May 2011

COVER STORY: JAPAN   By Michael Shari     Although it inflicted unspeakable horrors upon an aging, hard-working population, Japan’s recent earthquake is breathing new life into a deflationary economy.     The symbolism was lost on no one when ...

Pause For Thought   By Antonio Guerrero     Recent popular uprisings in North Africa and beyond may be causing China to slow its headlong rush into the continent.   Over the past decade, China has become a key source ...

Middle East Change Creates New Opportunities   Banks in the Middle East are pulling in their horns in light of the widespread political upheaval in the region. Markets have been unsettled by the political developments, but the economic fundamentals remain ...

Europe Capital Performance   The past year has been one of continuing struggle for much of the European banking sector. After a bruising 2009, which was characterized by banking failures and government bailouts, 2010 brought the European sovereign debt crisis. ...

LATIN AMERICA Building On Solid Foundations   Few financial systems around the world have recovered from the 2008 global economic downturn as quickly as Latin America’s, with lessons learned from previous crises—both foreign and domestic—serving them well. Having financed their ...

North America Rising Markets Lift Banks North America’s banking system is in much better condition than it was before the financial crisis erupted. It has significantly more Tier 1 capital and plenty of liquidity, thanks in part to the Federal ...

ASIA Credit Quality May Hinder Expansion Plans   While most of emerging Asia’s banks came out of the 2008 financial crisis with strong capital ratios and creditworthiness, the crisis had more of a negative impact on banks in some of ...

ANNUAL SURVEY: THE WORLD’S BEST BANKS 2011   By Gordon Platt, Antonio Guerrero, Anita Hawser and Denise Bedell   Growth Returns But Questions Linger For Banks   Banking systems in Asia and Latin America were among the first to recover ...

Africa Fast-Growing Continent Offers Huge Potential And Significant Risks   Africa is rich in natural resources, including oil and gas and minerals, which are in growing demand as the global economy expands. The continent seems likely to outperform the developed ...

TREASURY & CASH MANAGEMENT: AWARD CEREMONY   Treasury Trove   On Tuesday, April 12, 2011, at the Harvard Club of New York City, Global Finance held its annual awards ceremony honoring the World’s Best Treasury and Cash Management Providers 2011. ...

EMERGING MARKETS INVESTOR: DR NEWS   By Gordon Platt   Hoang Anh Gia Lai, a conglomerate with interests in real estate and rubber plantations, has become the first Vietnam-based company to list global depositary receipts (GDRs) on the London Stock ...

EMERGING MARKETS INVESTOR: NEWS   By Gordon Platt   Higher oil prices, and the fact that Russia is the world’s largest oil producer outside the turbulent Middle East and North Africa region, have kept fresh money flowing into Russian equity ...

ETHIOPIA POWERS UP GENERATION PLANS   By Antonio Guerrero   Ethiopia in April launched a $4.7 billion project to build Africa’s largest hydropower plant.   Drawing on the power of the Nile Ethiopia in April launched a $4.7 billion project ...

Brazil Ups Taxes On Sugar To Boost Ethanol Output   By Antonio Guerrero   The US Export-Import Bank announced a $3 billion credit line for Brazil to purchase goods and services from US providers.   Sweet deal: Brazil’s sugar mills ...

Beijing Tightens Trade Ties With Brazil   By Thomas Clouse   China and Brazil have agreed to strengthen cooperation in trade and development.   Chinese imports rise China and Brazil agreed to strengthen cooperation in trade and development in April ...

Tata Steel Forges Ahead With Hybrid Securities Issue   By Aaron Chaze   Tata Steel is the first Indian company outside of the banking sector to raise capital by issuing a hybrid security.   Mill power: Tata shows its muscle ...

Dubai’s Strategic Location Helps It Pull Out Of Slump   By Gordon Platt   Dubai’s position as a strategic trading hub has towed it out of its economic slump.   New heights: Dubai economy looks up Dubai’s position as a ...

Capital Flees In Fear Of Political Uncertainty   By Kim Iskyan   The specter of presidential elections in March 2012 has resulted in a sharp increase in capital outflows.   Russian heavy vehicle market returns The specter of presidential elections ...

COMPANY TO WATCH: VALE/BRAZIL   By Gordon Platt   Rio de Janeiro–based mining company Vale, the world’s largest producer of iron ore, is profiting from growing demand for steel as the global economy recovers.The company’s earnings rose 222% last year ...

Enjoying The Good Times   By Justin Keay     Turkey is enjoying unprecedented economic stability and growth. Its biggest challenge is to maintain its balance.     These days in most developed economies, the release of GDP figures is ...

MILESTONES: UNITED KINGDOM   By Anita Hawser   Before the 2008 financial crisis ripped through the world’s markets, the UK’s Financial Services Authority was renowned for its light-touch approach to regulation.   Davies, RPC: Big jump in FSA fines In ...

MILESTONES : RUSSIA   By Kim Iskyan   The much-maligned Russian investment environment may actually be on the verge of real improvement — if president Dmitry Medvedev has his way.   Medvedev promises improvements in the business climate In late ...

MILESTONES: CANADA   By Erik Heinrich   As Canada heads early this month into its fourth federal election in seven years, policymakers are facing serious questions over the prospects for the country’s economy.   Canada slows spending The Bank of ...

MILESTONES : PORTUGAL   By Anita Hawser   Sovereign debt in the eurozone is back in the headlines again, with Portugal going cap in hand to the European Union and asking for an emergency bailout.   Debt burden leaves little ...

MILESTONES: VIETNAM   By Thomas Clouse   Vietnam’s policymakers are struggling to rein in inflation after the consumer price index (CPI) rose by a two-year high of 13.9% year-on-year in March.   Spending roars ahead The country performed well throughout ...

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS   By Gordon Platt   China And Russia To Lead Capital Raising Using Depositary Receipts   Companies based in Russia and China are extremely interested in listing overseas and probably will be the biggest issuers ...

CORPORATE FINANCING NEWS:CORPORATE DEBT   By Gordon Platt   High-Yield Debt Issues Break Record   Source: KDP Investment Advisors Corporations worldwide issued more high-yield debt in the first quarter of this year than in any opening quarter since records began ...

CORPORATE FINANCING NEWS：FOREIGN EXCHANGE   By Gordon Platt   Dollar Weakens As Eurozone Rates Are First To Rise     Differing monetary policy reactions to the rise in oil prices are driving currency values at the moment, while gains in ...

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS   By Gordon Platt   Mergers and acquisitions rebounded in 2010, and the momentum appears to be carrying over into this year.   The first three months of 2011 constituted the strongest quarter for ...

NEWSMAKERS: UNITED STATES   By Anita Hawser   With the US economy still in recovery mode, monetary policy decisions of the Federal Reserve can have a major impact on which way the markets move.   Bernanke opens up But now, ...

NEWSMAKERS: UNITED STATES   By Gordon Platt   Speaker of the US House of Representatives John Boehner told his fellow Republicans to prepare for a government shutdown last month, as the standoff with Democrats on the budget came down to ...

  NEWSMAKERS : COLOMBIA   By Antonio Guerrero Less than a year after being sworn in, Colombia’s president Juan Manuel Santos is helping put his country back on the radar for investors scared away by guerrilla rebels and drug lords. ...

NEWSMAKERS : ITALY   By Luca Ventura   When the dairy giant Parmalat, a household name in more than 30 countries, collapsed in 2003 with a $20 billion hole in its accounts, Italian finance minister Giulio Tremonti fittingly dubbed the ...

NFOSYS STRATEGIC VISION   By Sam Felix Pradeep Kumar, Sekhar Puppala, and Dheeraj Agarwal, Infosys Technologies     Online banking was long considered to be a ground breaking offering that would not only enhance the banks’ capabilities in terms of ...

SPONSORED STATEMENT: BNY MELLON   BNY Mellon’s new currency analysis tool provides a fresh perspective — and much-needed clarity — in the complex world of foreign exchange.   One of the greatest challenges in foreign exchange markets is to understand ...

SPONSORED STATEMENT: BELAGROPROMBANK   Belagroprombank: Result-oriented and open to cooperation.   Vladimir I. Podkovyrov, Chairman of the Board, JSC Belagroprombank JSC Belagroprombank started to operate as an independent credit and financial institution in 1991, shortly after Belarus’s declaration of sovereignty ...

BNY MELLON: GLOBAL MARKETS   Problems Facing Euro Continue To Mount   To a degree this continues to feel like a replay of the first half of 2008. Oil prices are at almost exactly the same level as in early ...

SPONSORED STATEMENT     Industrial and Commercial Bank of China (ICBC) had another record year in 2010, with improved profitability, enhanced risk management and internal control, and a focus on sensible growth.   With an unwavering focus on careful business ...

SPONSORED STATEMENT   Despite uncertain economic conditions worldwide, China Construction Bank once again achieved strong profits and improved capital performance thanks to its prudent management style and comprehensive growth strategy.   In a complicated and volatile domestic and international landscape, ...

SPONSORED STATEMENT：MERRILL DATASITE   Protectionist issues in cross-border M&A; seem to be morphing into concerns about national security, according to a panel of three distinguished M&A; professionals who participated in an interactive live video webcast, Cross Border M&A;: The Rising ...