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. 16, No. 5, May

Argentina: Investors Seek Unlikely Haven
Which country's stock market post the best performance during the first three months of this year? Fiscally conservative Switzerland? China, with billions of consumers and a giant economy slowly moving toward the free markets of the West? Or perhaps...
Asia: China Could Shift Peg to Currency Basket
While official policies tend to change at a glacially slow pace in China, analysts are detecting a possible shift to a more open exchange rate regime. On a recent visit to Tokyo, for example, central bank governor Dai Xianglong admitted China was considering...
Best Emerging Market Banks: Asia
ANNUAL SURVEY Best Bank in Region: HSBC It was a case of back to the future in December 2001, when HSBC announced it was to buy an 896 stake in the Bank of Shanghai. Though HSBC is inextricably linked with Hong Kong in popular consciousness, the group's...
Best Emerging Market Banks: Central & Eastern Europe
Central and Eastern Europe has all too often proved a graveyard of ambition for international banks. Politics, regulations, cultural clashes-all have combined with the slow pace of economic growth to stymie attempts to remake home-grown institutions...
Best Emerging Market Banks: Global: Citibank
Only partly thanks to the formidable Citigroup family that now encompasses Citibank, Salomon Smith Barney, Nikko Salomon Smith Barney, and Schroders, Citibank comes out on top year after year, with a presence in 80 countries it defines as emerging and...
Best Emerging Market Banks: Latin America
Best Bank in Region: BBVA Strategy: Starting with a small regional presence, since the mid-1990s BBVA has made its way into every significant Latin American market. Its standard technique is to acquire 30% to 40% stakes in leading commercial and retail...
Britain: Easy Come, Easy Go: The Turbulent Life of the Entrepreneur-Founder
It happens all the time. An entrepreneur turns a brilliant idea into a fast-selling product, pulls in money from venture capitalists, and is suddenly the CEO of a successful company. Several years later they're out the door-resigning for "personal reasons"...
Commercial Paper Exodus Boosts Bond Issuance
As pressure increases on corporations to reduce their reliance on short-term financing, the bond market appears to be taking up much of the slack. While commercial paper sold in the US market in March fell by a record $33.3 billion, investment-grade...
ERP Rises from the Scrap Pile
TECHNOLOGY Focus ENTERPRISE RESOURCE PLANNING During the height of the Internet boom, enterprise resource planning software became decidedly unfashionable. Now ERP may have a new lease on life. By Adam Rombel Before the Internet frenzy began unraveling...
Europe: Switzerland Favors Own Money Policy
Switzerland has become an island in Europe, surrounded by a sea of euro-- spending peoples, but it is not ready to abandon its own currency. "We have a very successful product: the Swiss franc," says Ulrich Kohli, chief economist at the Swiss National...
Global: Brazilian Ore Producer Issues $1 Billion ADRs
Brazil's largest secondary share offering in recent years has raised hopes for a rebound in capital-raising using depositary receipts, industry participants say. Rio de Janeiro-based Companhia Vale do Rio Doce, or CVRD, the world's largest producer of...
Global: Iron Chancellor Fires the First Shot in the War to End Trade Wars
AROUND THE WORLD We need more global cooperation, not less, and with stronger, not weaker, international institutions." -British Chancellor of the Exchequer, Gordon Brown Britain's Chancellor of the Exchequer, Gordon Brown, wasted no time in getting...
Hotel Groups Struggle to Fill the Finance Gap
CORPORATE FINANCE HOTELS Money for expansion and development is proving harder to come by for hotel owners and builders. - By Paula L. Green The Davidson Hotel Company's need to refinance a $142.5 million loan for eight of its hotel properties in the...
Investment Is the Key
What makes for a successful bank? Well, there's an army of consultants wrestling with that question, not to mention the countless managers for whom the problem is part of their daily working life. But if it's any help, a couple of clear conclusions emerged...
North America: Business Intelligence Software Vendor Makes Name for Itself
CRYSTAL DECISIONS Crystal Decisions will be an attractive acquisition target or wellreceived if spun out through an IPO." -Mike Schiff, Current Analysis If you've ever had to create and present reports on your company's profits, sales, inventory, or...
Russia's Central Bank: The Long Good-Bye
* Key steps to reforming Russia's banking sector > judicial reform creditor protection > bankruptcy legislation > corporate transparency > property rights ladimir Putin's government has made impressive and well-received progress on a number...
Seeking Opportunities in Tough Tech Times
With corporate IT managers still reluctant to open the purse strings for new technology services, IT consultants are scrambling to target areas where the dollars are flowing. If you thought the big recovery in technology spending was at hand, think again....
Spread the Love and Make It Pay
SOCIAL RESPONSIBILITY The bottom-line benefits of being a socially responsible corporation The case for corporate social responsibility is no longer founded on gut feeling. It's a business imperative. By Dan Keeler Corporate social responsibility (CSR)...
The Americas: Deal Volume Slumps to Seven-Year Low
The global economy may be on the mend, but there has been no recovery in corporate takeovers. Worldwide M&A volume fell by 45% in the first quarter of 2002 to $248 billion from $452 billion in the same period a year earlier, according to New York-based...
The Americas: Will Rising Rates Help or Harm Dollar?
Now that the US Federal Reserve has shifted to a neutral monetary policy, some analysts warn that fear of rate increases could weaken the US dollar.The dollar is particularly susceptible against the euro, says Larry Kantor, global head of foreign exchange...
The Best Emerging Market Banks 2002
ANNUAL SURVEY BEST EMERGING MARKET BANKS Some emerging markets have been hit hard, but more are climbing back from the economic doldrums. Our ninth annual survey shows that everywhere, competition's tougher than before. It has been nothing if not a year...
United States: Atkin Leaves Behind a String of Setbacks in Instinet
Instinet, once the world's dominant electronic share trading platform, has had a bad run of it. In November, it lost its Nasdaq market share lead to upstart Island ECN. in the new year, the New York-based company implemented another round of layoffs...
United States: Executives Focus Their Terror Worries on the Home Front
American financial executives are now more worried about aircraft and bombs hitting their offices in the United States than those in the jungles of Brazil or the deserts of Arabia. A recent survey by insurer Lloyd's of London found two out of three CFOs...