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Cover Story

Cover Story: African stepping up

AFRICAN INFRASTRUCTURE FINANCE Sub-Saharan Africa’s economic development is still constrained by a historic dearth of infrastructure investment. Private sector investors might be able to provide the hitherto missing link. Controversial development: Dams such as the Kariba on the Zambezi river ...

Features

Features : Balancing Act

COUNTRY REPORT / TURKEY Turkey’s Islamist government has narrowly avoided a constitutional crisis, but it is still treading a fine line in its quest for economic progress. When Turkey’s constitutional court dismissed a move in July to outlaw the country’s ...

Features : Growing pains

SPOTLIGHT / EMERGING MARKETS Emerging markets have been some of the best performers of recent years. Is their continued growth now under threat? Since the credit crunch began more than a year ago, it has inflicted most pain on the ...

Features : Power Play

ANALYSIS / RUSSIA’S GEORGIA GAMBIT Russia’s recent assault on Georgia raises some scary prospects for European nations dependent on energy supplies from West Asia. Double act: Vladimir Putin passed the presidency to Dmitry Medvedev but still retains much power. Ethnic ...

Features : Risky Business

FOCUS / ECONOMIC NATIONALISM As if the global credit squeeze were not enough, multinationals, particularly in the commodities industries, are also facing a surge in resource nationalism. Horne: Companies are investing in riskier areas. Fueled in part by soaring commodities ...

Features : The perils of prosperity

ECONOMIC UPDATE / CHINA As the dust settles after the Olympic games, China is facing a less certain economic future. Relentless progress: Construction work in Beijing's booming central business district. China opened the 29th Olympic games on August 8 with ...

Features : The Threat From Within

AFRICAN INFRASTRUCTURE FINANCE Despite the increasingly sophisticated solutions deployed to prevent it, rogue trading is still a serious problem in the banking industry. Every year banks spend billions deploying sophisticated filtering and electronic “perimeter fence” technologies to try to maintain ...

Features : World's Best Banks 2008

ANNUAL SURVEY / WORLD’S BEST BANKS 2008 Now more than ever, the world’s best banks deserve recognition for continuing to provide excellent products and high levels of service to their clients, despite the distractions of the global credit crunch and ...

Emerging Markets Roundup

Cover Story: African stepping up

AFRICAN INFRASTRUCTURE FINANCE Sub-Saharan Africa’s economic development is still constrained by a historic dearth of infrastructure investment. Private sector investors might be able to provide the hitherto missing link. Controversial development: Dams such as the Kariba on the Zambezi river ...

Features : Growing pains

SPOTLIGHT / EMERGING MARKETS Emerging markets have been some of the best performers of recent years. Is their continued growth now under threat? Since the credit crunch began more than a year ago, it has inflicted most pain on the ...

Features : Risky Business

FOCUS / ECONOMIC NATIONALISM As if the global credit squeeze were not enough, multinationals, particularly in the commodities industries, are also facing a surge in resource nationalism. Horne: Companies are investing in riskier areas. Fueled in part by soaring commodities ...

Newsmakers : Global Leaders Paint Bleak Picture

AUSTRIA Citi's Rhodes: Current crisis is the US' biggest challenge in recent history. With Bank of America buying Merrill Lynch and Lehman’s filing for bankruptcy, the global credit crunch is clearly far from over. In fact, a panel of banking ...

Milestones : Western Ally In Caspian Wins Kudos

AZERBAIJAN Azerbaijan's pro-business president, Ilham Aliyev. The regulatory reform movement that has been thriving in Central and Eastern Europe in recent years is spreading eastward into Central Asia, with Azerbaijan taking the title of the world’s leading reformer of business ...

Emerging Markets : Saudi Market Opens To Foreign Investors

MIDDLE EAST Dubai International Financial Center: Business is growing. The opening of Saudi Arabia’s stock exchange, the largest in the Arab world, to investors from outside the Gulf Cooperation Council (GCC) couldn’t have come at a better time. Saudi stocks ...

Emerging Markets : Emerging Markets Begin To Feel Pain

NEWS The world’s emerging equity markets had a gloomy summer, falling 19.4% in the three months through August, compared with a decline of 11.55% in developed equity markets in the same period, according to an analysis by Standard & Poor’s. ...

Emerging Markets : In Olympian Bid For Global Respect

BRAZIL Petrobras head José Sergio Gabrielli: Prefers debt issue to equity. The Brazilian government is grappling with the reality of new offshore oil discoveries that could produce an estimated 50 billion barrels of oil, according to private sector analysts, in ...

Emerging Markets : Inflation And Growth Decline

CHINA Slowdown: Automakers are seeing sales growth tail off in China. China’s consumer price index (CPI) grew by only 4.9% in August, its mildest pace in more than a year, and export growth slowed to 21%, according to China’s National ...

Emerging Markets : Infosys Climbs Up The Value Chain

COMPANY TO WATCH: INFOSYS TECHNOLOGIES/INDIA Infosys Technologies, India’s second-largest IT services provider, announced a $755 million cash deal to buy UK-based Axon, which advises companies on installing business software created by SAP of Germany. If the transaction is completed, it ...

Emerging Markets : Infrastructure Fund In Controversy

AFRICA Unemployment and homelessness have risen sharply in Zimbabwe. Following the controversial reelection of president Robert Mugabe in June, Zimbabwe has fallen into even greater economic chaos. Officials said annual inflation leapt to 11.2 million percent in June, fueled by ...

The World's Best Banks

Features : World's Best Banks 2008

ANNUAL SURVEY / WORLD’S BEST BANKS 2008 Now more than ever, the world’s best banks deserve recognition for continuing to provide excellent products and high levels of service to their clients, despite the distractions of the global credit crunch and ...

Milestones

Milestones : Global Accounting Standard Moves Closer

UNITED STATES Accounting by numbers: Proponents of global standards say they reduce costs. More than 100 of the largest US public companies could be using international accounting standards by the end of next year if the Securities and Exchange Commission ...

Milestones : IMF Seeks To Buff Up Tarnished Image

UNITED STATES IMF: Many view it as responsible for causing, not reducing, poverty. The International Monetary Fund (IMF) is not likely to win any popularity contests anywhere in the world these days. Emerging market governments have been particularly harsh in ...

Milestones : Western Ally In Caspian Wins Kudos

AZERBAIJAN Azerbaijan's pro-business president, Ilham Aliyev. The regulatory reform movement that has been thriving in Central and Eastern Europe in recent years is spreading eastward into Central Asia, with Azerbaijan taking the title of the world’s leading reformer of business ...

Corporate Finance

Corporate Finance : European Mergers Gain With Pair Of Big Deals

MERGERS & ACQUISITIONS Europe passed the United States in corporate dealmaking in August thanks to two large transactions, including a spin-off and a hostile bid. The total of US mergers and acquisitions for the year to date of $849 billion, ...

Corporate Finance : High-yield Market Remains Shuttered

CORPORATE DEBT Less than $1 billion of US high-yield bonds were sold in August, one of the lowest monthly totals ever, as rising defaults and widening spreads above US treasury securities steered investors away from the market. Caribbean Restaurants, the ...

Newsmakers

Newsmakers : Global Leaders Paint Bleak Picture

AUSTRIA Citi's Rhodes: Current crisis is the US' biggest challenge in recent history. With Bank of America buying Merrill Lynch and Lehman’s filing for bankruptcy, the global credit crunch is clearly far from over. In fact, a panel of banking ...

Newsmakers : Medvedev Tries To Calm Russia Bears

RUSSIA Medvedev: Seemingly helpless in the face of a stock market rout. Can Russia’s president Dmitry Medvedev save the country’s financial markets? In the second week of September he declared that it was “within the power of the government” to ...

Newsmakers : Private Equity Investments Linked To Corporate Defaults

GLOBAL Vazza: Expects the default rate to continue growing. As private equity investors size up the new opportunities the credit crunch presents, companies in their sights might do well to consider a report published by Standard & Poor’s in September. ...

Newsmakers : Way Cleared For Jacob Zuma To Run For President

SOUTH AFRICA Zuma: Election victory all but assured after charges are dropped. South Africa’s High Court last month dropped all corruption charges against Jacob Zuma, president of the African National Congress (ANC). Although the decision was based on a legal ...