April 2010

COVER STORY: BANKING   Bankers and regulators are beginning to lay out the future structure of the global financial industry. In the short term, it is set to be a deeply confusing place.   By Nick Kochan     It ...

TOP BANKS BOUNCE BACK     After two dismal years, the banking industry in the world’s developed markets is flourishing again.   By Laurence Neville     The recovery of the financial markets from March 2009 (and earlier in the ...

Roundup   By Antonio Guerrero   Nigerian central bank’s energy fund has caused controversy South Africa’s $2 billion dollar-denominated sovereign bond issue in March marked the country’s largest-ever foreign-currency-denominated security. The 10-year paper carries a 5.5% coupon, which is the ...

Roundup   By Antonio Guerrero   Meirelles: Reining in Brazil’s stimulus measures Brazil’s central bank moved to tighten monetary policy by raising bank reserve requirements on term deposits from 13% to 15% as of April 9. The central bank had ...

Roundup   By Thomas Clouse   Brighter future: China promises better deal for rural citizens China’s top legislator has pledged to improve social services and better balance rural and urban political representation. Wu Bangguo, chairman of the Standing Committee of ...

Investor: News   By Gordon Platt   Investor flows into emerging market bond funds passed the $5 billion mark for the year to date in the week ended March 10 after posting their biggest weekly inflow in more than a ...

Roundup   By Aaron Chaze   Calling plan: Bharti Airtel is expanding into new markets As the Indian wireless markets become ever more competitive, local companies are looking overseas for potential growth. South Asia’s largest wireless carrier, Bharti Airtel, for ...

Roundup   By Gordon Platt   Signs of growth: Baghdad hosts a procession of bankers The International Monetary Fund approved a $3.6 billion loan for Iraq, the largest such loan the country has received. The two-year standby agreement will help ...

Investor: DR News   By Gordon Platt   Nectar Lifesciences, based in Chandigarh, India, makes active pharmaceutical ingredients (APIs), generic drugs and phytochemicals, such as mint derivatives, including menthol. In order to expand its generic pharmaceutical business and build new ...

Roundup   By Kim Iskyan   In a jam: Economic crisis hit Russia’s car market hard In late February prime minister Vladimir Putin rebuked four Russian oligarchs with significant investments in the country’s power sector for not following through on ...

Investor: Company to watch   By Gordon Platt   Zhejiang Geely, China’s largest privately owned automaker, aims to nearly double Volvo’s annual global production if it succeeds in acquiring the Volvo Cars division of Ford Motor. The Chinese firm is ...

  MIDDLE EAST: BANKING INDUSTRY   Banks across the region learned many painful lessons during the crisis but have emerged stronger than ever.   By Gordon Platt   Financial institutions across the Middle East are carefully monitoring their loan portfolios ...

  MIDDLE EAST: ECONOMY   Government spending will keep the Middle East’s economic recovery on track in 2010.   By Gordon Platt     The Middle East rode out the global recession better than the major industrialized economies, and the ...

  MIDDLE EAST: RENEWABLE ENERGY   Oil producers aim to turn the desert sunshine into a new export: solar energy.   By Gordon Platt   When the oil runs out, the sun will still be shining and the Middle East ...

A Rapid Recovery   By Gordon Platt   Demographics and hydrocarbons make the Middle East a dynamic region that is rapidly advancing, despite the debt overhang in Dubai. A young and fast-growing population is demanding jobs, and regional governments are ...

Global   By Denise Bedell   Gomes: Activity is about to really accelerate Companies in high-growth regions are taking advantage of their relative strength to pick up good value assets in harder-hit developed markets, according to new research by KPMG. ...

Taiwan   By Thomas Clouse   Bellwether: DRAM sales portend export upswing Taiwan’s government dropped plans to restructure its dynamic random access memory (DRAM) industry last month after export growth and rising prices helped several of the island’s DRAM producers ...

United States   By Gordon Platt   Valukas: Report raises fears over systemic risk The Valukas Report on the collapse of Lehman Brothers, a nine-volume, 2,200-page document that cost $38 million to produce, was worth every penny. The comprehensive “post ...

Chile   By Antonio Guerrero   Piñera: Hoping to promote economic growth, despite crisis The massive earthquake and subsequent tsunami that hit Chile in late February caused hundreds of deaths, as well as destroying some 500,000 homes and damaging infrastructure. ...

Global   By Anita Hawser   Abu Dhabi: Home of the world’s biggest sovereign wealth fund While the past couple of years have been challenging, to say the least, for investment funds in general, sovereign wealth funds (SWFs), some of ...

HIGH-YIELD DEFAULT RATE COMING DOWN   By Gordon Platt   The high-yield bond spread over US treasury securities is narrowing in anticipation of a steep decline in the default rate for below-investment-grade companies.   Once the corporate sector is capable ...

DOLLAR’S RISE SLOWS AS DEBT PANIC IN EUROPE EASES By Gordon Platt The ability of Greece to raise significant funds in the bond market helped to calm investors’ nerves over the sovereign debt crisis in Europe last month, providing some ...

BRIC COUNTRIES TO LEAD CAPITAL RAISINGS USING DEPOSITARY RECEIPTS IN 2010   By Gordon Platt     If central banks and government agencies around the world can exit accommodative monetary and fiscal policies smoothly, 2010 could be a good year ...

BANKRUPT MALL OPERATOR WEIGHS OFFERS   By Gordon Platt   Simon Property Group, the largest US mall operator, is seeking to take over rival General Growth Properties and take it out of bankruptcy. The battle of the mall operators has ...

Europe   By Justin Keay   Schäuble: Europe should be able to save itself Growing concern over the indebtedness and burgeoning fiscal deficits of some European countries has led Germany’s finance minister, Wolfgang Schäuble, to propose the establishment of a ...

United Kingdom/Hong Kong   By Jonathan Gregson   Bolton: China is in an investment “sweet spot” Not so very long ago, City of London folk looked down their noses at those bankers, entrepreneurs and businessmen who sought their fortunes in ...

Russia   By Simon Watkins   Shuvalov: Grand designs for Russia’s currency While the rest of the world focuses on the future of the dollar and the euro—and perhaps the renminbi—Russia is hatching a plan that could markedly alter the ...

GLOBAL & SUB-CUSTODIANS     Global Finance presents its annual sponsored guide to the leading providers in the global and sub-custody market.       GLOBAL CUSTODIANS   BNP Paribas Securities Service       Custody Assets: 2009: $5.8 trillion ...

A CHANGING LANDSCAPE   Sub-custodians are finding new ways to serve their clients as the shape of the post-crisis landscape becomes clearer.   Moderated by Joseph Giarraputo       Global Finance: What are the latest technology developments we should ...