Magazine Cover

Cover Story

Who Will Save The Global Economy?

COVER STORY: STAYING AFLOAT

By Laurence Neville

With emerging markets economies just holding their own in the face of the crises in the developed world, they are unlikely to be able to pull the world out of the latest economic ...

Features

FX Supplement: Who’s Who In Foreign Exchange

WHO’S WHO

By Gordon Platt

Who’s who in foreign exchange.

MOHAMED EL AROUSSI

Arab African International Bank

Head of FX desk

Mohamed El Aroussi has been head of the foreign exchange desk at Arab African International Bank (AAIB ...

Stars of China

Report And Awards: The Stars Of China

YIN AND YANG

By Thomas Clouse

China continues to sidestep major global economic woes, with its growth rate expected to hover close to 10%. However, the country faces its own unique set of challenges in effectively securing continued strength and ...

The Stars Of China: Banks

By Thomas Clouse

BANKS

BEST CITY COMMERCIAL

Bank of Jiangsu

Bank of Jiangsu is reportedly awaiting regulatory approval for its much-anticipated IPO, but the Nanjing-based lender has not let the wait impede its efforts to add innovative products and services ...

The Stars Of China: Companies

By Thomas Clouse

COMPANIES

AUTOMOBILES

Chery International

After years of torrid growth, China’s automobile market slowed significantly this year, with light vehicle sales up only 5% year-on-year in the first eight months, according to figures from J.D. Power ...

Newsmakers

Carney A Strong Candidate To Head The Financial Stability Board

NEWSMAKERS: CANADA

By Joel Kranc

In late September, the international financial community was abuzz with the news that Jamie Dimon, CEO of JPMorgan Chase, had publicly chided the head of a central bank over his views; views that might radically ...

Emerging Markets Roundup: Russia

PUTIN PRESIDENCY RUN FACES LITTLE OPPOSITION

By Kim Iskyan

Following much speculation on whether current Russian president Dmitry Medvedev or Prime Minister and former president Vladimir Putin would run for president in March 2012, Medvedev announced in late September that ...

Fischer Still Seeking New Employment

NEWSMAKERS: ISRAEL

By David Lipkin

Former French finance minister Christine Lagarde may have secured the top job at the Washington-based International Monetary Fund (IMF), but some fund insiders are still gunning for Stanley Fischer, governor of the Central Bank of ...

Kudrin’s Shoes Will Be Hard To Fill

NEWSMAKERS: RUSSIA

By Kim Iskyan

Investors have long viewed Russian finance minister Alexei Kudrin as the country’s second-most-important policymaker—and the primary reason for the dramatic turnaround in Russia’s macroeconomic position over the past decade.


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Alexei Kudrin refuses ...

Trichet Exits From ECB

NEWSMAKERS: EUROPE

By Anita Hawser

At the press conference that followed the European Central Bank’s Governing Council meeting on October 6 in Berlin, few would have guessed that it was Jean-Claude Trichet’s last meeting as ECB president.

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Jean-Claude ...

Volcker Rule Takes Shape As Nettlesome For Banks

NEWSMAKERS: US/GLOBAL

By Gordon Platt

US regulators moved closer last month to adopting the controversial Volcker Rule, which could force big banks to hold on to some trades for two months and to limit their investments in hedge funds ...

Milestones

EM Infrastructure Needs Triple By 2030

MILESTONES: EMERGING MARKETS

By Gordon Platt

Demand for infrastructure in emerging markets will reach $1 trillion annually through 2030, triple the level of the previous two decades, with Asia accounting for the lion’s share, according to a study of ...

Madeira Debts Add To Portuguese Concerns

MILESTONES: PORTUGAL

By Matt Greco

With the government of Portugal announcing one austerity measure after another to meet IMF-imposed budgetary guidelines and as the rating agencies hack away at the credit-worthiness of the country’s financial institutions, new revelations of ...

Strong Investor Interest In Irish Bonds

MILESTONES: IRELAND

By Matt Greco

In Ireland each day’s financial developments seem to bring either a positive surprise or a mild disappointment.

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Irish four- and eight-year bond sales in September generated the greatest one-day increase in price in international ...

Corporate Finance

Debt: Europe’s Debt Hits US High-Yield

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

US government bond yields hit record lows in September, yet investors passed up big yields on corporate HY.

Even as yields on US government bonds fell to record lows on safe-haven demand ...

Equity/DRs: Record Global IPO Pipeline

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS

By Gordon Platt

The global pipeline of planned initial public offerings has grown to record proportions, with 332 companies waiting to issue IPOs valued at a total of $183 billion, according to Renaissance Capital ...

FX: Dollar Bulls Continue To Rampage

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The dollar rose to an eight-month high against the euro in early October, as a further delay of Greek aid and concerns about the health of Europe’s banks gave the greenback ...

M&A: Japanese Steelmakers Merge

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

Nippon Steel, Japan’s largest steelmaker, is acquiring rival Sumitomo Metal Industries to create the world’s second largest steel producer, at a time when global competition in the steel industry is ...

Emerging Markets Roundup

Who Will Save The Global Economy?

COVER STORY: STAYING AFLOAT

By Laurence Neville

With emerging markets economies just holding their own in the face of the crises in the developed world, they are unlikely to be able to pull the world out of the latest economic ...

Emerging Markets Roundup: Russia

PUTIN PRESIDENCY RUN FACES LITTLE OPPOSITION

By Kim Iskyan

Following much speculation on whether current Russian president Dmitry Medvedev or Prime Minister and former president Vladimir Putin would run for president in March 2012, Medvedev announced in late September that ...

EM Infrastructure Needs Triple By 2030

MILESTONES: EMERGING MARKETS

By Gordon Platt

Demand for infrastructure in emerging markets will reach $1 trillion annually through 2030, triple the level of the previous two decades, with Asia accounting for the lion’s share, according to a study of ...

Equity/DRs: Record Global IPO Pipeline

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS

By Gordon Platt

The global pipeline of planned initial public offerings has grown to record proportions, with 332 companies waiting to issue IPOs valued at a total of $183 billion, according to Renaissance Capital ...

FX: Dollar Bulls Continue To Rampage

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The dollar rose to an eight-month high against the euro in early October, as a further delay of Greek aid and concerns about the health of Europe’s banks gave the greenback ...

DR News: Indian GDRs Suffered In 2010

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

Investors lost money in 85% of the 40 global depositary receipts (GDRs) issued by Indian companies in 2010, according to an analysis by Crisil Research, a credit rating firm majority-owned by Standard ...

EM News: EM Corporate Debt Offers Yield

EMERGING MARKETS INVESTOR: NEWS

By Gordon Platt

Investors are showing increasing interest in emerging markets’ corporate bonds, which offer diversification and better yields, according to a report by Bank of America Merrill Lynch.

The firm held an emerging markets investor ...

Emerging Markets Roundup: Africa

BOOSTING SME AGRICULTURE INVESTMENT

By Antonio Guerrero

The United States Agency for International Development (USAID) has partnered with several non-profit organizations to launch the African Agricultural Capital Fund (AACF).

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New fund will stimulate agriculture sector

The fund aims to boost ...

Emerging Markets Roundup: Brazil

NEW OIL FIELDS TO ATTRACT BIG INVESTMENT

By Antonio Guerrero

Brazilian authorities remain optimistic that they will be able to sign an agreement with Taiwanese manufacturer Foxconn Technology, the world’s largest contract electronics producer, for a $12 billion investment ...

Emerging Markets Roundup: China

CHINESE FIRMS HEAD FOR GLOBAL EXPANSION

By Thomas Clouse

Several Chinese companies have picked up assets in overseas markets in recent weeks, with energy and raw material industries leading the way.

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Tiangong-1 on the launch pad

In two of the ...

Emerging Markets Roundup: India

DECLINING SALES HIT INDIAN AUTO INDUSTRY

By Aaron Chaze

The Society of Indian Automobile Manufacturers (SIAM) has significantly lowered the growth forecast for car sales in the domestic market for fiscal 2012 from between 10% and 12% to between 2 ...

Emerging Markets Roundup: Middle East

DUBAI’S NEW BUSINESS LAW COULD STIMULATE INVESTMENT

By Gordon Platt

A new law governing corporate activity in the UAE should cut red tape for investors and make it easier for companies operating in the emirate’s free zones to ...

FX Supplement: Currency Wars: Changing Tactics

CURRENCY WARS

By Gordon Platt

Battle Tactics Change With Global Slowdown.

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Chandler, Brown Brothers Harriman: The lingering US and European crises are casting a pall over global capital markets

When the global economy seemed securely on track for a steady ...

FX Supplement: Dollar Reserve Currency Still Reigns

SAME OLD, SAME OLD By Denise Bedell The US dollar will remain the world’s reserve currency of choice as long as there is no credible alternative. There have long been calls for a new currency to take the place of ...

Country Report: Brazil

SEARCHING FOR BALANCED SOLUTIONS

By Antonio Guerrero

Investors are awaiting the outcome of recent rate cuts in Brazil. Whether it will prove proactive or premature remains to be seen.

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Citing a substantial deterioration in the global economy, Brazil’s central ...

Sector Report: Mining

GO WITH GOLD

By Michael Shari

Runaway gold prices are empowering mining companies to finance themselves—and forcing banks to innovate, providing opportunities for investors that are willing to take on more complex risk.

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Kinross Gold has sworn off the ...

Global Salon

Global Finance Salon

POLITICAL STALEMATE CRIPPLES BOTH US AND EUROPE

By Vanessa Drucker

In the first of a new ongoing series, Global Finance sits down with Jason Trennert, managing partner and chief investment strategist at Strategas Research Partners.

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Trennert, Strategas Research Partners: The ...

Additional Stories

Company To Watch: Alfa / Mexico

ALFA GROUP GROWS THROUGH ACQUISITIONS

By Gordon Platt

Monterrey-based Alfa, one of Mexico’s largest industrial groups, has four business lines, comprising petrochemicals, aluminum auto parts, processed food and telecommunications.

Earlier this year it became the sole shareholder of Mexican ...

FX Supplement: China’s Lofty Ambitions For The Renminbi

CHINA’S LOFTY AMBITIONS FOR THE RENMINBI

By Gordon Platt

The Chinese government continues to make strides in internationalizing its currency.

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Qu, HSBC: Domestic demand should support 8.5% to 9% growth in the coming quarters

Every long march starts ...

FX Supplement: Introduction: Déjà Vu All Over Again

DÉJÀ VU ALL OVER AGAIN

Some analysts say that 2011 is beginning to look a lot like 2008, with Europe’s debt crisis morphing into a bank solvency crisis with global ramifications.

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So far, the foreign exchange market—the world ...

FX Supplement: Is The Euro Crumbling?

IS THE EURO CRUMBLING?

By Gordon Platt

Major reform is needed, but whether the political will is there to make large scale changes remains to be seen. The alternative may be the end of the eurozone as it now exists ...

Country Report: Lebanon

WAIT AND SEE

By Justin Keay

Lebanon has tumbled from its economic boom in 2010. Investors are holding back to see how the new government fares. So far, its reform progress is less than impressive. But with the central bank ...

Islamic Finance Goes Global

NEW HORIZONS

By Anita Hawser

Islamic Finance is growing beyond traditional borders to encompass new markets worldwide.

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The Islamic finance industry emerged relatively unscathed from the 2008 financial crisis —touting itself as an alternative to the leverage and greed that ...

Roundtable: Custody & Investors’ Svcs

AWAITING CLARITY

Moderated by Joseph D. Giarraputo

Leading figures in the world of custody and investors’ services discuss how they are helping clients cope with new regulations and take advantage of the opportunities this presents.


Joseph D. Giarraputo, publisher, Global ...

Roundtable: Supply Chain Finance

COLLABORATION GROWS

Moderated by Anita Hawser

Companies and their banks are working together to develop finance solutions encompassing the entire supply chain.


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Anita Hawser: How are current market conditions impacting the development of Supply Chain Finance (SCF)?

Eric Lemmens, global ...

Special Report: Sepa

THE JOURNEY BEGINS By Denise Bedell Upcoming end-dates for Sepa migration prompt companies to begin planning projects. Corporates in Europe are facing the inevitability of Sepa compliance in or around 2014—when end-dates for migration from domestic legacy direct debit systems ...

World’s Best Banks Awards Ceremony

AWARDS CEREMONY: LOCATION WASHINGTON DC

Global Finance held its annual best banks awards ceremony at Washington’s National Press Club on September 26.

The event happened during the annual meetings of the IMF and World Bank. Over 200 financial leaders ...