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. 17, No. 9, October

Americas: Miami Looks to Cobb to Bring Home the Bacon
Ambassador Chuck Cobb is in the hot seat in Florida's race to make Miami the 'capital' of the Free Trade Area of the Americas (FTAA), a proposed alliance that would become the world's largest trade bloc.The stakes are high. According to a study by development...
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An Offer You Can't Refuse?
While CLS third-party offerings share some basic functionality, providers are looking to differentiate on ease of use, flexibility, liquidity management and information reporting.Of the 55 banks that are CLS settlement members, more than 20 are actively...
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Asia: Telecom Leads Parade of Taiwan-Based Issuers
Taiwan's Chunghwa Telecom raised $1.4 billion through a new issue of American depositary receipts in July, as the Taiwan government reduced its stake in the company.The issue sold out quickly, as investors were attracted by the relatively high dividend...
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Best Banks in Project Finance 2003
High energy prices could prove to be a tonic for a market that has been under the weather for the past few years. Global Finance selects the winners from a shrinking group of banks with the appetite to take on some big risks.THE PROJECT FINANCE market...
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Central Banker Report Cards 2003
IT'S BEEN A TUMULTUOUS YEAR for the world's central bankers. There have been resignations, falls from grace, surprise appointments-and, of course, the usual economic crises to tackle. Given the circumstances, it may come as a surprise that the number...
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CLS: Settling for Less
CLS Bank was introduced to address foreign exchange settlement risk in the interbank market, but its risk-reduction and netting benefits could find wider application among corporate treasurers and fund managers.The specter of foreign exchange settlement...
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Custody Becomes a Relationship Business
As the profitability of pure custody services continues to decline, global custodians are realizing their dreams of moving up the corporate value chain.The bear market has been tough for global custodians, putting pressure on costs as asset management...
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Europe: Euro Stumbles as Germany, Italy Slide into Recession
The euro's slump against the US dollar and the Japanese yen may have further to run, as long as the global recovery remains on track, analysts say.Germany and Italy are technically in recession, after reporting two quarters in a row of declining gross...
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Iraq: A Modest Start for Banking in Iraq
At the end of August the US-led Coalition Provisional Authority (CPA) in Iraq announced that JPMorgan Chase had been selected to lead a 13-bank consortium to operate the newly created Trade Bank of Iraq. Not surprisingly, the national origins of the...
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Markets Keep a Wary Eye on Ankara
If the Turkish government can resist the temptations of a pre-election splurge, the country's economic future looks brighter than it has for years. But that is a big 'if'.A string of encouraging economic indicators, as well as the IMF's decision to extend...
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Oh No, Not Again
As Global Finance was going to press this month, revelations were emerging of serious misconduct in the US fund management industry. New York State's Attorney General, Elliot Spitzer, announced that he was expanding his investigation into the mutual...
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Operational Risk Takes Center Stage for Treasury
At a recent roundtable at JPMorgan's Highland Oaks Operations Center in Tampa, Florida, industry leaders discussed Operational Risk Management. Global Finance's Joseph Giarraputo moderated.Global Finance: How has your perception of risk changed since...
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Plotting a Course to CLS
Before venturing down the path that leads to CLS, third parties need to establish a concrete business case, determine what back-office re-engineering is required, and select a settlement provider.For third-party service providers, the introduction of...
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Tampa Center Is Key to JPMorgan Treasury Services' Disaster Readiness
Last August's power blackout in most of the Northeast United States and parts of the Midwest and Canada left tens of millions of people without power, and like the terrorist attacks of September 11, 2001, highlighted the need for banks and their corporate...
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The Americas: Bond Market's Sell-Off May Not Be over Yet
The bond market has fallen so far since Friday the 13th of June, that comparisons are being made with the big Bond Market Crash of 1994.The 1994 crash was driven by the same factor that is pushing yields higher in 2003, says Carl B. Weinberg, chief economist...
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The Americas: US Economy Living beyond Its Means
Given the mammoth size of the US current account deficit and the likelihood that the deficit will widen further, a major dollar depreciation from current levels will be required, says Michael Rosenberg, global head of foreign exchange research at Deutsche...
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The World's Best Banks 2003
AFTER WEATHERING TWO terrible years, the world's banks must have been looking forward to a less tempestuous time in 2003. And that was what they got. Sure, there have been trouble spots in the past year, too, but most of the difficulties that banks have...
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The World's Safest Banks
Global Finance selects the World's Safest Banks, the 50 institutions with the highest ratings from the leading international credit ratings agencies.A single downgrade from a single ratings agency has been enough to knock the perennial leader in the...
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