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Cover Story

Hitting a Wall of Debt

COVER STORY: CORPORATE DEBT A gargantuan wall of debt coming due over the next few years could impede all but the highest-rated corporations’ efforts to refinance their debt. By Jonathan Gregson Just as the United States and other developed economies ...

Features

Features: Awards–Best Emerging Market Banks 2010 Africa

AFRICA By Gordon Platt REGIONAL WINNER: Standard Chartered Bank Standard Chartered Bank's earnings from its African operations rose 54% last year to $482 million. The London-based emerging markets bank receives 90% of its income and profits from Asia, Africa and ...

Features: Awards–Best Emerging Market Banks 2010 Asia

ASIA By Anita Hawser REGIONAL WINNER : HSBC As regional and foreign banks look to Asia to grow their business beyond their domestic markets, competition is heating up in the region. Traditionally a strong provider across 20 or so Asian ...

Features: Awards–Best Emerging Market Banks 2010 Europe

EUROPE By Paula L. Green REGIONAL WINNER: RZB/Raiffeisen International Austria-based RZB/Raiffeisen International bags the regional award for the fourth year in a row after managing to turn in a creditable performance despite atrocious market conditions. With a 1.7% increase in ...

Features: Awards–Best Emerging Market Banks 2010 Latin America

LATIN AMERICA by Antonio Guerrero REGIONAL WINNER: Banco Santander Brazil continues to shine as the jewel in Santander's crown, helping the Spanish bank consolidate its position as Latin America's premier financial group. Santander Brasil set a benchmark in 2009 when ...

Features: Country Report - Turkey

ECONOMY BOUNCES BACK A surge of growth late last year has accelerated in 2010, and there are reasons to believe the rebound can be sustained. By Gordon Platt Turkey is on a winning streak. In March this year it sold ...

Emerging Markets Roundup

Features: Country Report - Turkey

ECONOMY BOUNCES BACK A surge of growth late last year has accelerated in 2010, and there are reasons to believe the rebound can be sustained. By Gordon Platt Turkey is on a winning streak. In March this year it sold ...

Best Emerging Market Banks 2010

BEST EMERGING MARKET BANKS 2010 In our 17th annual survey of top banking performers in emerging markets, we select winners in 101 countries and five regions. By Gordon Platt Emerging market banks have sailed through the global financial crisis in ...

Corporate Finance: Foreign Exchange

STRENGTH IN US ECONOMY PROPELS DOLLAR, AS INTEREST RATE INCREASES DRAW CLOSER By Gordon Platt The dollar has found a new reason to rally. Earlier this year, the greenback benefited from the sovereign risk crisis that focused on Greece and ...

Corporate Finance: M&A

EMERGING MARKETS M&A; RISES SHARPLY By Gordon Platt Mergers and acquisitions involving companies in emerging markets more than doubled in the first quarter of 2010 compared to the same period a year earlier, reaching $183 billion, according to Thomson Reuters. ...

Emerging Markets: Africa

Roundup By Antonio Guerrero Digging deep: Companies mining in Zambia face high taxes The World Bank is asking members to support a controversial $3.75 billion loan to Eskom, South Africa's state-run power utility. The loan would be used to finance ...

Emerging Markets: Brazil

Roundup By Antonio Guerrero Cotton on: End of trade battle gives hope in ethanol dispute The Brazilian government launched the second phase of its economic stimulus plan, this time involving an estimated $883 billion in infrastructure investments through 2016. The ...

Emerging Markets: China

Roundup By Thomas Clouse Capital idea: Investors can now buy futures China's economy grew by 11.9% in the first quarter of the year, its fastest rate in three years, as retail sales jumped 17.9% and fixed asset investment increased by ...

Emerging Markets: Falcom Introduces First Saudi-Listed ETF

Investor: News By Gordon Platt Riyadh-based Falcom Financial Services has introduced the first Saudi Arabian exchange-traded fund (ETF) to be listed on Tadawul, the largest stock exchange in the Arab world. The decision by the Capital Market Authority to allow ...

Emerging Markets: India

Roundup By Aaron Chaze Reliable growth: India’s largest company expands its reach Reliance Industries, India's largest company by market value and owner of both India's largest gas field and the world's largest crude-refining complex, has successfully acquired a 40% stake ...

Emerging Markets: Latin American Online Marketplace Growing Fast

Investor: Company to Watch MercadoLibre / Argentina By Gordon Platt MercadoLibre, the largest online marketplace in Latin America, has more than 43 million registered users. The Buenos Aires-based ecommerce provider has been growing so rapidly that it regularly has had ...

Emerging Markets: Middle East

Roundup By Gordon Platt Riyadh, future home of the GCC Monetary Council The UAE government announced plans to set up a federal credit bureau to collect information on individuals and corporations. The ministry of finance says the bureau will prepare ...

Emerging Markets: Russia

Roundup By Kim Iskyan Moscow metro bombings provoke renewed security fears Two suicide bombings in the Moscow metro in late March that killed more than 40 people renewed fears about the terrorist threat in Russia's population centers. The bombings, orchestrated ...

Emerging Markets: Russian Steel Pipe Firm Upgrades ADR Program

Investor: DR News By Gordon Platt The largest Russia-based manufacturer of steel pipes for the oil and gas industry, TMK, upgraded its over-the-counter American depositary receipt (ADR) program to the OTCQX International premier platform. It is the third Russian company ...

Exchange-Traded Derivatives

DERIVED VALUE Global Finance brings together a group of industry leaders to discuss the prospects for the exchange-traded derivatives market. Moderated by Joseph Giarraputo Global Finance: The global financial system has come through a near-death experience. Almost everyone believes new ...

Latin America Takes a Right Turn

RIGHT TURN A rash of recent elections in Latin America has produced a marked swing to the political right. The region's new leaders are trying to strike a delicate balance as they attempt to build on their leftist predecessors' social ...

Best Emerging Market Banks

Features: Awards–Best Emerging Market Banks 2010 Africa

AFRICA By Gordon Platt REGIONAL WINNER: Standard Chartered Bank Standard Chartered Bank's earnings from its African operations rose 54% last year to $482 million. The London-based emerging markets bank receives 90% of its income and profits from Asia, Africa and ...

Features: Awards–Best Emerging Market Banks 2010 Asia

ASIA By Anita Hawser REGIONAL WINNER : HSBC As regional and foreign banks look to Asia to grow their business beyond their domestic markets, competition is heating up in the region. Traditionally a strong provider across 20 or so Asian ...

Features: Awards–Best Emerging Market Banks 2010 Europe

EUROPE By Paula L. Green REGIONAL WINNER: RZB/Raiffeisen International Austria-based RZB/Raiffeisen International bags the regional award for the fourth year in a row after managing to turn in a creditable performance despite atrocious market conditions. With a 1.7% increase in ...

Features: Awards–Best Emerging Market Banks 2010 Latin America

LATIN AMERICA by Antonio Guerrero REGIONAL WINNER: Banco Santander Brazil continues to shine as the jewel in Santander's crown, helping the Spanish bank consolidate its position as Latin America's premier financial group. Santander Brasil set a benchmark in 2009 when ...

Best Emerging Market Banks 2010

BEST EMERGING MARKET BANKS 2010 In our 17th annual survey of top banking performers in emerging markets, we select winners in 101 countries and five regions. By Gordon Platt Emerging market banks have sailed through the global financial crisis in ...

Milestones

Milestones: IMF Adds Voice To Systemic Risk Debate

Global By Anita Hawser Reid: Imposing strict limits might impede growth With the concept of systemic risk still preoccupying global banking regulators, the International Monetary Fund has weighed in on the debate with some suggestions for far-reaching and surprisingly stringent ...

Corporate Finance

Corporate Finance: Corporate Debt

HIGH-YIELD DEBT HAS RECORD QUARTER By Gordon Platt The volume of global corporate high-yield debt issues reached $75.5 billion in the first three months of 2010, breaking all quarterly records, according to Thomson Reuters. The total was up 580% over ...

Corporate Finance: Foreign Exchange

STRENGTH IN US ECONOMY PROPELS DOLLAR, AS INTEREST RATE INCREASES DRAW CLOSER By Gordon Platt The dollar has found a new reason to rally. Earlier this year, the greenback benefited from the sovereign risk crisis that focused on Greece and ...

Corporate Finance: Global Equity/DRs

HUGE IPOS GET READY TO COME TO MARKET By Gordon Platt The pipeline of planned initial public offerings is beginning to look more like a dam that is getting ready to burst. A rush of stock offerings is likely over ...

Corporate Finance: M&A

EMERGING MARKETS M&A; RISES SHARPLY By Gordon Platt Mergers and acquisitions involving companies in emerging markets more than doubled in the first quarter of 2010 compared to the same period a year earlier, reaching $183 billion, according to Thomson Reuters. ...

Newsmakers

Newsmakers: Goldman Allegations May Set Stage For Future Cases

United States By Gordon Platt Goldman Sachs: Fraud allegations hit its reputation The Securities and Exchange Commission charged Goldman Sachs with fraud on April 16, causing a sharp decline in equity prices, particularly for financial shares, and especially for Goldman's ...

Newsmakers: Investors Heartened By Calderón's Recovery Efforts

Mexico By Antonio Guerrero Calderó n: Boosting investors’ confidence in Mexico While Mexican president Felipe Calderón works to kick-start his nation's economy, badly hit by the US recession, international investors are encouraged by signs of recovery and have unleashed a ...

Newsmakers: Kyrgyz Turmoil Rattles Russia

Kyrgyz Republic By Simon Watkins Kurmanbek Bakiyev After a week of defying a provisional government that seized power in an armed uprising that left at least 84 people dead, the Kyrgyz Republic's ousted president, Kurmanbek Bakiyev, resigned and fled to ...

Newsmakers: Malaysia Seeks To Regain Momentum

Malaysia By Thomas Clouse Najib Abdul Razak aims to boost Malaysia’s growth Malaysian prime minister Najib Abdul Razak has unveiled a new economic blueprint as part of his long-term strategy to transform Malaysia from a middle-income to a high-income country ...