Magazine Cover

Cover Story

Cover: The Maze Of Global M&A

THE MAZE OF GLOBAL M&A


By Udayan Gupta


Cross-border M&A is once again on the rise. But completing a successful deal is increasingly complex and fraught with political, and other, risks.

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At first glace, it seemed like another ...

The World's Best Trade Finance Banks

Awards: Trade Finance

EMBRACING THE MODERN ERA


By Gordon Platt


Global Finance presents the winners of its annual trade finance providers awards, incorporating the results of our first-ever trade finance readers’ survey.

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The ancient business of financing trade is now firmly positioned within ...

Trade Finance: Global Winners

By Gordon Platt

GLOBAL WINNERS

BEST TRADE FINANCE PROGRAM

International Finance Corporation (IFC)

IFC, a member of the World Bank Group, offers programs that focus on supporting trade in areas that have the greatest impact on the poor. Georgina Baker ...

Trade Finance: Regional Winners

By Gordon Platt

REGIONAL WINNERS

AMERICAS

Citi

With its extensive presence in the US, Canada and Latin America, Citi is the largest service provider for private-labeled letters of credit and open account transactions. The bank’s global footprint enables it ...

Newsmakers

Newsmaker: Belka Navigates Choppy Economic Waters in Poland

NEWSMAKERS: POLAND


By Justin Keay


Poland’s central bank governor, Marek Belka, marked the start of the New Year with an interview to a leading business newspaper in which he claimed Poland had experienced “the perfect slowdown” rather than the ...

Newsmaker: Blast From The Past As Park Geun-Hye Is Elected PM

NEWSMAKERS: SOUTH KOREA


By Thomas Clouse


South Korea will swear in 60-year-old Park Geun-hye as the country’s first female prime minister this month, after she narrowly defeated her more liberal competitor, Moon Jae-in, in the general election in December ...

Newsmaker: New Treasury Secretary Lew Lacks Private Sector Expertise

NEWSMAKERS:US


By Valentina Pasquali


With high-stakes negotiations with Congress under way, US president Barack Obama is bringing in a new treasury secretary.


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Lew: An experienced political negotiator

Jacob Lew, 57, was the White House’s chief of staff since ...

Newsmaker: Venezuelan Successor Fails To Allay Concerns Over Power Vacuum

NEWSMAKERS: VENEZUELA


By Valentina Pasquali


As Hugo Chávez’s 13-year-long domination of Venezuelan politics is overshadowed by ill health, speculation over who will carry on his legacy is largely focused on vice president Nicolás Maduro Moros, whom Chávez himself appointed ...

Milestones

Milestone: Enforcement Will Only Get Tougher Under New FSA Regime

MILESTONES: UK


By Anita Hawser


After four years under a shadow, the UK’s Financial Services Authority is once again being held up as a model financial regulator both for its principles-based approach to reporting and for its ability to ...

Milestone: Growing Chorus At Home Urges UK To Break With Brussels

MILESTONES: EUROPE


By Valentina Pasquali


On the tail of the European economic crisis, the relationship between the United Kingdom and the European Union is nearing a breaking point.

While in Brussels some members are pushing for further integration, in London ...

Milestone: “Drama-Free” Year Expected For Asean

MILESTONES: BRUNEI


By Thomas Clouse


The small country of Brunei Darussalam must navigate challenging terrain in the coming months after taking over the chairmanship of Asean at the beginning of the year.

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Brunei, whose approximately 400,000 citizens enjoy one ...

Corporate Finance

Debt: Companies Rush To Issue Bonds

CORPORATE FINANCING NEWS: CORPORATE DEBT


By Gordon Platt


Those investors reaching for higher yields in a low-interest-rate environment propelled bond markets around the world to new highs in 2012, but analysts don’t expect the party to continue forever.

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The ...

Equity: Global IPO Market Shrinks

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS


By Gordon Platt


Global initial public offerings declined 29% in 2012 to $117 billion, reflecting steep declines in IPO issuance in Hong Kong and China, according to Thomson Reuters.

On an encouraging note, however ...

FX: Central Banks Key To 2013 FX Moves

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

Central bank policies could create some interesting opportunities in the foreign exchange markets in 2013, despite what could be a slow-growth environment, analysts say.

“We expect the newly elected Japanese government to ...

M&A: Record Spin-Offs Boost Global M&A

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Thanks in large part to record levels of spin-offs and divestitures, global mergers and acquisitions achieved a 2% gain in 2012 to $2.6 trillion, according to Thomson Reuters.

Spin-offs and divestitures ...

Emerging Markets Roundup

Cover: The Maze Of Global M&A

THE MAZE OF GLOBAL M&A


By Udayan Gupta


Cross-border M&A is once again on the rise. But completing a successful deal is increasingly complex and fraught with political, and other, risks.

300 CoverStory_10 Cross Border M and A

At first glace, it seemed like another ...

Newsmaker: Belka Navigates Choppy Economic Waters in Poland

NEWSMAKERS: POLAND


By Justin Keay


Poland’s central bank governor, Marek Belka, marked the start of the New Year with an interview to a leading business newspaper in which he claimed Poland had experienced “the perfect slowdown” rather than the ...

Debt: Companies Rush To Issue Bonds

CORPORATE FINANCING NEWS: CORPORATE DEBT


By Gordon Platt


Those investors reaching for higher yields in a low-interest-rate environment propelled bond markets around the world to new highs in 2012, but analysts don’t expect the party to continue forever.

300 Regulars_30-Corp-debt-

The ...

Emerging Markets Roundup: Africa

S OUTH AFRICA MOVES CLOSER TO JUNK STATUS WITH DOWNGRADE


By Antonio Guerrero

South Africa’s weakened economy pushed it closer into junk territory, as Fitch Ratings further downgraded its sovereign rating in January.


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The agency cut the country’s ...

Emerging Markets Roundup: Brazil

TRUMP TO BUILD OFFICE TOWERS IN REDEVELOPED RIO PORT


By Antonio Guerrero


New York billionaire investor Donald Trump will launch Trump Towers Rio, his first Brazilian venture, with an estimated $4 billion investment.

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The complex of five 38-story office towers ...

Emerging Markets Roundup: China

HOPES RISE THAT CHINA IS REGAINING MOMENTUM

By Thomas Clouse

China grew at its slowest rate in 13 years in 2012, but an acceleration in the fourth quarter has raised hopes that the economy is regaining momentum.

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Photo Credits: BARTLOMIEJMAGIEROWSKI ...

Emerging Markets Roundup: India

HIGH INTEREST RATES AND RISING FUEL COSTS HIT AUTO SECTOR


By Aaron Chaze


Indian car sales slipped 12.5% year-on-year, to 141,083 units, in December, according to the Society of Indian Automobile Manufacturers (SIAM).

Heavy-vehicle sales (trucks and buses ...

Emerging Markets Roundup: Russia

PUTIN NIXES CALLS FOR POLITICAL REFORM


By Kim Iskyan


During his annual state-of-the-union address in mid-December, president Vladimir Putin focused on social spending priorities, including raising salaries for teachers, doctors and other professionals.

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He also underscored the need for social ...

Global Salon

"Salon: Joshua Shapiro, MFR Inc "

TOUGH TIMES TO COME


By Kathryn Tully


Global Finance sat down with with Joshua Shapiro, chief US economist for consultancy MFR, to discuss the US economy, the fiscal “cliff” and structural problems still facing the country.

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Global Finance: You’ve ...

Back Page

Back Page: Polls And Stat - Checking The Pulse Of Sovereign Risk

Checking The Pulse Of Sovereign Risk


BlackRock’s BSRI risk ranking provides a framework for tracking sovereign credit risk. In the last quarter, perceived risk worsened for Japan and South Africa, improved for China, Australia and New Zealand and remained ...

Additional Stories

Corporate Cards And The Supply Chain

A HOUSE OF CARDS

By Karen Kroll

Companies are consolidating purchasing and expense card programs and are starting to extend programs globally. But gaining supplier acceptance still remains challenging.

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As companies’ supply chains become increasingly multinational, a small but growing ...

Equity Derivatives

FLYING BLIND


By Anita Hawser


Despite new entrants joining the market, the equity derivatives business saw a marked slowdown over the past year, and some well-established firms are now scaling back their operations.

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After the global financial crisis of 2007 ...

Frontier Markets Networking Event

LOCATION | NEW YORK CITY

To celebrate the launch of its new monthly section on Frontier Markets, Global Finance held a networking event in January at the Harvard Club in New York. Frontier markets specialists and investors from around the world ...

Frontier Markets Report: Ghana

STAKING ITS CLAIM


By Dan Keeler


A history of stability, a growing middle class and a rapidly expanding economy are among the key assets of this West African gem.

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Photo Credits: REUTERS / YAW BIBINI

Ghana has long been considered one ...

Market Focus: Asian Investment Banking

ANOTHER LEAN YEAR


By Arthur Clennam


Investment banks in Asia are facing a reduced deal pipeline and slashing their fixed-income, currencies and commodities units. But a flurry of small-scale Chinese IPOs in Hong Kong could add cheer to 2013.

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People ...

Regional Focus Caucasus

BEYOND OLD BOUNDARIES


By Justin Keay


Oil wealth, a favorable location and buoyant economic growth have thrust Azerbaijan, Armenia and Georgia onto the international stage. However, regional conflicts, political tensions and corruption are never far away.

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“The Azeris are coming ...

Risk Management: Crisis Containment

AUTOMATIC RESPONSE

By Paula Green

Recent natural disasters have shown that in times of crisis, having a robust crisis management plan that kicks in automatically—and a team to implement it—can make all the difference when it comes to ...