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Cover Story

Reviving East Asia's Economic Miracle

COVER STORY: JAPAN By Michael Shari Although it inflicted unspeakable horrors upon an aging, hard-working population, Japan’s recent earthquake is breathing new life into a deflationary economy. The symbolism was lost on no one when the Japanese started using the ...

Features

Technology Enables Feature-Driven Internet Banking

NFOSYS STRATEGIC VISION By Sam Felix Pradeep Kumar, Sekhar Puppala, and Dheeraj Agarwal, Infosys Technologies Online banking was long considered to be a ground breaking offering that would not only enhance the banks’ capabilities in terms of services offered on ...

Emerging Markets Roundup

Tsunami And Turnaround

In the past few weeks we all focused on Japan, shared its pain and its terrible losses. Many wondered about the risks that the crises in that country and in the Middle East might inflict on the global economy...

DRs: China, Russia Lead Capital Raising

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS By Gordon Platt China And Russia To Lead Capital Raising Using Depositary Receipts Companies based in Russia and China are extremely interested in listing overseas and probably will be the biggest issuers of depositary receipts ...

FX: USD Weakens As Eurozone Rates Rise

CORPORATE FINANCING NEWS:FOREIGN EXCHANGE By Gordon Platt Dollar Weakens As Eurozone Rates Are First To Rise Differing monetary policy reactions to the rise in oil prices are driving currency values at the moment, while gains in the Japanese yen have ...

M&A: Deals Accelerated in First Quarter

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS By Gordon Platt Mergers and acquisitions rebounded in 2010, and the momentum appears to be carrying over into this year. The first three months of 2011 constituted the strongest quarter for mergers and acquisitions ...

World’s Best Banks: Africa Country Winners

Africa Fast-Growing Continent Offers Huge Potential And Significant Risks Africa is rich in natural resources, including oil and gas and minerals, which are in growing demand as the global economy expands. The continent seems likely to outperform the developed economies ...

Country Report: Turkey

Enjoying The Good Times By Justin Keay Turkey is enjoying unprecedented economic stability and growth. Its biggest challenge is to maintain its balance. These days in most developed economies, the release of GDP figures is typically greeted with soul-searching as ...

DR News: First Vietnam-Based Company Lists GDRs In London

EMERGING MARKETS INVESTOR: DR NEWS By Gordon Platt Hoang Anh Gia Lai, a conglomerate with interests in real estate and rubber plantations, has become the first Vietnam-based company to list global depositary receipts (GDRs) on the London Stock Exchange. The ...

EM: Russia Bucks Trend Of Equity Outflows

EMERGING MARKETS INVESTOR: NEWS By Gordon Platt Higher oil prices, and the fact that Russia is the world’s largest oil producer outside the turbulent Middle East and North Africa region, have kept fresh money flowing into Russian equity funds, even ...

Emerging Markets Roundup: Africa

ETHIOPIA POWERS UP GENERATION PLANS By Antonio Guerrero Ethiopia in April launched a $4.7 billion project to build Africa’s largest hydropower plant. Drawing on the power of the Nile Ethiopia in April launched a $4.7 billion project to build the ...

Emerging Markets Roundup: Brazil

Brazil Ups Taxes On Sugar To Boost Ethanol Output By Antonio Guerrero The US Export-Import Bank announced a $3 billion credit line for Brazil to purchase goods and services from US providers. Sweet deal: Brazil’s sugar mills urged to raise ...

Emerging Markets Roundup: China

Beijing Tightens Trade Ties With Brazil By Thomas Clouse China and Brazil have agreed to strengthen cooperation in trade and development. Chinese imports rise China and Brazil agreed to strengthen cooperation in trade and development in April in a joint ...

Emerging Markets Roundup: India

Tata Steel Forges Ahead With Hybrid Securities Issue By Aaron Chaze Tata Steel is the first Indian company outside of the banking sector to raise capital by issuing a hybrid security. Mill power: Tata shows its muscle Tata Steel, India’s ...

Emerging Markets Roundup: Russia

Capital Flees In Fear Of Political Uncertainty By Kim Iskyan The specter of presidential elections in March 2012 has resulted in a sharp increase in capital outflows. Russian heavy vehicle market returns The specter of presidential elections in March 2012 ...

Going It Alone

FOCUS: CEE ECONOMIC INDEPENDENCE By Vanessa Drucker Europe’s continuing sovereign debt crisis has left many non-members of the eurozone relishing their monetary independence. The eurozone debt crisis has taken a toll on financial markets worldwide, rattling investors’ confidence with fears ...

The World's Best Banks

World’s Best Banks: Middle East Country Winners

Middle East Change Creates New Opportunities Banks in the Middle East are pulling in their horns in light of the widespread political upheaval in the region. Markets have been unsettled by the political developments, but the economic fundamentals remain positive. ...

World’s Best Banks: Europe Country Winners

Europe Capital Performance The past year has been one of continuing struggle for much of the European banking sector. After a bruising 2009, which was characterized by banking failures and government bailouts, 2010 brought the European sovereign debt crisis. High ...

World’s Best Banks: Latin America Country Winners

LATIN AMERICA Building On Solid Foundations Few financial systems around the world have recovered from the 2008 global economic downturn as quickly as Latin America’s, with lessons learned from previous crises—both foreign and domestic—serving them well. Having financed their long-term ...

World’s Best Banks: North America Country Winners

North America Rising Markets Lift Banks North America’s banking system is in much better condition than it was before the financial crisis erupted. It has significantly more Tier 1 capital and plenty of liquidity, thanks in part to the Federal ...

DRs: China, Russia Lead Capital Raising

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS By Gordon Platt China And Russia To Lead Capital Raising Using Depositary Receipts Companies based in Russia and China are extremely interested in listing overseas and probably will be the biggest issuers of depositary receipts ...

World’s Best Banks : Asia Country Winners

ASIA Credit Quality May Hinder Expansion Plans While most of emerging Asia’s banks came out of the 2008 financial crisis with strong capital ratios and creditworthiness, the crisis had more of a negative impact on banks in some of the ...

The World's Best Banks 2011

ANNUAL SURVEY: THE WORLD’S BEST BANKS 2011 By Gordon Platt, Antonio Guerrero, Anita Hawser and Denise Bedell Growth Returns But Questions Linger For Banks Banking systems in Asia and Latin America were among the first to recover from the global ...

Milestones

FSA Plans To Go Out With A Bang

MILESTONES: UNITED KINGDOM By Anita Hawser Before the 2008 financial crisis ripped through the world’s markets, the UK’s Financial Services Authority was renowned for its light-touch approach to regulation. Davies, RPC: Big jump in FSA fines In the aftermath of ...

New Leaders Face Tricky Economic Balancing Act

MILESTONES: CANADA By Erik Heinrich As Canada heads early this month into its fourth federal election in seven years, policymakers are facing serious questions over the prospects for the country’s economy. Canada slows spending The Bank of Canada expects GDP ...

Portugal’s Leaders Left With Few Option

MILESTONES : PORTUGAL By Anita Hawser Sovereign debt in the eurozone is back in the headlines again, with Portugal going cap in hand to the European Union and asking for an emergency bailout. Debt burden leaves little room to maneuver ...

Vietnam Reshapes Economic Strategy

MILESTONES: VIETNAM By Thomas Clouse Vietnam’s policymakers are struggling to rein in inflation after the consumer price index (CPI) rose by a two-year high of 13.9% year-on-year in March. Spending roars ahead The country performed well throughout the global financial ...

Corporate Finance

DRs: China, Russia Lead Capital Raising

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS By Gordon Platt China And Russia To Lead Capital Raising Using Depositary Receipts Companies based in Russia and China are extremely interested in listing overseas and probably will be the biggest issuers of depositary receipts ...

Debt: High-Yield Issues Break Record

CORPORATE FINANCING NEWS:CORPORATE DEBT By Gordon Platt High-Yield Debt Issues Break Record Source: KDP Investment Advisors Corporations worldwide issued more high-yield debt in the first quarter of this year than in any opening quarter since records began in 1980, according ...

FX: USD Weakens As Eurozone Rates Rise

CORPORATE FINANCING NEWS:FOREIGN EXCHANGE By Gordon Platt Dollar Weakens As Eurozone Rates Are First To Rise Differing monetary policy reactions to the rise in oil prices are driving currency values at the moment, while gains in the Japanese yen have ...

M&A: Deals Accelerated in First Quarter

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS By Gordon Platt Mergers and acquisitions rebounded in 2010, and the momentum appears to be carrying over into this year. The first three months of 2011 constituted the strongest quarter for mergers and acquisitions ...

Newsmakers

Bernanke Heralds A New Era Of Fed Openness

NEWSMAKERS: UNITED STATES By Anita Hawser With the US economy still in recovery mode, monetary policy decisions of the Federal Reserve can have a major impact on which way the markets move. Bernanke opens up But now, perhaps following the ...

Boehner Blinks In Budget Showdown With Obama

NEWSMAKERS: UNITED STATES By Gordon Platt Speaker of the US House of Representatives John Boehner told his fellow Republicans to prepare for a government shutdown last month, as the standoff with Democrats on the budget came down to the wire. ...

Santos Raises Colombia’s Profile

NEWSMAKERS : COLOMBIA By Antonio Guerrero Less than a year after being sworn in, Colombia’s president Juan Manuel Santos is helping put his country back on the radar for investors scared away by guerrilla rebels and drug lords. Santos: Colombia ...

Tremonti Swats Away Accusations Of Protectionism

NEWSMAKERS : ITALY By Luca Ventura When the dairy giant Parmalat, a household name in more than 30 countries, collapsed in 2003 with a $20 billion hole in its accounts, Italian finance minister Giulio Tremonti fittingly dubbed the scandal “Europe’s ...

Additional Stories

Assessing True Value

SPONSORED STATEMENT: BNY MELLON BNY Mellon’s new currency analysis tool provides a fresh perspective — and much-needed clarity — in the complex world of foreign exchange. One of the greatest challenges in foreign exchange markets is to understand the longterm ...

Belagroprombank: Leading A Growing Market

SPONSORED STATEMENT: BELAGROPROMBANK Belagroprombank: Result-oriented and open to cooperation. Vladimir I. Podkovyrov, Chairman of the Board, JSC Belagroprombank JSC Belagroprombank started to operate as an independent credit and financial institution in 1991, shortly after Belarus’s declaration of sovereignty and independence ...

Company To Watch: Iron-Ore Miner Profits From Rising Steel Demand

COMPANY TO WATCH: VALE/BRAZIL By Gordon Platt Rio de Janeiro–based mining company Vale, the world’s largest producer of iron ore, is profiting from growing demand for steel as the global economy recovers.The company’s earnings rose 222% last year to a ...

FX Update

BNY MELLON: GLOBAL MARKETS Problems Facing Euro Continue To Mount To a degree this continues to feel like a replay of the first half of 2008. Oil prices are at almost exactly the same level as in early April 2008, ...

Performance, Profitability And Prestige

SPONSORED STATEMENT Industrial and Commercial Bank of China (ICBC) had another record year in 2010, with improved profitability, enhanced risk management and internal control, and a focus on sensible growth. With an unwavering focus on careful business management, Industrial and ...

Regional Report: China in Africa

Pause For Thought By Antonio Guerrero Recent popular uprisings in North Africa and beyond may be causing China to slow its headlong rush into the continent. Over the past decade, China has become a key source of investment, aid and ...

Strength in Adversity

SPONSORED STATEMENT Despite uncertain economic conditions worldwide, China Construction Bank once again achieved strong profits and improved capital performance thanks to its prudent management style and comprehensive growth strategy. In a complicated and volatile domestic and international landscape, China Construction ...

Tackling Protectionism Issues In Cross-border M&A

SPONSORED STATEMENT:MERRILL DATASITE Protectionist issues in cross-border M&A; seem to be morphing into concerns about national security, according to a panel of three distinguished M&A; professionals who participated in an interactive live video webcast, Cross Border M&A;: The Rising Tide ...

Ceremony: TCM Awards

TREASURY & CASH MANAGEMENT: AWARD CEREMONY Treasury Trove On Tuesday, April 12, 2011, at the Harvard Club of New York City, Global Finance held its annual awards ceremony honoring the World’s Best Treasury and Cash Management Providers 2011. A ceremonious ...

Where East Meets West

FOCUS: CEE KAZAKHSTAN By Jonathan Gregson Kazakhstan’s bold recovery plan and its efforts to stabilize its financial sector are paying off as the country establishes itself as a regional hub. If any country fits the broad concept of Eurasia, it ...