Magazine Cover

Cover Story

Preparing For Basel III

COVER STORY: MISSING PIECES

By Michael Shari

Corporations are adding up the costs—and looking at alternatives to increasingly expensive banking services.

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It would be hard to find a multinational corporation with a firmer grip on the intricacies of global ...

Emerging Markets Roundup

Preparing For Basel III

COVER STORY: MISSING PIECES

By Michael Shari

Corporations are adding up the costs—and looking at alternatives to increasingly expensive banking services.

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It would be hard to find a multinational corporation with a firmer grip on the intricacies of global ...

Lagarde Prepares To Put Her Stamp On The IMF

NEWSMAKERS: GLOBAL

By Gordon Platt

Christine Lagarde will be under the microscope at the International Monetary Fund’s annual meeting in Washington on September 23–25.

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Lagarde: Wants relevant, credible and effective IMF

The silver-haired woman the French like to ...

DRs: Capital Raisings Nearly Triple

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS

By Gordon Platt

Capital raisings using depositary receipts (DRs) nearly tripled in the first half of 2011, compared to the same period a year earlier, while DR trading volume and the number of programs ...

M&A: Energy, Power Light Up Global M&A

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

The energy and power sector was the most active for worldwide mergers and acquisitions in the first half of 2011 as the value of global deals of all types rose 41% from ...

Treasury & Cash Management Supplement

MOBILIZING EXCESS CASH

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At most cash and treasury management conferences these days, treasurers are concerned with one of two things: ensuring they play a more strategic role within companies above and beyond managing a piggy bank of money; and making ...

Country Report: Russia

THREATENING THE ECONOMIC RENAISSANCE

By Kim Iskyan

Political uncertainty and continued dependence on oil exports are casting a pall over growth prospects in Russia.

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On the surface, Russia looks to be on the rebound. The macroeconomic situation is solid, thanks ...

Emerging Markets Roundup: Africa

CHINESE INVESTMENT BOOSTS SIERRA LEONE IRON ORE SECTOR

By Antonio Guerrero

China’s Shandong Iron & Steel Group (SISG) takes a 25% stake in Britain’s African Minerals.

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Sierra Leone’s iron ore output is becoming the country’s key export ...

Emerging Markets Roundup: Brazil

TAX BREAK PLAN TO PROVIDE RELIEF FOR MANUFACTURERS

By Antonio Guerrero

The Brazilian government unveiled a $25 billion plan to provide relief to domestic producers.

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Tax breaks to help beleaguered Brazilian manufacturers

Responding to concerns from local industries battered by ...

Emerging Markets Roundup: China

OVERHEATING EASES, BUT DEMAND IMBALANCES REMAIN

By Thomas Clouse

Chinese overheating is finally slowing.

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Rising food costs hit consumer price index

Chinese overheating is finally slowing after numerous interest rate increases and other policies were enacted to cool the economy ...

Emerging Markets Roundup: India

CENTRAL BANK CHOOSES SLOWER GROWTH OVER HIGHER INFLATION

By Aaron Chaze

The Reserve Bank of India (RBI) has become the most proactive central bank in Asia for monetary tightening.

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Indian stock exchanges are performing poorly in 2011

With inflation hitting ...

Emerging Markets Roundup: Middle East

IRAN SIGNS GAS PIPELINE PLAN WITH IRAQ AND SYRIA

By Gordon Platt

Iran is inching forward with its proposal for an “Islamic pipeline” to Europe.

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South Pars field to connect with Europe

Iran, which has the second- largest proven gas ...

Emerging Markets Roundup: Russia

POOR DUE DILIGENCE SPARKS CONCERN FOR BANKING SECTOR

By Kim Iskyan

In early July the Russian Central Bank said it would spend $14 billion to bail out the Bank of Moscow—until recently Russia’s fifth-largest bank.

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Bank of Moscow ...

Milestones

Investors Optimistic On Sri Lankan Growth

MILESTONES: SRI LANKA

By Kim Iskyan

It’s been a good run for Sri Lanka of late. In mid-July, all three major ratings agencies upped their views on the country, pointing to the ongoing recovery and broad economic stabilization.

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Economic ...

US Treasury Department Going Paperless

MILESTONES: UNITED STATES

By Anita Hawser

There is nothing quite like the threat of a debt default and a whopping budget deficit to focus policymakers’ minds on cutting costs.

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E–invoicing to reduce Treasury costs

In an effort to reduce ...

Features

Special Report: Equity Derivatives

FOCUS: TRADING SHIFTS TO EXCHANGES

By Gordon Platt

New rules to reduce systemic derivatives market risk and increase transparency are still evolving.

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As regulators on both sides of the Atlantic struggle to come to grips with new derivatives trading rules ...

Corporate Finance

Debt: US Corporate Bonds Dampening

CORPORATE FINANCING NEWS: CORPORATE DEBT

By Gordon Platt

Weak economic signals gave a boost to bond prices in the second quarter, but rising economic risk in the US makes it unlikely that the fast pace of debt issuance will be ...

DRs: Capital Raisings Nearly Triple

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS

By Gordon Platt

Capital raisings using depositary receipts (DRs) nearly tripled in the first half of 2011, compared to the same period a year earlier, while DR trading volume and the number of programs ...

FX: Euro Rebounds As EFSF Expands

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE

By Gordon Platt

The EU summit in July not only reached agreement on a second bailout program for Greece, but just as significantly, it gave the European Financial Stability Facility (EFSF) the ability to respond ...

M&A: Energy, Power Light Up Global M&A

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS

By Gordon Platt

The energy and power sector was the most active for worldwide mergers and acquisitions in the first half of 2011 as the value of global deals of all types rose 41% from ...

Newsmakers

Beers: The Man Who Pulled The Trigger On The US Triple-A

NEWSMAKERS: UNITED STATES

By Gordon Platt

David Beers, managing director and head of sovereign credit ratings for Standard & Poor’s in London, is the mustachioed face behind the rating agency’s downgrade of US treasury bonds to AA+ from AAA ...

Kulibayev Front-Runner In Kazakhstan Succession

NEWSMAKERS: KAZAKHSTAN

By Kim Iskyan

Talk of who might replace Kazakhstan’s president Nursultan Nazarbayev—who has ruled the oil-rich Central Asian country since 1989—has long been taboo in the country’s political circles.

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With Nazarbayev’s blessing

Succession ...

Lagarde Prepares To Put Her Stamp On The IMF

NEWSMAKERS: GLOBAL

By Gordon Platt

Christine Lagarde will be under the microscope at the International Monetary Fund’s annual meeting in Washington on September 23–25.

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Lagarde: Wants relevant, credible and effective IMF

The silver-haired woman the French like to ...

LSE’s Rolet Between A Rock And A Hard Place

NEWSMAKERS: UNITED KINGDOM

By Anita Hawser

Xavier Rolet, the London Stock Exchange’s CEO, must have breathed a sigh of relief when the European Commission announced in early August that it would investigate the proposed merger between Deutsche Börse and ...

Shinawatra Must Bridge The Class Gap In Thailand

NEWSMAKERS: THAILAND

By Kim Iskyan

In early May, Yingluck Shinawatra was a prominent business executive in Thailand.

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Shinawatra: Following in her brother’s footsteps

Two months later, she became the country’s first female prime minister. Her astonishingly rapid rise ...

Vietnamese PM Starts Second Term Of Office

NEWSMAKERS: VIETNAM

By Thomas Clouse

Nguyen Tan Dung, the Vietnamese prime minister who guided the country through its entry into the World Trade Organization in 2007 and successfully navigated the financial crisis of 2008, is set for a second five-year ...

The World's Best Internet Banks - Part 1

The World's Best Internet Banks Round 1

ANNUAL SURVEY: GOING MAINSTREAM

By Adam Rombel

In the first of a two-part series, Global Finance identifies the best online corporate and consumer banks.

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Internet banking is no longer just an alternative channel. In the first of a two-part series ...

Additional Stories

Treasury & Cash Management Supplement: Cash Management In Brazil

BEATING BUREAUCRACY AND TAXES

By Anita Hawser

With Brazil now firmly on the map as global economic power, treasuries want to include it in their global cash solutions. But many regulatory, legal and taxation issues still obstruct that goal.

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Brazil ...

Treasury & Cash Management Supplement: Enterprise Risk Management

ON THE RIGHT PATH By Denise Bedell Enterprise risk management is now a central theme for treasurers at large corporates. Both regulatory changes and business benefits are driving the increased focus. The financial trauma of the past few years has ...

Treasury & Cash Management Supplement: Who’s Who

WHO’S WHO

By Paula Green

Who’s Who In Treasury And Cash Management

Scott Barton

RBS

Chief Executive Officer

Global Transaction Services

Scott Barton began working with RBS 16 years ago after his tenure with Andersen Consulting. Initially focused ...

Company To Watch: Magnitogorsk Iron and Steel Works/Russia

UPGRADES INCREASE COMPETITIVENESS FOR MAGNITOGORSK

By Gordon Platt

Magnitogorsk Iron and Steel Works (MMK), one of Russia’s top steel producers, is upgrading its production facilities to improve its competitiveness in the global steel market and replace imports in the ...

Country Report: Spain

UPHILL BATTLE

By Antonio Guerrero

Spanish banks are struggling to regain momentum in the face of a sluggish economy and the need for further restructuring.

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Three years after Spain’s decade-long real estate bubble burst, the country’s banks are ...

DR News: Mothballed Indian GDRs Coming To Market

MOTHBALLED INDIAN GDRS COMING TO MARKET

By Gordon Platt

More than $1 billion of planned global depositary receipt (GDR) issues from companies in India were delayed in March, when market conditions deteriorated following the outbreak of hostilities in Libya and ...

EM News: China’s Inflation Near Peak, Investors Eye Earnings Growth

CHINA’S INFLATION NEAR PEAK, INVESTORS EYE EARNINGS GROWTH

By Gordon Platt

China’s monetary policy-tightening is advanced relative to other economies, and domestic inflation, which is centered in food prices, may be near a peak, analysts say.

“As inflationary ...

Regional Report: Central Eastern Europe

WAITING ON EUROLAND

By Jonathan Gregson

The benefits of joining the eurozone are not as clear as they once were for countries in Central and Eastern Europe.

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The countries of Central Europe have long shaken off their former status as ...

Special Report: Islamic Finance In Asia

MALAYSIAN DOMINANCE PUT TO THE TEST

By Anita Hawser

Long the leading force in Asia-Pacific’s Islamic finance industry, Malaysia is facing growing regional competition.

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Anyone that does business or invests in Asia-Pacific will tell you that, as tempting as ...