Global Finance

A monthly publication providing news and analysis of global market and economy. Focuses on corporate finance, capital markets, and more.

Articles from Vol. 20, No. 1, January

Accidents Highlight Structural Issues
CHINAThe head of Chinas State Environmental Protection Agency (SEPA) resigned in early December after an explosion at a chemical plant in the northeastern city of Jilin exposed weaknesses in environmental policy, government accountability and safety...
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Attention Turns to the New Wave
EUROPEAs privatizations dry up in the established emerging economies of Europe, investors are looking further afield for new opportunities.Emerging Europe to most foreign investors has historically meant the relatively well-developed and politically...
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Capitalism with A Conscience
This issue is a celebration of emerging markets, of the prospects for future development in nations, many of which have in recent years known only poverty and strife. As many of the more established emerging markets, particularly in Asia and Eastern...
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CORPORATE FINANCING FOCUS: Group of Private Equity Funds Bids $12 Billion for Telecom in Europe's Biggest LBO Ever
Private equity funds, banding together in bidding consortia, have become major acquirers of European companies, particularly in the telecommunications sector, which is quickly evolving and consolidating.Five of the biggest private equity firms worldwide...
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Economy Minister Jumps off Deep End
ARGENTINAJust weeks after taking over as Argentina's new economy minister, Felisa Miccli is already tackling one ot the country's biggest bogeys-inflation.The former head of the state-owned Banco de la Nacion says she'll take a tough stance to avoid...
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Feeding Frenzy
INDIAIndia is emerging from under China's shadow as a prime destination for inward investment.With economic growth rates accelerating and corporate profits at all-time highs, India is beginning to attract an unprecedented level of attention. In 2005...
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FX Update
Investment Flows and the Role of Foreign Exchange HedgingThe US dollar's structural decline came temporarily to an end during 2005, with many pointing to the acceleration in foreign investment into US securities-particularly the US bond market. While...
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Getting Comfortable with Growth
CHINAChina's efforts to cool overheated sectors seem to have paid off, and the country appears set for another banner year.China entered 2005 with an unusual goal: to slow down. Its economy grew at an average annual rate of over 8.5% from 2000 to 2004,...
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Growth Set to Trigger Sell-Off Wave
EUROPEEuropean stock markets are expected to perform well in 2006, tempting companies to come to market to finance mergers and acquisitions and to launch IPOs in a repeat of the pattern seen in 2005. Despite a turbulent October, when markets across the...
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Hunt for Oil Intensifies
INDIAThe Indian government is set to announce the opening of the sixth round of bidding for onshore and offshore exploration blocks in January 2006. Nearly 30 exploration blocks will be open for bidding. The fifth round, which was held In mid-2005, saw...
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In Search of Growth
EUROPEAN COMPANIESWestern European companies are heading east in the quest for new markets.With sluggish sales and dwindling market opportunities in their home markets, leading European brand names are increasingly turning to developing and emerging...
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Investors See Hope amid the Turbulence
LATIN AMERICAAfter a year of relative stability, Latin America is heading into uncertain times in 2006.At best, Latin America's prospects for this year could be described as mixed. While the economies of countries such as Brazil and Colombia are becoming...
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New Breed of Tigers Begins to Roar
ASIAHigh oil prices and accelerating regional growth are transforming the prospects of Asia's new emerging markets.While much of the world's attention is focused on the phenomenal success stories of India and China, it is easy to forget that much of...
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Open Season
MIDDLE EASTMany countries in the Middle East are working hard to improve conditions for investors.Frederic Sicre has witnessed the transformation of the Middle East from both ends of the spectrum-as a former director of the World Economic Forum (WEF)...
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Shine Starts to Fade
EM ROUNDUPBRAZILAfter a strong economic recovery that produced 4.9% GDP growth in 2004, Brazil's economy is slowing down. With the presidential election looming in October and President Luiz Inácio LuIa da Silva facing challenges on both political and...
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State of the Nations
EUROPECompanies may be under pressure from regulators and consumers to be more socially responsible, but now a new Responsible Competitiveness Index (RCI) demonstrates the link between the state of corporate responsibility and national competitiveness.The...
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The Shifting Trend in Cross-Border Acquisitions
In today's vigorous global economy, the shifts in trade and investment flows are driving great change. One of the most important trends to emerge is that many leading emerging market companies are now focusing their sights on developed markets, extending...
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The Teflon Economy Might Get Stickier in 2006
UNITED STATESThe US economy has grown at nearly a 4% annual rate for the past two-and-a-half years, shrugging off a widening trade deficit and rising oil prices. Concerns are growing, though, that the expension could moderate in 2006, particularly if...
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Treasurers Find Role at Center Stage
TREASURY & CASH MANAGEMENTAt a recent meeting in New York City, Global Finance brought together some of the leading figures in the global treasury and cash management business to discuss the prospects for the industry's future.GLOBAL FINANCE: What...
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Turkish, Indian Banks Sell Big Equity Stakes
Turkish bank Türkiye Vakiflar Bankasi, or Vakifbank, and ICICI Bank, based in India, had major successful stock offerings late in 2005, a year in which the finance sector was the mostactive area for global initial public offerings.Vakifbank's$1.28 billion...
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Uphill Struggle
AFRICAMany African countries are working hard to attract investment dollars. They still have a mountain to climb, though.The sprawling sub-Saharan African continent, with a population of nearly 680 million people and more than two-dozen dramatically...
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US Energy Deals Boost High-Yield Issuance
A scries of debt-refinancing issues in the energy sector, as well as borrowing to pay for a major acquisition in the natural-gas industry, have helped to fire up activity in the US highyield bond market. The volume of new issues rose 52%, to about $7...
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US Firms Widen the Net
UNITED STATESCompanies look to the emerging markets not just to save production costs but also to expand their customer base.Unfazed by the myriad challenges of selling in emerging markets from Colombia to Qatar, bicycle manufacturer Trek is now trying...
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Wal-Mart Bets Big on Brazil's Market
BRAZILWal-Mart Stores, the world s largest retailer, did some shopping in Latin America's biggest market last month and agreed to pay about $757 million for 140 Brazilian stores. While Wal-Mart s purchase from Portugal-based Sonae provided Brazil with...
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Will Yen Weakness Trigger Intervention?
What's good for the goose may be good for the gander, but despite growing pressure on China to revalue the yuan further, so far Japan has escaped the wrath of the United States and other members of the Group of 7 industrial nations for having a weak...
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World's Best Foreign Exchange Banks 2006
BEST FOREIGN EXCHANGE BANKSGlobal Finance selects the leaders in the world's biggest financial market.The many barrels of ink spent on explaining China's 2.1% revaluation of the yuan last July-and the ongoing effort of the Group of 7 industrial countries...
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