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. 11, December

As Asian Economies Heat Up, Companies Rush to Raise Equity, Producing Record Wave of IPOs
CORPORATE FINANCING FOCUSIndustrial & Commercial Bank of China s $21.9 billion stock issue on October 27 was the world's largest initial public offering ever and brought the year-to-date total for Asian equity issues outside of Japan to $141 billion,...
Best Banks in Project Finance 2006
WORLD'S BEST PROJECT FINANCE BANKSGlobal Finance selects the winners from among the leading banks that create and implement financing plans for major projects around the world.The project finance market is buzzing with activity, especially in Europe,...
BNY ExecutionPlus Enables Financial Institutions Based outside the US to Streamline Trading in US Equity Markets
Private banks and asset managers can now trade in the US equity markets in the same way they trade at a foreign bourse, including the use of time-in-force, or TIF limit orders, and other customized capabilities.Timothy P. Walsh, vice president at The...
Businesses Cheer Democrats' Victory
UNITED STATESIn the weeks leading up to the US midterm elections this year, business interests were bemoaning their fate should the Democrats take control of Congress. Now that the thinkable has happened, the stock market is setting new highs, and US...
Central Banks Still Shifting from Dollar
A growing number of central banks are diversifying their foreign currency reserves away from the dollar and into the British pound, the euro and the yen.While it's an old story, the issue is still a sensitive one for backers of the dollar. When Federal...
Companies Struggle to Manage Earnings Expectations
GLOBALThere has always been a kind of love/hate relationship between corporates and analysts. The leading FTSE companies are always happy when analysts talk up positive results and forecasts for their companies, but no one wants to deliver bad news to...
End-to-End Treasury: Gaining Enterprise-Wide Cash and Funding Efficiency
By integrating operational transaction management with enterprise liquidity management and realtime analytics, Treasurers can generate enormous enterprise value through global, single-stream cash and funding efficiency.Treasurers face heightened expectations...
FX Update
China, Gold and the ZARSince April of this year there have been signs of a growing level of dissatisfaction within official Chinese circles about the nation's exposure (via its $ 1 Trn of FX reserves) to an overvalued US dollar (which PBOC MPC member...
Government Gets Tough on Investors
CHINAChina registered a record high trade surplus of $23.8 billion in October, surpassing most analysts' predictions and intensifying pressure for further exchange rate reform and increased market access. Import growth slowed to its lowest level in 15...
Growing Pains
RUSSIABoth Russian and foreign-owned businesses are finding the countiy's rapid economic growth is a double-edged sword.On October 28 Volkswagen CEO Bernd Pischetsrieder and Russia's economy minister German Gref laid a foundation stone together, as the...
High-Yield Debt Sets Global Record in 2006
A global wave of leveraged buyouts, which are financed with large amounts of highyield bonds, is pushing the total of less-than-investment-grade debt to a record high this year.By early November more high-yield debt had been issued worldwide in the year-to-date...
Hostile Takeovers Flare Up in Europe
Announced hostile mergers and acquisitions of companies based in Europe in the first 10 months of this year set a record of $334 billion for the year-todate period, more than triple the $100 billion in the same period of 2005, according to Dealogic.Countries...
Infosys Tipped to Take Us Market by Storm
INDIA/UNITED STATESThe first Indian company to trade on the Nasdaq in 1999, IT services company Infosys is expected to enter the elite Nasdaq 100 index when it issues 30 million ADRs. Bundeep Ranqar, chairman of Indian advisory firm IndusView, says Infosys'...
Investors Show Continued Confidence in Russian Market
RUSSIARussia will likely take a big step closer to finally joining the World Trade Organization before the end of the year, after the United States and Russia reached an agreement in principle for a bilateral trade deal, which was one of the final hurdles...
Limited Options
It may not have developed into the corporate bloodbath that many were expecting, but the stock options backdating scandal has taken a heavy toll on US business. In our cover story this month (see page 12), we find that the impact of the scandal has been...
Lula Faces Challenging Second Term
BRAZILAs Brazilian president Luiz Inácio Lula da Silva begins his second term in office on January 1, following an October 29 run-off victory, analysts are speculating about what the focus of his new administration will be. Lula has said that economic...
Saudi Arabia Leads Region's Project Financing Boom
MIDDLE EASTNew refineries and petrochemical facilities will squeeze more value out of the country's crude oil and form the basis for a network of industrial complexes.Project finance activity is booming in the Middle East, with Saudi Arabia, the world's...
Tata Shows Indian Firms' Mettle with Bid for Corus
INDIAIn what is the largest-ever acquisition by an Indian company, Tata Steel, India's second largest steel maker, has bid £4.55 ($8.67) a share for a majority stake in Anglo-Dutch steelmaker Corus Group. The Corus board of directors approved the deal...
The Backdating Game
OPTIONS BACKDATINGAlready a handful of corporate heads have rolled as a result of the options backdating scandal. If regulators and shareholders get more aggressive, that could be just the tip of the iceberg.Options backdating has been the corporate...
The Growth Challenge
BRAZILAs Brazil's president Luiz Inácio Lula da Silva embarks on his second term, investors are increasingly demanding stronger growth and more reforms.As much of Brazil was focusing on a heated presidential election in late October, mining giant CVRD...
Transition Managers Become the Norm
TRANSITION MANAGEMENTThe need for greater transparency and clearer profits is pushing pension funds to look for specialists to handle the delicate work of managing a shift of assets.Pension funds face a changing world. With greater scrutiny driving the...
Us Cracks Down on Bribes to Foreigners
UNITED STATESThe US Securities and Exchange Commission and the Department of Justice have stepped up their enforcement of the Foreign Corrupt Practices Act, a federal statute that prohibits the payment of bribes to a foreign government official. For...