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Cover Story

Cover Story: New Game, New Rules

Cover Story: New Game, New Rules

FOREIGN DIRECT INVESTMENT   By Valentina Pasquali   Global foreign direct investment is undergoing a seismic shift as emerging markets countries are seeing both inflows and outflows rise dramatically—despite flat overall levels of global FDI.   When Shuanghui International, a Chinese holding ...

Emerging Markets Roundup

China Speeds IPO Plow

EMERGING MARKETS ROUNDUP By Tom Clouse China’s stock market regulator will simplify the public listing process for Chinese companies selling shares on domestic exchanges. Companies with IPO ambitions now need only meet certain listing requirements; they need not provide ...

Terminal Velocity: Brazil Sells Airports

EMERGING MARKETS ROUNDUP By Antonio Guerrero Two international consortia won the latest round of Brazilian airport privatizations, in deals totaling $9 billion. One consortium, which includes Brazilian construction company Odebrecht and Singaporean airport operator Changi, paid $8.24 billion for ...

Global Salon

Global Salon: Francisco Ferreira

SIDESTEPPING THE BOOM AND BUST By Tiziana Barghini Global Finance sat down with Francisco Ferreira, chief economist, Africa, at the World Bank, to discuss the continent’s economic outlook. The pace of growth in Africa hovered around an impressive 5 ...

Milestones

All Aboard The Transatlantic Express

MILESTONES By J.R. Brandstrader Transatlantic investment was hurt by the recent global financial and eurozone sovereign debt crises, but America’s heartland still has eyes for Europe. Johns Hopkins’s Center for Transatlantic Relations in Washington, DC, found that ...

An Aerial View Of North Korea’s Economy

MILESTONES   By Valentina Pasquali   In recent years a nighttime satellite image of Eastern Asia has gone viral on the Internet. The image displays the glowing, electricity-filled skies of China, Japan and South Korea, and a black hole in the place ...

An EU In Africa?

MILESTONES By Tiziana Barghini Twenty-two years after the Maastricht Treaty—which paved the way for Europe’s economic and monetary union—was signed, five Eastern African countries have inked a similar pact for an area that is much smaller than ...

The Return Of ‘Ratings Shopping’?

MILESTONES By Luca Ventura The announcement came early in November. Expressing the intention to break the monopoly of the Big Three in the financial ratings industry, credit ratings organizations from five countries proclaimed the launch of ARC Ratings, which is ...

Features

Roundtable: Banking On Trust

TREASURY & CASH MANAGEMENT Moderated by Joe Giarraputo Treasurers from leading Fortune 500 companies and executives from top banks gathered at the Harvard Club in New York in November to discuss the challenges they face in a post-crisis world. Global Finance ...

Sub-Saharan Africa: Mind The Gap

REGIONAL FOCUS By Dan Keeler Perceptions of poverty and corruption have long dogged sub-Saharan African countries looking for investment. But as growing interest in Africa’s economies has morphed into a frenzy of investment, a new perception gap is appearing ...

Asia: Backing The Right Horse

REGIONAL FOCUS By Thomas Clouse With China’s economy slowing, investors are pondering where the next big growth story will come from in emerging Asia. Many are betting on the ASEAN countries, which face regional, economic and political hurdles. As ...

Bring On The New Russia

COUNTRY REPORT By Justin Keay As investors query what will happen in Russia’s economy over the near term, the long-term outlook is improving as the business environment is liberalized. Russia will be at the center of world attention in ...

Kuwait: Reshaping The Welfare State

COUNTRY REPORT By Gordon Platt Oil-rich Kuwait is finally making progress on implementing its multibillion-dollar development program and improving its business operating environment. Despite its aim to become a world-class financial and commercial center, the Arab Gulf country remains dependent ...

Supply Chain: Rising Tides Of Risk

RISK MANAGEMENT By Andrew Osterland As companies expand their supply chains globally, the hazards they face—from extreme weather events to political upheavals—expand too. Managing such risks comprehensively beats rolling the dice. The lure of fast-growing markets and low-cost ...

What’s Next For Kuwaiti Banks?

SPECIAL REPORT   By Andrew Cunningham   Kuwaiti banks are in good health. Capital levels are high, nonperforming loans low and declining, and liquidity remains strong.   The IMF’s latest Article IV report on Kuwait, concluded at the end of November, found ...

Corporate Finance

M&A: Steady As She Goes

CORPORATE FINANCING NEWS By Gordon Platt The outlook for mergers and acquisitions in 2014 is generally positive in light of expectations for modest global economic growth, but a return to pre-crisis levels of M&A activity is not likely, analysts ...

Bonds: The Sell-Off Is On

CORPORATE FINANCING NEWS By Gordon Platt A rebound in global manufacturing, as well as rising confidence in the sector, is forcing bond yields higher, with emerging markets bonds feeling the brunt of the sell-off. However, analysts do not expect a ...

Bullish US Investors In China Shop

CORPORATE FINANCING NEWS By Gordon Platt As exchanges in London, Hong Kong and New York compete for the opportunity to host an expected $15 billion initial public offering by China’s e-commerce leader Alibaba, US investors are once again warming ...

Foreign Exchange: Dollar Days

CORPORATE FINANCING NEWS By Gordon Platt Despite the euro’s surprisingly strong showing in 2013, analysts expect the dollar to advance against most major currencies this year. The euro won’t be allowed to continue to appreciate, or it will ...

Newsmakers

Ex-Warehouse Worker Named Walmart Boss

NEWSMAKERS   By Valentina Pasquali   US retail giant Wal-Mart is going for tradition and loyalty in selecting its new CEO and president. In an effort to strengthen its bottom line at a time when the industry is in a state of ...

Poland: Longtime Finance Minister Axed

NEWSMAKERS By Justin Keay There were few raised eyebrows when Poland’s premier Donald Tusk replaced his longtime Finance minister Jacek Rostowski with 38-year-old Mateusz Szczurek in a major cabinet reshuffle on November 20. Disagreements between Tusk and Rostowski had ...

The Most Unpopular Man In Bali?

NEWSMAKERS KA Badarinath World powers represented by US, EU and Japanese trade ministers openly disliked him. They held 60-year-old Indian trade minister Anand Sharma squarely responsible for holding up the World Trade Organization’s Doha Development Agenda discussions at the ...

Westerner To Run Japan’s Takeda?

NEWSMAKERS By Gilly Wright Japan’s largest pharmaceuticals firm, Takeda, has appointed Frenchman Christophe Weber as COO in a highly unusual move designed to groom him for the role of CEO. Weber will join the firm in April 2014, to ...

Back Page

Polls & Stats: Africa’s Slippery Slope

“A $30 decline in oil price over the baseline level shows that, among developing regions, Sub-Saharan Africa is the most impacted, with GDP growth declining by some 1.3 percentage points and current account balances worsening by 4.5 percentage ...

Special Sections

World’s Best Foreign Exchange Providers

ANNUAL SURVEY — STABILITY AMID CHANGE By Gordon Platt A global investigation into trading irregularities has not hampered growth or innovation in one of the world’s largest and most volatile markets—foreign exchange. The $5.3 trillion-a-day foreign exchange market ...

Stars Of China Awards Ceremony

LOCATION: WESTIN HOTEL, BEIJING, CHINA Global Finance held its annual Stars of China awards ceremony in Beijing in November. Corporate and financial leaders from across the country were present to accept their awards and honor other recipients. 1 - Zheng ...