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. 21, No. 1, January

20 Years of Global Finance
It is almost 20 years since the first issue of Global Finance rolled off the presses on the eve of the 1987 stock market crash. In the intervening years, the worlds financial markets have undergone some remarkable changes, suffered some dramatic shocks...
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Accusations Mount against Kremlin
RUSSIAJust weeks after the assassinations of the number-two official at Russia's central bank and of a prominent crusading journalist, the Kremlin has found itself accused of orchestrating yet another killing.As the affair took on shades of a John Ie...
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Banks Work for Consistent Regulations
UNITED STATESReflecting the growing anxiety over the complexity and inconsistency of various global regulatory frameworks, a group of financial heavyweights has joined forces in an attempt to streamline global regulation. Under the aegis of the Institute...
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Bond Bonanza
BRAZILThe Brazilian government continues to take advantage of favorable market conditions to issue real-denominated paper. The sovereign again reopened its real-denominated global bond issue in early December, selling an additional $346 million worth...
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Canada Shrugs off US Market Jitters
CANADAWith strong macro fundamentals and limited impact as yet from them slowing US economy, most analysts see strong prospects for Canada in the coming year.The Canadian market, although subject to the cyclical nature of its biggest industries-energy...
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China IPOs Boost Hong Kong Exchange
The Hong Kong Stock Exchange is giving London and New York a run for the money as the world's largest venue for new listings, thanks to privatizations of China's big state-owned banks and industrial companies. Hong Kong's exchange raised about $35 billion...
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Crisis? What Crisis?
After a decade of tumultuous upheavals in the 1990s, the currency markets in the 21st century have been remarkably calm. They might not stay that way for long.If there is a single decade when currencies and foreign exchange were consistently at the forefront...
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Debt Default Threat Rattles Investors
ECUADORAs Ecuador's new political leaders take the country's helm, the focus of many people outside the country will be on the new president, Rafael Correa, who sailed to victory in late November 2006 with a near-60% majority. Part of Correa's appeal...
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Fears of Slowdown in US Economy, Potential Rate Cuts Later in 2007 Keeping Dollar on the Defensive
The dollar faces the prospect of further losses in 2007, particularly if growth in the US economy slows significantly, analysts say. While interest rates are likely to rise in Europe and Japan, where economic growth is picking up, many economists expect...
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Ford Has Better Idea: Convertible Bonds
Taking advantage of strong demand for debt securities that can be exchanged for shares, Ford Motor sold $4.5 billion of convertible bonds in December, which was some 50% more than it originally intended to offer. The issue was one of the biggest convertible...
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Foreign Investment Growth Accelerates
INDIAAirbus Industries unveiled its investment plan for India that it projects will help it capture 50% of the incremental demand for aircraft from India's rapidly expanding airline and freight industry. The amount will be invested over 10 years and...
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FX Update
Asia WatchIf proof were at all needed that the issue of global financial imbalances had returned to the fore, we would need to look no further than recent patterns of investment, accrual of central bank reserves and the rapid ascent of certain currencies...
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Gazprom Wins Sakhalin-2 Skirmish
RUSSIAAfter a drawn-out scuffle, the story of Royal Dutch Shell and Russian state-owned oil company Gazprom is finally reaching a close, with Gazprom getting rights to a minimum 50% stake in the Sakhalin-2 energy project In Russia. The transaction has...
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Gently Does It
MEXICOInvestors are generally optimistic about the outlook in Mexico under new president Felipe Calderón.He faces plenty of challenges, but Mexico's newly elected president, Felipe Calderón, might just be the right man to meet them. If anything, few...
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Goa Conference Highlights Rapid Growth of Indian DR Issuance
As India's companies look to grow beyond their country's borders they are driving a remarkable boom in the depositary receipts market.Financially sophisticated corporations around the globe are increasingly using depositary receipts (DRs) to cross their...
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Green Begets More Green
EUROPEWhile Europe's companies are commonly thought to lead the world in corporate social responsibility (CSR), many companies there are still proving slow to wake up to the benefits of behaving responsibly, a recent survey has shown. A study unveiled...
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Imperfect Balance
Despite four years of steady decline, the potential for the dollar to crumble is as great as ever.October 19, 1987, was the worst day ever on Wall Street, at least in terms of market losses. The Dow Jones industrial average closed down 22.6%, surpassing...
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Japan Takes Lead in Trade Finance Aid
GLOBALAlthough the Doha round of world trade talks may have failed to achieve multilateral trade liberalization, it is fair to say that international trade flows have altered dramatically in the past decade or so with the opening up of new markets in...
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Markets Recover to Former Heights
CHINAChina's domestically listed stocks approached record highs in early December after Shang Fulin, chairman of China's stock market regulator, indicated that channels for foreign investment will be further opened. The benchmark Shanghai Composite index...
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Merger Mania Grips Top Exchanges
The merger mania among global stock exchanges has heated up as Nasdaq launched another unsolicited bid for the London Stock Exchange (LSE) last month and the New York Stock Exchange (NYSE) and pan-European Euronext expect to clinch their deal by the...
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Paulson Bangs Gong Gently
UNITED STATES/CHINAAs the year drew to a close, the US treasury secretary Henry Paulson was roundly criticized In the American media for the seemingly skimpy progress made In Beljing last month by his delegation of cabinet secretaries, ambassadors and...
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Strategic Partners
TREASURY & CASH MANAGEMENTGlobal Finance brought together some of the leading figures in the treasury and cash management field to discuss current and future trends in their industry.GLOBAL FINANCE: Direct corporate access to SWIFT has been approved...
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The Cost of Compliance
REGULATIONStung by a barrage of complaints that its businesses are over-regulated, the US is considering amending the more controversial sections of Sarbanes-Oxley.When House Financial Services Committee chairman Michael Oxley and Senator Paul Sarbanes...
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This Boom Is Different
By now it is no secret that the economies of the Gulf Cooperation Council (GCC) are booming, creating exciting environments for doing business. The GCC includes Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, and Oman. Growth has been...
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Trading Up
Automated trading systems are helping fuel dramatic growth in the already-huge foreign exchange market.The growth of the foreign exchange market over the past (two decades has been astonishing by almost any measure. When the Bank for International Settlements,...
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US Cross-Border M&A Outflow Sets Record
Cross-border mergers and acquisitions originating from US-based buyers reached a record $187.4 billion in the year-to-date period through December 12, 2006, an increase of 20% from the same period a year earlier, according to Dealogic.The United Kingdom...
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World's Best Foreign Exchange Banks 2007
Global Finance selects the leaders in the world's biggest financial market.With an estimated $3 trillion changing hands on a daily basis, the foreign exchange market is by far the biggest market in the world. Cross-border capital and trade flows and...
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