Magazine Cover

Cover Story

Cover: The Relevance Of Stock Exchanges

IDENTITY CRISIS


By Udayan Gupta

As stock exchanges worldwide try to figure out their role going forward in corporate equity and equity capital raising, companies are starting to question whether there is still value in a public listing.

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For both ...

Features

FX Supplement: Who’s Who In Foreign Exchange

WHO’S WHO

By Gordon Platt

Global Finance ’s annual list of Who’s Who in Foreign Exchange

Mohamed El Aroussi

Arab African International Bank

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Chief dealer and head of FX desk

El Aroussi, chief dealer at Arab African International ...

Stars of China

Awards: Stars of China 2012

NEW BALANCING ACT

By Thomas Clouse

Chinese policymakers must find news ways to boost domestic consumption and reduce economic reliance on stimulus investing in order to balance short- and long-term growth goals.

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China's economic planners have performed a careful ...

Emerging Markets Roundup: China

NO-SHOW AT IMF

By Thomas Clouse

China’s once-a-decade leadership transition will begin on November 8 at the Communist Party’s 18th Congress.

Chinese banks skipped the World Bank/IMF meetings in Tokyo last month amid a territorial dispute with ...

Stars of China 2012: Bank Winners

By Thomas Clouse

BANKS WINNERS

BEST CITY COMMERCIAL

Bank of Nanjing

China's more than 140 city commercial banks are facing increasing competition from each other as well as their bigger national counterparts and smaller rural finance neighbors. Against this ...

Stars of China 2012: Corporate Winners

By Thomas Clouse

CORPORATE WINNERS

AUTOMOBILES

Great Wall Motors

Competition is fierce in China's automotive industry, and slowing sales growth this year has added even more pressure to the country's automotive producers. Great Wall has responded to that ...

Newsmakers

Newsmaker: Bermuda Premier Seeks Piece Of Islamic Finance Pie

NEWSMAKERS: BERMUDA

By Gordon Platt


Paula Cox, Bermuda’s premier and minister of finance, shared the stage with former US president Bill Clinton in New York in September at the C3 Summit, a conference designed to promote relations between business ...

Newsmaker: Citi’s New Chief Executive Talks Resource Allocation

NEWSMAKERS: UNITED STATES


By Gordon Platt

CEO Michael Corbat aims to restore Citi’s prestige—and boost its dividend—by operating with extreme efficiency and producing sustainable profits.

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Corbat’s selection to head Citi was a surprise to many

How ...

Newsmaker: First Democratically Elected PM An Unknown Quantity

NEWSMAKERS: GEORGIA

By Valentina Pasquali

Over the past few years, investors’ love story with Georgia flourished under the presidency of Mikheil Saakashvili, who spearheaded a sweeping liberal economic agenda since coming to power a decade ago.

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Bidzina Ivanishvili: The outsider ...

Newsmaker: Turkey Transitions To Investment Grade

NEWSMAKERS: TURKEY

By Dan Keeler


Turkey’s authorities are concerned that the economic boost provided by an upgrade to investment grade by Fitch Ratings could trigger some unwelcome side effects.

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Erdem Başçı says he can keep inflation in check

At ...

Milestones

Milestone: Bulgaria Puts Bid To Join Eurozone On Hold

MILESTONES: BULGARIA


By Valentina Pasquali


With the eurozone debt crisis dragging on and membership in the currency union becoming increasingly less appealing, the Bulgarian government recently froze its bid to join the eurozone.

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Bulgarian economy is outperforming its neighbors

Bulgaria ...

Milestone: Companies Are Cash-Rich, But M&A Is Not In The Cards

MILESTONES: GLOBAL

Laurence Neville


The global M&A market is moribund: Activity is just a third of the level of five years ago.

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Skipper, Hogan Lovells: Economic uncertainty is the key barrier to investment

Yet, companies are awash with cash ...

Milestone: Judging Alternatives To Libor

MILESTONES: UK


By Anita Hawser

The ongoing controversy surrounding Libor, the global benchmark interest rate used for pricing financial contracts, has sparked a wider debate about the merits of using alternative reference rates.

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The Bank of England was warned about ...

Corporate Finance

Debt: Central Banks Aid Corporate Rally

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt


Corporate debt issuance soared and yields on high-yield as well as investment-grade bonds fell to record lows in September after the European Central Bank (ECB) and the US Federal Reserve moved aggressively ...

DRs: Russia, Mexico Depositary Receipts

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS


By Gordon Platt


Sberbank, Russia’s largest bank, raised $5 billion in a secondary share sale in London and Moscow in September that had been delayed for more than a year because of unfavorable ...

M&A: European Defense Merger Called Off

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS


By Gordon Platt

A proposed $45 billion merger of European aerospace group EADS with UK defense operator BAE Systems fell apart last month just ahead of a regulatory deadline to close the deal.

Talks between ...

Emerging Markets Roundup

Cover: The Relevance Of Stock Exchanges

IDENTITY CRISIS


By Udayan Gupta

As stock exchanges worldwide try to figure out their role going forward in corporate equity and equity capital raising, companies are starting to question whether there is still value in a public listing.

300 CoverStory_10-Stock-Exchanges_02

For both ...

Newsmaker: Citi’s New Chief Executive Talks Resource Allocation

NEWSMAKERS: UNITED STATES


By Gordon Platt

CEO Michael Corbat aims to restore Citi’s prestige—and boost its dividend—by operating with extreme efficiency and producing sustainable profits.

300 Regulars_04_Newsmakers_04

Corbat’s selection to head Citi was a surprise to many

How ...

DRs: Russia, Mexico Depositary Receipts

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS


By Gordon Platt


Sberbank, Russia’s largest bank, raised $5 billion in a secondary share sale in London and Moscow in September that had been delayed for more than a year because of unfavorable ...

Emerging Markets Roundup: Africa

COMMODITIES BOOM SEES AFRICA OUTPACE GLOBAL GROWTH


By Antonio Guerrero

African economic growth is outpacing the global average for the first time, according to a World Bank report, with such sub-Saharan countries as Sierra Leone, Niger and Angola leading the ...

Emerging Markets Roundup: Brazil

NEW PLANT WILL CASH IN ON DEMAND FOR SILICON WAFERS

By Antonio Guerrero

The BNDES national development bank and BDMG development bank for the State of Minas Gerais joined forces with Brazilian billionaire Eike Batista and other investors to establish ...

Emerging Markets Roundup: India

CONFIDENCE RISING

By Aaron Chaze

Economic policy reforms are having the desired effect: The confidence level of Indian businesses is on an upswing.

A survey by research firm Dun & Bradstreet shows that Indian companies now expect greater momentum for sales ...

Emerging Markets Roundup: Russia

SBERBANK STAKE SOLD

By Kim Iskyan

State savings bank Sberbank’s 7.6% stake sale went through in mid-September, raising $5.2 billion and leaving the central bank a 50% plus-one-share stake in the country’s largest bank.

The sale ...

FX Supplement: Introduction: Uncertainty Reigns

UNCERTAINTY REIGNS


The foreign exchange market is going through a period of significant change on multiple fronts. New regulations introduced in the wake of the financial crisis will redefine users of foreign exchange services and divide the market into two ...

FX Supplement: The Renminbi As A Reserve Currency

THE RENMINBI GOES GLOBAL


By Gordon Platt


Pressure from BRIC countries for a new international reserve currency to replace the dollar is growing.

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China, the world’s leading trading nation, would like to reap some of the benefits and prestige ...

FX Supplement: Winners’ Circle: Foreign Exchange

LONG-TERM DEPENDABILITY


By Kathryn Tully

The overall winning bank and many of the regional category winners for foreign exchange have remained consistently strong for over a decade.

Deutsche Bank has been the magazine’s global winner for foreign exchange eight ...

Islamic Finance Goes Global

COMING OF AGE

By Anit a Hawser

Islamic finance is starting to spread within the countries of North Africa with high Muslim concentrations.

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Any discussion of Islamic finance usually includes Islamic financial hubs such as Malaysia or the Gulf Cooperation ...

Polls and Stats: Emerging Markets Lead Higher Education Grads

Tertiary Degree Graduates Aged 25-34 (in millions)

Tertiary Degrees By Percentage of OECD And G20 Total

*   OECD estimate based on the same average annual growth rate as that observed between 2000 and 2009
+ Germany and France drop out of the ...

The Growth Of International Remittances

BANKS FOLLOW THE MIGRANT MONEY TRAIL

By Michael Shari

Banks in emerging markets are building a lucrative business on remittances sent home by workers in developed nations.

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Alberto Raúl Guerra Rodríguez has had his hands full for the past five ...

Global Salon

Salon: Luigi Zingales Populist Revolt

POPULIST REVOLT

By Vanessa Drucker

Global Finance held its monthly Salon in the magazine’s New York office with Luigi Zingales, professor of entrepreneurship and finance at the Booth School of Business of the University of Chicago and author of ...

Additional Stories

Country Report: Lebanon

AGAINST ALL ODDS

By Justin Keay


Mid-20th-century tourists flocked to Lebanon, the Switzerland of the East. War and instability long ago changed that. Now, with the Syrian conflict spilling over its borders, the country faces yet another round of political ...

FX Supplement: FX Market Overview

FX EXCELS WHILE OTHER ASSETS FALTER


By Gordon Platt


The FX markets are evolving: Trade and currency internationalization, and the shift toward exchanges, will further this process.

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Foreign exchange has proven itself as a separate asset class that can generate ...

FX Supplement: The Euro Belies the Pessimists

PROFITING FROM THE BEAUTY PAGEANT


By Laurence Neville

Despite the eurozone’s debt woes, the euro has remained remarkably resilient thanks to a range of factors, including a more credible ECB under Mario Draghi and diversification away from the dollar ...

Latin America: Brazilian Protectionism

BARRIERS TO ENTRY

By Antonio Guerrero

Though its economic growth may be stalling, Brazil is still an attractive destination for investors. But the recent imposition of tariffs on certain imports has sparked an international ruckus.

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For several years now, the ...

Latin America: Rise Of The Mexican Jaguar

RISE OF THE “JAGUAR”

By Antonio Guerrero

Mexico’s new business-friendly president has promised to open up state-owned oil companies to private investment. If so, Mexico could overtake Brazil as the region’s largest economy within a decade.

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Photo Credit ...

Reader’s Comments

A WORD FROM THE EDITOR

We received the following letter from the Bank of Korea press office. We are not surprised that some of our features generate controversy. We affirm our right to express an editorial stance based on our ...

Risk Management: Business Continuity

EXPECT THE UNEXPECTED

By Paula Green

Recent natural disasters in Japan and Thailand highlight the need for companies to insure against business interruption.

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Photo Credits: RUCHOS / SHUTTERSTOCK.COM

About the only sure thing risk managers and their insurers will find ...

Treasury And Trade: Cash Forecasting

HIGH TECH MEETS THE LAW OF INERTIA

By Paula Green

Treasurers wanting to move to high-end forecasting solutions still face an uphill challenge.

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Even when a treasurer wants to move to a high-end system for forecasting cash, their efforts are ...

Treasury And Trade: Convergence

THE STARS ALIGN

By Rebecca Brace

As treasurers seek to optimize liquidity and working capital, cash and trade solutions are increasingly in sync.

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Treasury and trade used to be two separate disciplines. But in recent years there has been a ...

Treasury And Trade: Winners’ Circle Trade Finance

DOMINANT REGIONAL PLAYERS

By Kathryn Tully


Since 2002, Global Finance has honored the best trade finance banks by region and by country based on a number of criteria, including technological innovation, transaction volumes, global coverage, customer service and pricing. In ...

Winners’ Circle: World's Best Islamic Finance Institutions

DISTINGUISHING GLOBAL GROWTH

By Kathryn Tully

Global Finance’ s most recently instituted awards acknowledging the best Islamic finance institutions globally, by region and by country only began in 2008, but in that relatively short time, a number of players have ...

World’s Best Banks Awards Ceremony 2012

AWARDS CEREMONY: LOCATION TOKYO, JAPAN

Global Finance held its annual Best Banks awards ceremony in Tokyo in October. The event took place during the annual meetings of the IMF and World Bank.

Financial leaders from around the world were present ...