government officials are confident they can keep the fast-growing economy from overheating if they apply the proper mix of ...