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. 3, March

Asian Contagion
STOCK MARKET NEWSEast is finally blending with West in the universe of global stock exchanges as the Tokyo Stock Exchange gets ready to align with the New York Stock Exchange-soon to be called NYSE Euronext-at the end of this month.The initial ties between...
At A Crossroads
Offering an increasingly transparent and business-friendly environment, Cyprus is attracting ever more investment from global corporations.Nearly 30 years ago, Kardex, a Swiss-based corporation that has its roots as a US typewriter company, saw the benefits...
Belarus Outlines Privatization Plans
BELARUSAs relations continue to sour between Belarus and Russia, Belarus's government has revealed that it wants to reduce its economic dependency on its closest neighbor. In a move that analysts billed as the first major announcement regarding privatizations,...
Breaking Out
Brazilian companies, long used to concentrating on their country's local market, are now increasingly going global.Just as the 1990s marked record foreign investment in Brazil thanks to a wave of privatizations, this decade is seeing a wave of Brazilian...
Carry-Trade Jitters Returning to Market
What happens when you wind a coil spring very tight and suddenly let it release? That is a question that analysts and participants in the foreign exchange carry trades are asking. They are hoping that it is possible to unwind massive carry-trade positions...
Centerview Partners Takes Spotlight
Centerview Partners, an advisory boutique formed last July by three prominent Wall Street investment bankers, was the number-two M&A adviser in the Americas in January, according to Thomson Financial.Stephen Crawford, formerly co-president of Morgan...
Driving Efficiency
Centralizing treasury and finance functions is an ever more popular way for companies to reduce costs, improve investment strategies and control risks.With increasing trends toward globalization, automation and standardization, more and more companies...
Dynamic Future for Financial Services
Recent reforms are likely to stimulate a period of dynamism in the financial sector in Saudi Arabia. The investment banking and insurance industries have been opened up and forthcoming legislation is set to boost the nascent mortgage market. I believe...
Fast Forward
In the world of cash forecasting, change is accelerating as more and more companies look to improve forecasting in order to better manage liquidity.When Global Finance launched 20 years ago, cash forecasting was in its infancy. There was little beyond...
Foreign Investors Likely to Remain Big Buyers of US Corporate Debt, Keeping Cost of Financing Down
CORPORATE FINANCING FOCUSRecord foreign demand for US corporate bonds is helping to hold down financing costs for US businesses, as international investors reach for higher yields than are available on bonds in their home countries or on US treasury...
FX Update
The curious dynamics of currency reserve diversificationSpeaking before the Senate Banking Committee in January, Treasury secretary Henry Paulson commented that it would be helpful for China to diversify their investment policies for currency reserves....
Hsbc Mortgage Debacle May Herald Market Meltdown
UNITED STATESWhen HSBC announced that it will take a higher-than-expected charge on bad debts for 2006 as a result of the growing bankruptcy rates in the US sub-prime mortgage market, it sent a shockwave through the market. The $10.5 billion write-off...
Investors Shy Away from Ipos
RUSSIAProsecutors brought fresh charges against former Yukos oil company head Mikhail Khodorkovsky and an associate, which could mean that they will face another 15 years behind bars. Khodorkovsky would otherwise have been eligible for parole later this...
Leading the Way in the Gulf: Ahli United Bank Joins the Gulf's Leading Financial Institutions
Ahli United Bank (AUB) has come a long way since its inception in 2000. In just six years Ahli United Bank has grown to become one of the Gulf's leading financial institutions. Formed by the merger of Al Ahli Commercial Bank of Bahrain and the United...
Managing the 'New' Cash Portfolio
Corporate treasurers in the U.S. are increasingly complementing core treasury services with custodial capabilities for greater control over tracking and reporting.Cash investment portfolios aren't what they used to be."Corporate treasurers are increasingly...
Open for Business
Efforts to encourage FDI into Egypt by reducing red tape and providing an investor-friendly regulatory regime are bearing fruitFor international investors, there are opportunities aplenty in Egypt. With a reform minded government and a strong privatization...
Out of This World
As the world's business leaders were gathering in Davos in late January for the World Economic Forum, Global Finance was investigating a seemingly very different world. Intrigued by a spate of wide-eyed media reports about the marvels of computer-generated...
Paving the Way for E-Invoices
Long predicted to be the next killer app for treasurers, e-invoicing has been slow to take off. That is all beginning to change now.The growth of corporate electronic invoice presentment and payment (EIPP) has not been nearly as explosive as, say, the...
Rating Upgrade Boosts the Rise of India Inc
INDIAIn a move that will drive substantial foreign investment in India, Standard & Poor's became the third major ratings agency to raise India's sovereign rating to investment grade. The rating now stands at BBB-/A-3. S&P cited a strong national...
Regulators Close in on Private Equity
UNITED STATES / EUROPEPlagued by competition and antitrust investigations on both sides of the Atlantic but still the darling of the bond markets, private equity firms are facing an uncertain future. In 2006 private equity fonds raised more than $400...
Restraints Fail to Cool Sizzling Economy
CHINAChina's economy continued to sizzle in 2006 despite government efforts to slow the country's growth to a more moderate pace. GDP grew more quickly in 2006 than it has in a decade, leaping 10.7% to $2.7 trillion. The rapid growth brings China closer...
Sarin Connects with Indian Phone Deal
UNITED KINGDOM / INDIAA run Sarin, chief executive of UK-based mobile phone service provider Vodafone, is living proof that it pays to try again. Rebuffed in his attempt to win control of AT&T Wireless in 2004, India-born Sarin, a US citizen who...
Scotia Capital's NAFTA Platform Provides One-Stop Shopping for Multinationals
Multinationals can save time, effort and money by using Scotia Capital as a one-stop shopping business strategy in the North America Free Trade Agreement (NAFTA) region. Scotia Capital is the global corporate and investment banking and capital markets...
Software Providers
Global Finance presents its annual guide to the key products and technology providers in the treasury and cash management space.KYRIBAClient profile: By location: North America, Europe, Asia. Kyriba empowers customers to achieve an economic advantage...
The Quiet Revolution
Political's government is risking unpopularity in an attempt to inject renewed dynamism into the country's economy.José Socrates, the prime minister of Portugal, recently described his country as "the reform capital of Europe" and referred to his government's...
The Tortilla Factor
Mexico's newly installed president faces a tough first year in office as he struggles to reconcile his promises with fiscal reality.Corn tortillas are a basic staple in Mexicans' diet. But for the administration of the country's new president, Felipe...
Treasurers Turn to Trading Derivatives
Corporate treasurers are increasingly turning to equity derivatives in their risk management strategies.The days when large corporations refused to deal in what were seen as "dodgy" derivatives are long gone. Now, equity swaps, bespoke equity options...
World's Best Treasury Providers 2007
Global Finance selects the best treasury and cash management banks, globally and by region, and the best providers of treasury management systems and services by category.Treasury and cash management is becoming an increasingly global business, and customers...