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Cover Story

Cover: Searching for Global Demand

DEMAND WHERE WILL IT COME FROM? By Laurence Neville The worldwide call for public, private and corporate debt reduction raises the question of where spending and demand will come from going forward. Particularly now, as emerging markets stars—such as China ...

Emerging Markets Roundup

Cover: Searching for Global Demand

DEMAND WHERE WILL IT COME FROM? By Laurence Neville The worldwide call for public, private and corporate debt reduction raises the question of where spending and demand will come from going forward. Particularly now, as emerging markets stars—such as China ...

Emerging Markets Roundup: Brazil

BRAZILIAN COURT GETS TOUGH ON DRILLERS By Antonio Guerrero Following a series of oil spills off the coast of Rio de Janeiro this year, a Brazilian court has ordered Chevron and driller Transocean to halt all drilling and transportation operations ...

Awards: Project Finance & Infrastructure

CHANGING OF THE GUARD IN PROJECT FINANCE By Gordon Platt As public purse strings tighten, pension funds are the most promising source of long-term funding for infrastructure projects, according to an OECD report supported by Oliver Wyman. Investment funds and ...

Emerging Markets Roundup: Africa

ZIMBABWE'S BANKS TOLD TO BOLSTER CAPITAL RESERVES By Antonio Guerrero With the goal of stabilizing the financial system in mind, Zimbabwe's Reserve Bank has boosted minimum capital requirements for banks by as much as 900%. Zimbabwe’s banks need more capital ...

Emerging Markets Roundup: China

SLOWING ECONOMIC GROWTH FORCES LOCAL GOVERNMENTS TO ACT By Thomas Clouse China's economy showed further signs of slowing in July, with exports expanding only slightly and industrial production falling to its lowest growth rate in three years. Chinese economy still ...

Emerging Markets Roundup: India

COCA-COLA AND IKEA STEP UP INVESTMENT IN INDIA, DESPITE SLOWING GROWTH By Aaron Chaze Ikea, the Swedish retailer, has applied to the Indian government for permission to open 25 stores across the country, investing $1.9 billion in the country. Coca-Cola ...

Emerging Markets Roundup: Middle East

GULF BONDS PROVIDE SHELTER FOR INVESTORS FROM CRISIS By Gordon Platt The Gulf Cooperation Council (GCC) states are enjoying enormous demand for their debt from global investors. Sukuk, or Islamic bonds, are particularly popular, in part because of their relative ...

Emerging Markets Roundup: Russia

GOVERNMENT SOFTENS STANCE ON LEBEDEV PRISON TERM By Kim Iskyan A local court reduced the prison term of Platon Lebedev, the business partner of jailed former oil oligarch Mikhail Khodorkovsky, in what some analysts interpreted as a slight moderation of ...

Poland Shines In CEE

STAR GAZING By Vanessa Drucker Among Central and Eastern European countries, Poland’s economic performance clearly stands out. Unlike other countries it has the luxury of economic growth, and it boasts a large domestic market that can pick up the slack ...

Project Finance and Infrastructure Providers 2012: Global Winners

By Gordon Platt FINANCIAL ADVISER: HSBC When Abu Dhabi needed a financial adviser for its latest seawater desalination and power project, Mirfa IWPP, it selected HSBC on their longstanding relationship and the bank’s reputation, without opening the contract to competitive ...

Treasury & Cash Management Supplement

RISK CONVERGENCE Unsurprisingly, risk is a key theme for our Seventh Annual Treasury & Cash Management supplement. 'Hurry up and wait' has been the prevailing message from global markets, and treasurers are responding in myriad ways to the changing environment ...

Treasury & Cash Management: Who’s Who

WHO’S WHO Global Finance’s annual list of Who’s Who in Treasury & Cash Management Bank of America Merrill Lynch Paul Simpson Head of global transaction services Paul Simpson joined Bank of America Merrill Lynch in May 2011 and now holds ...

Global Salon

Global Salon: Gary Gorton, Yale

FINDING BALANCE By Paula Green Global Finance sat down with Gary Gorton, professor of management and finance at the Yale School of Management, to get his perspective on the latest round of global financial turmoil. PHOTO CREDITS: KATE FREY Gary ...

The World's Best Internet Banks - Part 1

Best Internet Banks 2012: Country Winners

By Adam Rombel Country Winners: Best Corporate/Institutional Internet Banks Country Winners: Best Consumer Internet Banks World's Best Internet Banks Back To Main Article Best Internet Banks: Regional Subcategory Winners

Best Internet Banks 2012: Regional Subcategory Winners

By Adam Rombel Regional Subcategory Winners: Best Corporate/Institutional Internet Banks Regional Subcategory Winners: Best Consumer Internet Banks World's Best Internet Banks Back To Main Article Best Internet Banks: Country Winners

Milestones

Asean Jolted By Discord Among Membership

MILESTONES: ASIA By Thomas Clouse The Association for Southeast Asian Nations celebrated its 45th anniversary in July in Jakarta, as conflicts over the organization's role in the region continued to create tension among its members and questions about its future. ...

Canada: Maple Group Finally Wins In TMX Takeover Battle

MILESTONES: CANADA By Erik Heinrich The takeover of Canadian stock market operator TMX Group by Maple Group, a consortium of financial institutions, was approved by TMX's shareholders, bringing to a close more than a year of sometimes acrimonious negotiations with ...

Colombia Reaps Big Rewards From Free-Trade Agreements

MILESTONES: COLOMBIA By Dan Keeler Three months after its free-trade agreement with the United States went into effect, Colombia is already reaping the benefits, in terms of investment, export growth and job creation. González, Proexport Colombia: Colombia's trade agreements have ...

Corporate Finance

Debt: US Hospitals Grow Their Coffers

CORPORATE FINANCING NEWS: CORPORATE DEBT By Gordon Platt Community Health Systems, one of the largest hospital companies in the US, refinanced $2.8 billion of its high-yield debt in July and August, taking advantage of low interest rates and rising investor ...

DRs: IPO Pipeline Grows, Issuance Slows

CORPORATE FINANCING NEWS: GLOBAL EQUITY / DRS By Gordon Platt The global pipeline of initial public offerings has reached near-record levels, but IPO issuance and proceeds declined substantially in the second quarter of 2012. Deal activity declined 52% and proceeds ...

FX: Central Banks Could Help Euro

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE By Gordon Platt A favorable ruling by Germany's constitutional court on the legitimacy of the eurozone's permanent bailout fund, and coordinated easing by global central banks are both needed to ease concerns about Europe's debt ...

M&A: China Seeks Global Energy Assets

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS By Gordon Platt Canada's prime minister, Stephen Harper, returned from his second official trip to China in February and announced that Beijing would lend two giant pandas, Er Shun and Ji Li, to zoos ...

Newsmakers

Europe: German Court President Weighs Legality Of Stability Mechanism

NEWSMAKERS: EUROPE By Valentina Pasquali With the fate of the debt-ridden eurozone hanging in the balance, the German Federal Constitutional Court is expected to decide on September 12 whether the European Stability Mechanism (ESM), the currency union's permanent bailout fund, ...

Japan: Veteran Executive Takes Top Job At Nomura

NEWSMAKERS: JAPAN By Valentina Pasquali After the insider-trading scandal that, in July, forced the resignation of both its chief executive officer and chief operating officer, Japan's largest financial conglomerate, Nomura, is gearing up for a new chapter in its corporate ...

UK: Race Heats Up For Next BOE Governor

NEWSMAKERS: UK By Anita Hawser The recent Libor scandal in British banking highlighted the power play that is going on behind the scenes as candidates vie for the governorship of the Bank of England when Mervyn King's second five-year term ...

Veteran Indian Finance Minister Back In The Finance Seat

NEWSMAKERS: INDIA By Luca Ventura Often labeled arrogant and brusque, India's finance minister, Palaniappan Chidambaram, is not the most popular politician within his own Congress Party and not much in the public eye. Chidambaram's new ministerial appointment sparked a stock ...

Additional Stories

Project Finance and Infrastructure Providers 2012: Regional Winners

By Gordon Platt NORTH AMERICA FINANCIAL ADVISER: Mitsubishi UFJ Financial Group MUFG led the $585 million nonrecourse financing of the Wind Energy Transmission Texas project, and structured a $387 million construction loan for the Lone Star Transmission project, a 329-mile ...

Risk Management: Cyber Risk

COVER UP By Paula Green Insuring against cyber risks is stoking the imaginations of insurance companies as the risks to multinationals expand. However, companies should check what policies cover them for. Cyber risks are increasingly edging their way onto the ...

Sector Report: Agribusiness Take Off

A BUMPER YIELD By Justin Keay Agribusiness is increasingly being viewed as a dynamic area to invest in. But as global demand for food supplies and land increases, can banks, often criticized for their short-term outlook, meet the industry’s long-term ...

Taiwan Seeks New Growth Opportunities

THE TIES THAT BIND By Arthur Clennam Economic forces are subtly improving prospects for Taiwanese companies seeking new markets in China. An ancient folk story from Taiwan goes something like this: A frog lives for years in a well and ...

Treasury & Cash Management: Annual Directory Of TCM Service Suppliers

DIRECTORY Our annual listing of TCM service and solution providers Banking Service Providers Bank of America Merrill Lynch CONTACT : Paul Simpson, Head of Global Transaction Services EMAIL : gcbkmarketing@bankofamerica.com www.corp.bankofamerica.com ING CONTACT : Willem Dokkum, Global Head Sales Payments ...

Treasury & Cash Management: Time For Action On SEPA

TALK IS CHEAP By Kathryn Tully Companies with European operations are discussing SEPA, but so far they are not doing much. The European Commission's announcement that February 1, 2014, is the deadline by which banks and corporates must process credit ...