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Cover Story

Cover Story : Fear Factor

DEFLATION US policymakers have already braced themselves for a bout of deflation, and many corporations are quaking at the prospect of price declines. Some are wondering, though, how bad can it really get? That the global economy, and most particularly ...

Features

Features : Back To Basics

SECTOR REPORT SOVEREIGN WEALTH FUNDS A series of disastrous investments in Western banks and mounting pressure to invest locally is prompting a sea change in sovereign wealth funds’ investment attitudes. Dickinson: Some SWFs are facing pressure to diversify their investments ...

Features : Desperate Measures

SPOTLIGHT CORPORATE FRAUD Crumbling asset values and wild volatility have left a trail of disaster in their wake. They also exposed some truly shocking frauds. Abbey: “If something sounds too good to be true, it probably is” In the words ...

Features : Fuel For The Growth Engine Annual Report

STARS OF CHINA Over the past decade, China’s government has been working on an ambitious plan to improve the health, transparency and effectiveness of its country’s sprawling banking system. Weighed down with bad loans, mired in bureaucracy and often plagued ...

Features : Tightening The Supply Chain

FOCUS SUPPLY CHAIN FINANCE Just a short while ago, supply chain finance was seen as a novel luxury. For many corporations now it could be the key to survival—and future prosperity. Quinn: Credit is proving hard to find for non-investment-grade ...

Features: Carbon trade up

MARKET REPORT CARBON TRADING Barack Obama’s support for carbon trading will help strengthen an already growing market.       Schleimer: The Clean Air Act could be used to regulate greenhouse gases Bolstered by Europe’s legislative advances to tackle climate ...

Features: World's best trade finance banks 2009

ANNUAL SURVEY / BEST TRADE FINANCE BANKS Trade finance banks are enjoying rising demand for basic risk management services as world trade faces a difficult period. Global trade is expected to decline in 2009 for the first time since 1982, ...

Emerging Markets Roundup

Features : Back To Basics

SECTOR REPORT SOVEREIGN WEALTH FUNDS A series of disastrous investments in Western banks and mounting pressure to invest locally is prompting a sea change in sovereign wealth funds’ investment attitudes. Dickinson: Some SWFs are facing pressure to diversify their investments ...

Features : Desperate Measures

SPOTLIGHT CORPORATE FRAUD Crumbling asset values and wild volatility have left a trail of disaster in their wake. They also exposed some truly shocking frauds. Abbey: “If something sounds too good to be true, it probably is” In the words ...

Newsmakers : Economic Gloom Hits Business Confidence

UNITED STATES As the credit crisis deepens and government measures to kick-start bank lending fall short of the mark, the mood among company CEOs, particularly those with operations in Europe and Asia, is beginning to darken. These are the latest ...

Milestones : Emerging Markets May Face Deeper Pain

GLOBAL IMF: Expects heavy demand for funds. In the most bearish research report on emerging markets seen by Global Finance since the credit crisis began, an RBC Capital research note published on January 15 claims that most major emerging markets ...

Emerging Markets : Africa

AFRICA Leaving a hole: Foreign firms have shut down Zambian mines as ore prices plummet Guinea’s military leaders chose former banker Kabine Komara as the new prime minister, tasked with coordinating a return to civilian rule after last December’s military ...

Emerging Markets : Brazil

BRAZIL Revving up: BV stake boosts Banco do Brasil’s auto loan portfolio The Brazilian government returned to international capital markets in January with $1.025 billion in dollar-denominated global bonds maturing in 2019. The 10-year issue, led by Goldman Sachs and ...

Emerging Markets : Brazilian Mall Operator Upgrades Restricted Adres

DR NEWS Seeking to raise its profile with international investors, BRMalls, Brazil’s largest shopping mall operator, upgraded its restricted American depositary receipt program to a Level I facility sponsored by J.P. Morgan. Rio de Janeiro-based BRMalls offers an opportunity for ...

Emerging Markets : China

CHINA Bank of China: Foreign investors cashing in stakes China will offer tax cuts and subsidies to spur its steel and automotive industries, the country’s State Council announced on January 14. The government will limit expansion of steel-making capacity and ...

Emerging Markets : India

INDIA Caught in a jam: Many of India’s key indicators are slumping Following the revelation of accounting fraud by Satyam Computers, India’s fourth-largest IT services company, the stock recorded one of the worst drops in Indian stock market history for ...

Emerging Markets : Instant Messaging Craze Sweeps China

COMPANY TO WATCH: TENCENT HOLDINGS/CHINA Instant messaging (IM) has become a cultural phenomenon in China. Tencent Holdings is a Hong Kong-listed company with the bulk of its assets in China, where its QQ brand controls 80% of the IM market. ...

Emerging Markets : Investors Return To Em Bond Funds

NEWS With US treasury bonds offering paltry rates of return, investors are taking a closer look at emerging market debt as a way to pick up an additional 600 basis points or more of yield. EM bond funds posted inflows ...

Emerging Markets : Middle East

MIDDLE EAST All change: GCC countries hope to adopt a single currency At the Gulf Cooperation Council (GCC) summit in Oman in December, Gulf Arab leaders approved a monetary union to be implemented by the end of 2009, including the ...

Emerging Markets : Russia

RUSSIA Constant pressure: Ukraine and Russia tussle over gas supply contracts In what has become an annual ritual, just after the start of the new year Russia cut off the supply of natural gas to Ukraine—and, given the geography of ...

The World's Best Trade Finance Banks

Features: World's best trade finance banks 2009

ANNUAL SURVEY / BEST TRADE FINANCE BANKS Trade finance banks are enjoying rising demand for basic risk management services as world trade faces a difficult period. Global trade is expected to decline in 2009 for the first time since 1982, ...

Milestones

Milestones : Asia’s 1 Billion Muslims Beckon Islamic Bankers

ASIA-PACIFIC Asia looks to cash in on its emerging Islamic financial center status. The Asia-Pacific region already accounts for 60% of the world’s Islamic banking assets and could be a center of growth for the shariah-compliant finance industry in the ...

Milestones : Emerging Markets May Face Deeper Pain

GLOBAL IMF: Expects heavy demand for funds. In the most bearish research report on emerging markets seen by Global Finance since the credit crisis began, an RBC Capital research note published on January 15 claims that most major emerging markets ...

Milestones : Slumping Copper Prices Take Shine Off Growth

CHILE Chile's president Bachelet: Stimulating economic growth. While high copper prices had maintained Chile’s economy as Latin America’s strongest, it seems the party is over as prices plummet and demand wanes. The South American country, the world’s largest copper producer, ...

Corporate Finance

Corporate Finance : Bailouts Cushion Decline In 2008 Global Mergers

MERGERS & ACQUISITIONS The volume of worldwide mergers and acquisitions fell 30% last year compared with 2007, but the decline in announced deals would have been even larger without the government bailouts of financial institutions, which represented a significant share ...

Corporate Finance : Credit Market Thaw Brings Flood Of Issues

CORPORATE DEBT Government programs designed to thaw the frozen credit markets appeared to be having some effect in early January, opening a window of opportunity for a flood of investment-grade corporate debt issues, but analysts say the credit market rally ...

Newsmakers

Newsmakers : Economic Gloom Hits Business Confidence

UNITED STATES As the credit crisis deepens and government measures to kick-start bank lending fall short of the mark, the mood among company CEOs, particularly those with operations in Europe and Asia, is beginning to darken. These are the latest ...

Newsmakers : In Obama America Trusts, At Least For The Next Months

UNITED STATES Barack Obama takes the oath of office during the inauguration ceremony President Barack Obama’s inauguration on January 20 bordered on a coronation, but the rhetoric will have to be turned quickly into reality if the historic 44th US ...

Newsmakers : Satyam Fraud Throws India’s It Industry Into Disarray

INDIA Satyam: Facing disaster When Satyam Computers’ founder, chairman & CEO Ramalinga Raju revealed the depth of the accounting fraud he had perpetuated for more than a decade, investors were left with more questions than answers, particularly about what the ...