Macroeconomy & Globalization

Tunisia | Newsmakers
Elections in Tunisia in October, which saw the secular Nidaa Tounes party (39.7%) narrowly beat the incumbent Islamic party, Ennahda (31.8% of the vote), were widely praised for being free and fair. Questions remain, however, about their democratic robustness.

This issue of the magazine focuses primarily on the safest banks: those globally and in emerging markets, but also in each one of nearly one hundred countries.

Milestones | Colombia
The Organization for Economic Cooperation and Development (OECD) is a relatively small club of 34 countries. It seeks long-term social and economic development through data collection, analysis and discussions.

Newsmakers | Argentina
Argentine president Cristina Fernández de Kirchner in early October triggered the resignation of the head of the country’s central bank, Juan Carlos Fabrega, by criticizing him for not reducing manipulation of the country’s currency. His replacement, Alejandro Vanoli, formerly the head of the country’s securities regulator, CNV, doesn’t look likely to set Argentina on a better path.

COUNTRY REPORT | CYPRUS
Amid continuing harsh austerity measures, things are—very slowly—starting to recover, alongside restructuring that will change the focus of the economy. GDP in 2014 should contract by 3.5% before flattening out next year, with 0.2% growth forecast.

Newsmakers | Belgium
After almost five months of parliamentary squabbling since the elections of May 25th, Belgium finally inaugurated a new government in mid-October.

Annual Survey | Stars Of China
Nothing has characterized the recent pressure on traditional banking in China more than the challenge posed by Internet companies to the Big Four Chinese Banks

Regional Focus | The Levant
Offshore energy reserves, a stable banking sector and infrastructure gaps all present opportunities for foreign investment in the Levant region.

Global Salon
Global Finance sat down with John Jullens, partner of consulting firm Strategy&, to discuss the sustainability of growth in Asian economies.

Milestones | Commonwealth Of Independent States
In October, Belarus, Kazakhstan and Russia put the finishing legal touches to the creation of the Eurasian Economic Union, which comes into being on January 1, 2015.

A Sovereign Wealth Fund is a state-owned investment fund comprising financial assets such as stocks, bonds, real estate or other instruments and funded by foreign exchange assets.

EXCLUSIVE
As China’s top political leaders gathered this week in Beijing for their annual conclave amid expectations for a new reform push, a joint study by two U.S. think tanks said that the world’s second-largest economy is undergoing a massive overhaul of its obsolete growth model.

In what is considered a first step for even bigger foreign direct investment to Sri Lanka, TPG Capital announced in August it would invest $113 million to buy a majority stake in Union Bank, a small distressed financial institution based in Colombo.

Global Finance—official media partner of the IMF/World Bank 2014 annual meetings seminars—provides daily coverage and live streaming of events as around 13,000 people gather to appraise the health of the world’s economy.

This month the European Central Bank will start to buy euro-denominated asset-backed securities (ABS) and covered bonds in an effort to revive a market that has been sharply impaired since the financial crisis.

Global Finance presents its annual International Monetary Fund/World Bank issue, in conjunction with the organizations’ annual meetings, taking place in Washington, D.C., in early October.

MILESTONES | JAPAN
Japanese prime minister Shinzō Abe greeted his Indian counterpart, Narendra Modi, in late August in the city of Kyoto, where the two leaders toured temples and posed for pictures before returning to Tokyo for four days of diplomatic talks.

COUNTRY REPORT | TURKEY: OVERVIEW
Recent presidential elections saw political continuity and investor appetite maintained in Turkey, but high levels of indebtedness and political divisions cause some concern.

NEWSMAKERS | UNITED KINGDOM
From Washington to Madrid, there was a collective sigh of relief breathed around Western capitals when Scottish voters decided by a majority of 55% to reject the call for independence and remain part of the United Kingdom. For all those who did not want Scotland to secede, an unlikely hero had emerged in the form of Gordon Brown.

Global Finance presents its annual report on the performance of the world’s central bank governors.