Magazine Cover

Cover Story

Africa’s Lion Awakens

COVER STORY: KENYA REBIRTH OF A NATION


By Dan Keeler

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With a new constitution, bold economic targets and an ambitious social development strategy, Kenya is determined to become the new star of Africa. All the signs so far suggest it ...

Emerging Markets Roundup

Africa’s Lion Awakens

COVER STORY: KENYA REBIRTH OF A NATION


By Dan Keeler

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With a new constitution, bold economic targets and an ambitious social development strategy, Kenya is determined to become the new star of Africa. All the signs so far suggest it ...

Equity: Coal India's IPO Breaks Ground

CORPORATE FINANCING NEWS — GLOBAL EQUITY/DRS

By Gordon Platt

State-owned Coal India, the world's largest coal miner, was seeking to raise up to $3.5 billion in the country's biggest initial public offering, which began on October 18 ...

FX: Currency Conflict Is Not A War

CORPORATE FINANCING NEWS - FOREIGN EXCHANGE

By Gordon Platt


Brazil's finance minister, Guido Mantega, touched a raw nerve when he stated in late September that an international currency war had broken out. It may seem like a war to Brazil ...

M&A: Hostile Takeover Bids Increasing

CORPORATE FINANCING NEWS - MERGERS & ACQUISITIONS

By Gordon Platt

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Worldwide mergers and acquisitions are increasing, and the proportion of takeover offers that are unsolicited is at the highest level in at least a decade. The value of worldwide M&A; totaled ...

Supply Chain Finance

GATHERING MOMENTUM Moderated by Joseph Giarraputo At a roundtable in London, Global Finance brought together leading figures in the supply chain finance field to discuss key developments in the industry. Tom Dunn Orbian Thomas Dunn is the chairman of Orbian, ...

DRs: Russia Revokes License Of Moscow Depositary

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

The Russian securities market regulator revoked the license of the Moscow Central Depositary, following an audit that alleged that the depositary ignored court rulings, the regulator's own instructions and regulations to ...

EM Funds Attract Record Inflows

EMERGING MARKETS INVESTOR: NEWS


By Gordon Platt

Equity funds that are mandated to invest in all emerging markets globally ended September with their 18th consecutive week of net inflows, according to Cambridge, Massachusetts–based EPFR Global. Year-to-date flows into this ...

Emerging Markets Roundup: Africa

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By Antonio Guerrero

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Ghana’s mining sector gets a funding boost from China

Ghana has become the leading recipient in sub-Saharan Africa of Chinese infrastructure financing, giving China unrivaled access to the country's commodities sector. Ghana signed a ...

Emerging Markets Roundup: Brazil

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By Antonio Guerrero

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Brazil lights up at the prospect of increased foreign investment

Sinopec, China's second-largest oil and gas producer, is investing $7.1 billion in the Brazilian unit of Spain's Repsol YPF oil company. The capital ...

Emerging Markets Roundup: China

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By Thomas Clouse

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Liu: China was furious over his Nobel Prize

China's trade surplus fell to a five month low of $16.9 billion in September. Down almost 16% from August the figure reflected slower year-on-year growth rates ...

Emerging Markets Roundup: India

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By Aaron Chaze

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Mining a rich seam: Coal India lines up India’s largest IPO

India's financial markets regulator, the Securities and Exchange Board of India (SEBI), says it will soon allow the auction of Indian government bonds ...

Emerging Markets Roundup: Middle East

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By Gordon Platt

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Dubai returns to the capital markets with bond issue

Dubai's successful return to the international capital markets could pave the way for state-owned companies to tap the Eurobond market. Dubai's first new issue since ...

Emerging Markets Roundup: Russia

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By  Kim Iskyan

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Hard line: Russian president Medvedev asserts his power

Following an exceptionally bitter and increasingly dirty public struggle with the Kremlin, Moscow mayor Yuri Luzhkov was fired in late September, after 18 years in office. The standoff ...

FX: Cross-Border Trade

TRAIL BLAZERS

By Gordon Platt

Trade between emerging market countries is driving a campaign for a new currency order.

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The Bric countries—Brazil, Russia, India and China—have a combined gross domestic product that is greater than that of the ...

FX: Prime Brokerage

READY FOR PRIME TIME

By Gordon Platt


Trade between emerging market countries is driving a campaign for a new currency order.

Future growth of the foreign exchange prime brokerage industry will come from asset managers that are entering the foreign ...

FX: Renminbi Rising

China's trade deficit with the US rose to another record in August, fanning the brush fires that have broken out in the currency markets. Currency issues dominated talks at the annual meetings of the International Monetary Fund and World ...

FX: The Rising Euro

RALLY CAUSES CONCERN AMONG EXPORTERS

By Jonathan Gregson

After a year in the doldrums, the euro's rise has caught many by surprise.

Europe currently looks like the unintended fall guy amidst the beggar-thy-neighbor round of central bank interventions in ...

FX: Who's who

WHO'S WHO

By Gordon Platt

Key players in foreign exchange.

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Jamie Thorsen

Executive managing director

BMO Capital Markets

Jamie Thorsen heads global foreign exchange operations in Canada, the US and Europe for BMO Capital Markets and oversees the firm ...

Sun Shines Bright On Solar Wafer Manufacturer

EMERGING MARKETS INVESTOR: COMPANY TO WATCH

By Gordon Platt

LDK Solar, based in Hi-Tech Industrial Park, Xinyu City, in China's Jiangxi Province, announced an $8.9 billion five-year strategic financing agreement with China Development Bank, easing a long-running cash ...

The Benefits Of Discipline

INTERVIEW — DURMUS YILMAZ


Turkey's central bank governor talks to Anita Hawser about inflation, Europe and how his country managed to weather the recent global crisis so well.

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The Central Bank of Turkey has a long history of battling inflation ...

Milestones

Europe: SEPA Fails To Live Up To Expectations

MILESTONE: EUROPE


By Anita Hawser

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Slow implementation has hindered SEPA

With the threat of sovereign defaults in Europe's PIGS (Portugal, Ireland, Greece Spain), the eurozone had its fair share of bad news this summer. As the sovereign and fiscal ...

Mexico: Bond Issue Breaks New Ground

MILESTONES: MEXICO


By Antonio Guerrero

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Mexico’s financing needs taken care of with century bond

Mexico may have set the stage for a stampede in October when it successfully issued Latin America's first-ever sovereign century bond, a $1 billion ...

Features

Country Report— Lebanon

REFORM CANDIDATE

By Justin Keay

Sharply rising capital inflows and a stable banking sector have helped Lebanon achieve impressive economic growth. Maintaining it will require far-reaching reforms, though.

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Winston Churchill once famously described Russia as a riddle wrapped in a ...

Corporate Finance

Debt: High-Yield Bonds Break Records

CORPORATE FINANCING NEWS — CORPORATE DEBT

By Gordon Platt

The third quarter set a record for global issuance of high-yield bonds and pushed the year-to-date total above any full-year total on record, according to Thomson Reuters.


Analysts expect the bond market ...

Equity: Coal India's IPO Breaks Ground

CORPORATE FINANCING NEWS — GLOBAL EQUITY/DRS

By Gordon Platt

State-owned Coal India, the world's largest coal miner, was seeking to raise up to $3.5 billion in the country's biggest initial public offering, which began on October 18 ...

FX: Currency Conflict Is Not A War

CORPORATE FINANCING NEWS - FOREIGN EXCHANGE

By Gordon Platt


Brazil's finance minister, Guido Mantega, touched a raw nerve when he stated in late September that an international currency war had broken out. It may seem like a war to Brazil ...

M&A: Hostile Takeover Bids Increasing

CORPORATE FINANCING NEWS - MERGERS & ACQUISITIONS

By Gordon Platt

300_Regulars_Mergers-and-A

Worldwide mergers and acquisitions are increasing, and the proportion of takeover offers that are unsolicited is at the highest level in at least a decade. The value of worldwide M&A; totaled ...

Newsmakers

France: Sarkozy’s Commodities Plans Get Boost From Merkel

NEWSMAKERS: FRANCE By Denise Bedell Smooth move: Sarkozy hopes to rein in price volatility Commodity speculation is once again in the spotlight as Angela Merkel, German chancellor, has announced her support for plans by incoming G20 president Nicolas Sarkozy to ...

South Africa: HSBC Climbdown Opens Way For Standard Chartered

NEWSMAKERS: SOUTH AFRICA

By Nick Kochan

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Johannesburg: Setback after HSBC pull-out

HSBC's decision to walk away from its proposed $8 billion acquisition of a controlling stake in South African bank Nedbank is little short of dramatic. Having announced in ...

United Kingdom: Governance Code Puts UK Shareholders In The Hotseat

NEWSMAKERS: UNITED KINGDOM


By Anita Hawser

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Hogg: Code will be catalyst

In the wake of the financial crisis, which highlighted the need for higher levels of engagement between the boards of companies and significant shareholders, corporate governance is at the ...

United States: Can Consumers Rescue The US Economy?

NEWSMAKERS: UNITED STATES

By Gordon Platt

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Spending again: US shoppers head to the mall

Surprisingly strong US retail sales in September virtually ruled out the possibility of a double-dip recession. Consumer spending, which accounts for two-thirds of US economic activity ...

Stars of China

Stars Of China

ANNUAL REPORT: GENTLY DOES IT.

By Thomas Clouse

China's rapid recovery after the global financial crisis may yet foreshadow a hard landing as the government struggles to rein in the perennially red-hot real estate market.

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Real estate is a ...

Additional Stories

Coming In From The Cold

ANALYSIS : CUBA


By Antonio Guerrero

For the first time in decades, signs are beginning to appear that Cuba may be softening its socialist stance.


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When Cuba's former president Fidel Castro told an American journalist in September that the island ...

Country Report: Lebanon

REFORM CANDIDATE


By Justin Keay

Sharply rising capital inflows and a stable banking sector have helped Lebanon achieve impressive economic growth. Maintaining it will require far-reaching reforms, though.

300_Features_Country-rep-Lebanon

Winston Churchill once famously described Russia as a riddle wrapped in a ...

Latin America Focus: Brazil Elections

A TOUGH ACT TO FOLLOW By Denise Bedell Investors are preparing for post-Lula life after Brazil's drawn-out presidential election. When Luiz Inácio Lula da Silva took over as president of Brazil in January 2003, investors and the financial community feared ...

Standard Bearers

SECTOR FOCUS — ISLAMIC FINANCIAL SERVICES

By Anita Hawser


Calls for standardized regulation of Islamic financial services are growing louder in the wake of the global financial crisis.

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Islamic banks emerged from the recent financial crisis with a relatively burnished image ...