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. 11, November

Arranging Investment for the Dot Com World
The model for funding and running high-tech companies, especially Internet ventures, is a work in progress. Global Finance's Joseph Giarraputo moderated a roundtable in San Francisco with industry experts to discuss how tech companies are being financed...
Best Corporate Debt Issues
The Tennessee Valley Authority (TVA) has launched a $1 billion, three-year global power bond offering that will provide advance funding for a $1 billion, 8.375% issue slated to mature on October l.The bonds are rated triple A by Moody's and Standard...
Bolero-Killer Solution to International Trade?
Killer solution to international trade? Cargill, the Minneapolis-based international marketing, processing, and distribution company, expects to save millions of dollars a year by signing up with a new electronic trading community.When bolero.net opened...
Brokers Buy Banks: Man Bites Dog
Not so long ago brokerages were racked by fears of a seemingly imminent takeover bid from banks. But David Luff finds the on-line financial services revolution now has banks looking over their shoulder. Brash Internet broking upstart E*Trade makes no...
Charles "Chuck" Kane of Ardent Solutions
Charles Kane is just waiting for the rest of the world to wake up to the value of data management. In the meantime, Kane, the chief financial officer and executive vice president of finance at US-based Ardent Software is not slumbering. He knows Ardent...
Cleaning Up the Murky Waters of Offshore Banking
Lucy Komisar reports on overdue American and European initiatives to crack down on offshore bank havens. The US government is making its boldest move yet to combat international money laundering via offshore bank secrecy havens. Officials who once insisted...
Deutsche Wires Up Its Corporate Clients
Technology editor Anne Queree looks at one of the latest and most exciting online banking applications for corporate treasurers. Deutsche Bank's corporate customers in Europe and Asia can now use the Internet for their international banking. Db-direct...
Dishonorable: Corporate Defaults Head toward Record Highs
Financial markets are casting nervous glances at the rapidly swelling ranks of corporate defaults. But the march toward record levels is not the only cause for concern. Observers are worried that most of the reeling companies operate in the United States...
E-Commerce Waves Wash onto All Shores
Industry experts focus on the explosive growth of Internet-based commerce in the United States, with annual revenues of $1.3 trillion forecast for 2003. But non-US markets are coming on strong. Europe is leading the charge-and Asia and Latin America...
Financial Software: The Next Generation
GLOBAL FINANCE: Companies have made huge investments in enterprise resource planning [ERP] systems in recent years, but there seems to be general disappointment in the practical benefits of these innovations. What's the next generation of financial software?...
Fine Wine and High Hopes
Moldova has made a modest mark on the world map. Squished between Ukraine and Romania, with a population of just 4.3 million, its territory stops short of the Black Sea, and the country has little to distinguish itself, apart from the rather fine wine...
German States Go after Foreign Investment
German companies are big investors abroad, but their home states are becoming increasingly active in pursuing foreign direct investment from around the world to boost employment and expand their technological base. A group of economic development experts...
Global Telecom: Testing the Limits of Imagination
As telecom providers pursue global or niche strategies, consolidation continues at a brutal pace. Is there an end in sight? Without question, the eyes of the world-the global Main Streets, and not just the financial centersare focused on the telecommunications...
Hard-Headed, Cool, and in Demand
SNAKES & LADDERS A top-level posting to Asia in today's volatile economic climate could be greeted with liberal doses of skepticism and apprehension. But not by Saadia Khairi, a rapidly ascending star at Salomon Smith Barney and Citibank. In fact,...
Hottest Stories in Global Finance
Gold markets staged a stunning rebound at the end of September after 15 central banks unveiled plans to restrict annual sales of gold. For the next five years the banks will limit gold sales to 400 tons of gold a year, or 10% of total gold supply The...
Internet Broking: Europe's Turn to Get Wired
Despite all the consolidation maneuvers aimed at squashing the competition and forming enormous banking conglomerates, the biggest challenge to big European banks in the coming years could come from the smallest operators of all-Internet brokers. On-line...
IP Securitization: And the Bond Played On
Decision-making on new securitization opportunities could hinge on the latest music charts judging by the flurry of interest in using intellectual property (IP) and entertainment to finance bonds. The glitz and glamour of the entertainment world come...
Jaideep Khanna and Morgan Stanley Africa Investment Fund
Jaideep Khanna Position: Portfolio manager, Emerging Europe, Middle East, and Africa Equity Company: Morgan Stanley Dean Witter Investment Management Age: 36 Education: BA in economics and accounting, Muskingum College, 1985; MBA, Duke University, 1994...
M&A Benchmarks
The value of deals fell in September. Value for the period September 1-23 was down to $204.1 billion from July's entire month high of $295.7 billion.The number of deals was also down more than 600-,-to-l-,482-.The--media sector was September's hotbed,...
Oh, Baby, Baby, It's a Wired World
If you subscribe to the theory that you have to be" in it to win it," consider yourself roadkill on Wall Street if you haven't embraced the Internet. Ponder these statistics: The average cost of a financial service transaction over the Internet is one...
On the Ground: In Washington
FOR SOMEONE WHO IS THE ANTITHESIS OF ESTABLISHMENT, JAMES WOLFENSOHN DOES A PRETTY GOOD JOB AT DIPLOMACY. The pecking order at elite levels of power is easy to spot on the goff course. Senior managers let their boss prevail, while match play between...
Risky Business: Perils of Latin American Securitization
Revitalized Latin American markets are attracting investors seeking securitization opportunities. But the risk factor is hard to ignore. Guarding against government risk in Latin American securitization deals is fraught with difficulties. And as the...
SimCorp Buys IT/2
Corporations looking to buy a treasury system have ever fewer to choose from. In August, Bank of America announced it was selling its treasury systems subsidiary, Swallow Business Systems (supplier of IT/2 and International Treasurer), to Danishowned...
Smooth Sailing for Mexico's Economy in an Election Year
The fundamentals of Mexico's economy, leading up to presidential elections next July, are vastly different from the conditions that led to the economic fiasco that followed the 1994 elections. Presidential elections in many Latin American countries have...
Strictly Business: Australia's Financial Center Challenge
Ten years ago Australia was content to be the breadbasket for Asia, providing commodities such as wool and minerals and remaining happy with its role as the gateway to the thriving financial markets of Japan and Hong Kong. But now, thanks largely to...
Syndicated Lending: Back in Favor
Confounding its critics' expectations, syndicated lending is back with a vengeance. And this time it's here to stay. The expansion of public debt markets, largely caused by the emergence of junk bonds in the 1980s, threatened the very existence of corporate...
The Battle for the E-Treasury Client
Corporate treasurers are wiring up to the clutch of management solutions now available on-line. And competition is hot among banks, software providers, and information service providers for their business. "The Internet will drive everything [in the...
The IPO Door Opens to Small Investors
Despite the rapid advances in the technology and Internet industries, the funding process for companies within these markets has been slow to change. Most start-ups still are funded by venture capital with a view to cashing in through an initial public...
The Pfandbrief: Progress Report for Investors
Europe's largest bond market expands in first year of EMU Pfandbriefe outstanding climb to Eur 1,019 billion Jumbo Pfandbriefe outstanding advance to Eur 272 billion New developments attracting international investors Mortgage banks record solid growth...
The Regulator
Fifteen years of civil war certainly takes its toIL Lebanon, once revered as the Paris of the Middle East, today groans under the weight of its enormous public deficit Fiona Haddock asks Lebanon's minister offinance, George Corm, bow he's coping. Lebanon's...
The Shareholder
Executive compensation practices in the United Kingdom are set to undergo dramatic changes, if secretary of state for trade and industry Stephen Byers has his way. In a speech to a conference sponsored by the Association of British Insurers and the National...
The Spin
"OPEC should consider changing its logo to a tea bag, because it only works when it's in hot water" -Robert Mabro, director of the Oxford Centre for Energy Studies, on OPEC's seeming inability to function well during times when oil prices aren't under...
Top M&A Deals
Chase Manhattan Bank is expanding its presence on the US West Coast.The New York bank has agreed to buy investment firm Hambrecht & Quist Group for $1.35 billion in cash. San Francisco-based H&Q will remain in California but will take Chase's...
Treasurers Log on to On-Line FX
When system conversion and telecom hurdles are finally overcome, on-line FX trading will sk rocket. Daniel Joelson reports Global banks are ratcheting up their on-line offerings to corporations. Much of the progress is being made on the foreign exchange...
US Foreign Investment Climbs
Investment by US investors in foreign shares continues to climb, according to a report by J.P. Morgan, reflecting renewed confidence in global equity following the Asian economic crisis. In the first quarter of this year US investors held $1.213 trillion...