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. 13, No. 12, December

African Equities' Growing Pains
Until recently the pulse of Africa's financial markets was somewhere between comatose and death. Now the signs of life are unmistakable. over the past five years there has been a significant rise in foreign direct investment and a corresponding growth...
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Asia's Emerging Competitors
Economist Peter J. Williamson * draws a valuable roadmap of the emerging Asian multinationals. The fast-growing and powerful new competitors in Asia can be classified into six basic groups. The first, the so-called overseas Chinese, typically consists...
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Best Corporate Equity Issues
While technology normally is the hot market for initial public offerings, a utility has grabbed the title of the world's largest IPO. Enel, Italy's state-owned electricity company, launched a massive IPO with EUR18 billion ($19.3 billion) worth of shares...
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Counting the E-Savings
E-commerce vendors are promising huge future savings to companies adopting electronic, Web-enabled procurement systems. According to estimates, the cost of raising a purchase order can be cut by half, and "maverick buying" of nonapproved items reduced...
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Global Power Plugs in Again
Emerging market economies are bouncing back and bringing renewed interest in power projects after a prolonged blackout-but the US market is the real center of action, thanks to deregulation. Global Power The lights came back on in the global power sector...
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Golden Years Are They Over?
In the face of extreme market volatility, gold miners and explorers are rethinking their survival strategies. To hedge or not to hedge-that is the question. James Brandman reports. old prices hit 20-year lows in the third quarter of 1999 as confidence...
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Hottest Stories
The Glass-Steagall Act, which has governed banking in the United States since 1933, is nearing its demise. Glass-Steagall, which was passed during the Great Depression, prevented banks from participating in the securities business. In early November...
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Insurance against the Wall
Commercial property and casualty insurers are starting to push up prices, despite a flaccid market that is awash with capital. Pressure on the pricing of commercial policies is coming from such forces as globalization, increased competition, new technologies,...
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On the Ground in Europe: "Small Is Beautiful, but Bigger Is More Sexy."
Europe's exchanges are in a period of upheaval that threatens their autonomy and even their very existence. Swiss-German derivatives exchange Eurex and US hitech stock market Nasdaq have unveiled plans that will make them the dominant forces in Europe's...
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Pfandbriefe Find a Euro Identity
The German Pfandbrief model for large bond issues backed by property mortgages and public sector loans is being adapted throughout Europe. Experts from Germany, France and the European Union recently discussed the outlook for a "Euro Pfandbrief" market...
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Socially Responsible Companies: Corporate Angels
Monsanto, America's biotechnology company, has felt the full brunt of a switched-on global community. In November it was reeling under a barrage of protests from European consumers and environmentalists against genetically modified products.The American...
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South Africa Black Chips in the Red
When a new South Africa swept aside apartheid in 1994, it unleashed an irresistible drive for black economic empowerment. But was black ownership ever anything but a corporate illusion? There's been a degree of pride in the progress of black economic...
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The Corporate: Clement Kwok: Finance Director, MTR Corporation, Hong Kong
Clement Kwok scored himself a rather cozy job back in 1996 when he became finance director of Hong Kong's superefficient Mass Transit Railway Corporation. Back then, few challenges presented themselves. When he was only a year into the job, however,...
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The Investor: Pete Batey: The China Index Fund
China's B-share market was designed for foreign investment. Foreign investors, however, have struggled to get to grips with it. like its sister A-share market, the B-share exchange lists China's biggest stocks. The difference is that foreign investors...
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The Pfandbrief Market Surges Forward in Europe and Beyond
Internationalizing Europe's largest bond market Since its launch in May 1995, the Jumbo Pfandbrief market has surpassed all expectations in terms of its size, liquidity. and international appeal. A segment of the market, which started life requiring...
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The Phone's the Thing
There were 900 delegates at the recent EuroFinance International Cash and Treasury Management conference in Lisbon.That means close to 900 mobile phones --901 if you include the prototype Nokia 7110 WAR enabled phone on display on the Trema stand. Trema,...
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The Shareholder
The World Bank has stepped up its efforts to improve global corporate governance practices. In late September it launched the Global Corporate Governance Forum, a new venture sponsored jointly by the bank and the Organization for Economic Cooperation...
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The Spin
"My name is not popular in financial circles. There's a stigma attached to it" -Nick Leeson speaking to a group of 100 Dutch businessmen, who paid 650 guilders ($311) each to attend a conference at which Leeson spoke. Leeson was paid $100,000 for his...
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The Year of the Deal
Italy's once sleepy corporate landscape has been transformed over the past year into one of the most active and dynamic in Europe. World-class M&A deals are bringing stunning changes to an economy racing to compete head-on in the Euroland market....
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Top M&A Deals
After two months of arguing, Italy's Istituto Nazionale delle Assicurarzoni has agreed to be taken over by Assicurazoni Generali in a deal worth $12.2 billion.The merger will create an insurance company with more than S2 10 billion in assets under management.The...
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Up Front: Corporate Angels
There's something magnificently perverse about the concept of the "socially responsible" corporation. After all, multinational companies have worked long and hard for their reputation as environmental and social pariahs. But today more corporations than...
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Watch This Space
The Worldwide Automated Transaction Clearing House (WATCH) wants to make cross-border payments cheaper and more efficient by setting up a central utility to route batch payment files to local automated clearing houses worldwide. So, for example, a US...
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