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Cover Story

Cover Story: World’s Best Banks 2013

TECHNOLOGY IS THE TRUMP CARD By Jonathan Gregson, Antonio Guerrero, Anita Hawser, Gordon Platt and Michael Shari Global Finance unveils its annual list of the best banks globally, regionally and by country. The winners have all demonstrated dedication to satisfying ...

The World's Safest Banks

Cover Story: World’s Best Banks 2013

TECHNOLOGY IS THE TRUMP CARD By Jonathan Gregson, Antonio Guerrero, Anita Hawser, Gordon Platt and Michael Shari Global Finance unveils its annual list of the best banks globally, regionally and by country. The winners have all demonstrated dedication to satisfying ...

Africa Auditions For A Leading Role

ANNUAL SUPPLEMENT: AFRICA 2013 With a stunning twist of fate, companies that are looking for a refuge from the turmoil of recent years in developed markets are turning their attention to the continent that for much of the past century ...

Africa's Infrastructure: Power To The People

ANNUAL SUPPLEMENT: AFRICA 2013 By Dan Keeler Innovative financing techniques and growing investor sophistication are prompting a surge of interest in sub-Saharan infrastructure projects. Sub-Saharan Africa is rapidly turning into the growth and investment story of the decade. With a ...

Africa's Mobile Banking: Boom Or Bust?

ANNUAL SUPPLEMENT: AFRICA 2013 By Erik Heinrich Africa’s mobile-banking boom is a complicated tale of East versus West. But who’s approach will prove right in the end? Mobile banking is a force for social and economic change in ...

Annual Survey: Best In Class

A selection of winners from Global Finance’s awards program over the past year. World’s Best Foreign Exchange Providers 2013 World’s Best Derivatives Providers 2012 World’s Best Insurance Providers 2012 World’s Best Subcustodians 2013 World’s ...

North Africa: Trading In Stability

ANNUAL SUPPLEMENT: AFRICA 2013 By Dan Keeler Developed-markets watchers hope tightening trade ties and increasing foreign direct investment will help ease tensions in North Africa. Two years after the Arab Spring swept through North Africa and beyond, toppling entrenched regimes ...

Newsmakers

Argentina: The Ultimate Ultimatum

NEWSMAKERS By Forrest Jones Althought it was more than a decade ago that Argentina defaulted on $100 billion worth of debt, the fallout continues to make headlines today. Argentine president Cristina Fernández de Kirchner recently defied a US court’s ...

Ireland: The Central Bank's French Connection

NEWSMAKERS By Paula L Green When he took over as deputy governor for financial regulation at the Central Bank of Ireland on the first of October, Frenchman Cyril Roux began working alongside a Swedish colleague, Stefan Gerlach, who was appointed ...

Mexico: Peña Nieto's Energy Reform

NEWSMAKERS By Gilly Wright The proposal by Mexican president Enrique Peña Nieto to reform Petróleos Mexicanos (Pemex), the state-owned oil and gas monopoly, could have far-reaching consequences for the country’s troubled economy. The proposal, which requires a constitutional amendment ...

Serbia: Can Lazar Krstic Cut It?

NEWSMAKERS By Luca Ventura Lazar Krstić has a daunting task ahead: saving Serbia from a debt crisis. A Yale graduate with no party affiliations or political experience, the 30-year-old McKinsey associate is expected to consolidate public finances and prompt economic ...

Milestones

BRICS: Currency Fund A Big Step

MILESTONES By Gordon Platt The emerging-markets currency crisis, spurred by the Federal Reserve’s plan to begin winding down its economic stimulus, is prompting the BRICS countries—Brazil, Russia, India, China and South Africa—to move forward with the creation ...

Gibraltar: A Rock In A Hard Place

MILESTONES By Gilly Wright The ongoing spat between Spain and Britain over Gibraltar (a British-dependent territory that borders with Spain at the southern tip of the Iberian Peninsula) has drawn attention to the continued lack of commitment to confront tax ...

India: Crackdown Spooks Investors

MILESTONES By KA Badarinath Since the 1991 balance-of-payments crisis, the Reserve Bank of India (RBI) had not reversed the trend of easing capital controls. But on August 14, the rhetoric was different as the RBI curbed the outflow of foreign ...

US: Fracking’s Fractured Future

MILESTONES By Ronald Fink Recent write-downs of shale assets by BHP Billiton and Royal Dutch Shell have cast doubts on claims voiced in Washington, DC, that the US can attain energy independence as a result of the technological wonders of ...

US: Ratings Agency Fights US Lawsuit

MILESTONES   By Paula Green   Shareholders at McGraw Hill Financial, along with US taxpayers, could end up paying the price as the US government and one of the country’s major credit ratings agencies face off in a courtroom drama over ...

US: Will Companies Fill In Pay Gap?

MILESTONES   By Paula Green   The frequently mind-boggling comparison between the pay of a US firm’s chief executive and the company’s rank-and-file employees is finally set to come before the Securities and Exchange Commission this fall. Tucked away in ...

Corporate Finance

Corporate Debt: Emerging Markets Default Risk Rises

CORPORATE FINANCING NEWS By Gordon Platt The recent sharp decline in emerging markets currencies to multiyear lows will make it more costly for corporations in these countries to repay their dollar-denominated debt. Analysts say this could lead to a further ...

Equity: US JOBS Act Stimulates IPO Activity

CORPORATE FINANCING NEWS By Gordon Platt A new US law that makes it easier for smaller companies to raise equity capital is boosting initial public offerings, analysts say. The Jumpstart Our Business Startups, or JOBS Act, was largely responsible for ...

FX: Recovery In Europe No Threat To Dollar

CORPORATE FINANCING NEWS By Gordon Platt A cyclical economic recovery is under way in the UK and the eurozone, but it won’t be strong enough to boost the euro against the dollar, analysts say. They expect the dollar to ...

M&A: Brazil, Latin America In Slump

CORPORATE FINANCING NEWS By Gordon Platt Fears that the Federal Reserve would cut back on its bond-buying program, as well as the collapse of Brazilian billionaire Eike Batista’s commodities empire, triggered a sharp decline in mergers and acquisitions in ...

Emerging Markets Roundup

Cover Story: World’s Best Banks 2013

TECHNOLOGY IS THE TRUMP CARD By Jonathan Gregson, Antonio Guerrero, Anita Hawser, Gordon Platt and Michael Shari Global Finance unveils its annual list of the best banks globally, regionally and by country. The winners have all demonstrated dedication to satisfying ...

Editor's Letter: New Agenda For BRICs?

DEAR READER OCTOBER 2013 | Vol. 27 No. 9 The annual meetings of the World Bank and the International Monetary Fund in Washington coincide this year with an important change in the global economic climate. Early, faint signs that advanced economies ...

Africa's Infrastructure: Power To The People

ANNUAL SUPPLEMENT: AFRICA 2013 By Dan Keeler Innovative financing techniques and growing investor sophistication are prompting a surge of interest in sub-Saharan infrastructure projects. Sub-Saharan Africa is rapidly turning into the growth and investment story of the decade. With a ...

North Africa: Trading In Stability

ANNUAL SUPPLEMENT: AFRICA 2013 By Dan Keeler Developed-markets watchers hope tightening trade ties and increasing foreign direct investment will help ease tensions in North Africa. Two years after the Arab Spring swept through North Africa and beyond, toppling entrenched regimes ...

Corporate Debt: Emerging Markets Default Risk Rises

CORPORATE FINANCING NEWS By Gordon Platt The recent sharp decline in emerging markets currencies to multiyear lows will make it more costly for corporations in these countries to repay their dollar-denominated debt. Analysts say this could lead to a further ...

FX: Recovery In Europe No Threat To Dollar

CORPORATE FINANCING NEWS By Gordon Platt A cyclical economic recovery is under way in the UK and the eurozone, but it won’t be strong enough to boost the euro against the dollar, analysts say. They expect the dollar to ...

Polls & Stats: Shrinking Global Wage Gap

Shrinking Wage Gap: The Impact On Growth, Development And Production “While any such projections are subject to significant uncertainties, the direction of change is clear. The large wage advantages enjoyed today by many emerging economies will shrink as their productivity ...

The Best of the IMF/World Bank Meetings Seminars

Emerging Markets: Restoring the Momentum Panelists: Naoyuki Shinohara , Deputy Managing Director, IMF; Tim Adams , President Institute for International Finance; Luis Miguel Castilla , Finance Minister, Peru; Nouriel Roubini , Co-founder and Chairman, Roubini Global Economics Flash is required to view this interactive ...

Country Report: Poland

NO QUICK FIXES By Udayan Gupta Poland withstood the recent global economic recession relatively well, thanks to its sound economic policies, healthy economic fundamentals and broad-based support for large and small enterprises. A little more than two decades after the ...

Country Report: Turkey

THE COST OF INSTABILITY By Justin Keay The full effects of recent upheavals and unrest in Turkey have not yet been felt, and policymakers have some serious work ahead to bring markets back in order and reassure investors of the ...

Frontier Markets Report: Ecuador

WAIT AND SEE By Dan Keeler As it tries to establish a new model for economic development, Ecuador presents a challenge for companies considering investing there. Ecuador presents inward investors with a conundrum. The country is politically stable, but its ...

IMF/World Bank 2013 Annual Meetings

By Valentina Pasquali   In conjunction with the International Monetary Fund/World Bank annual meetings in Washington, Global Finance presents its annual IMF/World Bank Issue.   When the eurozone logged 0.3% growth in the second quarter of 2013, ending a ...

Middle East: Iraqi Oil Pressures OPEC

EMERGING MARKETS ROUNDUP By Gordon Platt Rising Iraqi output could well represent the largest increase to global oil supplies over the coming years, easily outstripping projected gains from US shale oil, according to a report by National Bank of Kuwait ...

Polls & Stats: Growth In Noncash Payment Transactions

Emerging Markets See Strong Growth in Noncash Payment Transactions “Mature markets accounted for 77% of the total volumes [of noncash transactions] but ... growth rates are higher in the developing markets—18.7% versus 6.2% in the mature markets in ...

Russia: Arrest In 'Potash War'

EMERGING MARKETS ROUNDUP By Kim Iskyan Russian potash giant Uralkali in late July unexpectedly withdrew from an export delivery arrangement with Belarus Potash, the marketing agent for the Russian company and for Belaruskali, the Belarus national potash company. Uralkali announced ...

Salon: Conrad Saldanha

GOING DOMESTIC By Vanessa Drucker Global Finance sat down with Conrad Saldanha, portfolio manager, emerging markets equities, at asset management firm Neuberger Berman, to discuss the future prospects for global emerging markets. Global Finance: Emerging markets have underperformed developed this ...

Global Salon

Salon: Conrad Saldanha

GOING DOMESTIC By Vanessa Drucker Global Finance sat down with Conrad Saldanha, portfolio manager, emerging markets equities, at asset management firm Neuberger Berman, to discuss the future prospects for global emerging markets. Global Finance: Emerging markets have underperformed developed this ...

Additional Stories

Cheese Stands Alone as Stumbling Block to Canada-EU Free Trade Pact

Following nearly five hard years of negotiations, Canadian Prime Minister Stephen Harper on October 18 signed a Canada-European Union free trade agreement in Brussels. Although the agreement in principle got scant attention outside of Canada, the pact is, in fact ...

Hedging Hot Again as Corporates Boost Balance Sheet Protection

Hedging gaining in currency For a global power management company like Eaton, which generated $21.8 billion in revenues last year selling products to clients in 175 countries, managing foreign exchange (FX) risk exposure is crucial. When the company acquired ...

Could the Twitter IPO suffer a Facebook moment?

When the ubiquitous social media giant Twitter launches its initial public offering (IPO) in the coming weeks, the entire market will have its collective fingers crossed that the offering will not strike the same sour note as Facebook’s or ...

Central Banker Report Cards 2013

‘A’ FOR EFFORT, ‘B-’ FOR RESULTS By Antonio Guerrero, Anita Hawser and Gordon Platt Global Finance presents its annual report on the performance of the world’s central bank governors. There are a lot of new faces among the world ...

Global Trade: Rise Of The Superblocs

SPECIAL REPORT By Erik Heinrich Free-trade superblocs are being negotiated in North America, Europe and Asia. They will forever alter the flow of commerce and finance—and leave winners and losers in their wake. The world is poised on the ...

Risk Management: Political Risk

WALKING A FINE LINE By Paula L Green As civil unrest continues to flare up in disparate markets worldwide, corporate risk managers must be aware of the impact that sanctions and regulatory changes can have on their political risk coverage ...

World’s Biggest Banks 2013

RISING TO THE TOP By Andrew Cunningham Global Finance presents the World’s Biggest Banks 2013. For the first time, a Chinese bank topped the list of the biggest banks in the world at the end of 2012—displacing Deutsche ...

World’s Safest Banks 2013

KEY TO THE TOP By Andrew Cunningham Global Finance presents its annual ranking of the World’s Safest Banks. There are few changes at the top, showing the stability of the highest echelon of banks. The safest 10 banks in ...