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. 4, April

A Case Study: How CIGNA Streamlined Its Foreign Currency Payments
CIGNA, an international employee benefits provider, makes cross-border payments by wire, check and ACH to more than 225,000 beneficiaries in over 70 countries. The company wished to simplify and automate its foreign currency payments. Key objectives...
... and a Potential Fall in Petrodollar Flows Prompts Further Anxiety
The recycling of windfall OPEC petrodollars into the US bond market is no longer a sure bet, economists warn. The potential reversal of petrodollar flows from US bonds remains the greatest threat to the dollar in 2006, says Michael Woolfolk, senior currency...
Bachelet Gets off to Confident Start
CHILEMichelle Bachelet, the 54-year-old medical doctor who was sworn in as Chile s first female president on March 11, is the newest member of Latin America's growing club of left-wing leaders. However, Bachelet espouses the Chilean-style socialism that...
Best Developed Market Banks
Global Finance unveils its annual list of the best banks in developed markets around the world.The past year has been one of staggering growth for the world's top developed market banks. And while profits and revenues are breaking records, the banks'...
Big, Beautiful
Opportunities and pitfalls abound for the Western banks rushing to build a presence in the Chinese banking market.There is no doubt that China's banking market is huge-so sizeable, in fact, that it is tempting global banks to invest billions in an attempt...
Business Bounces Back
PHILIPPINESCompanies in the Philippines recovered quickly from the recent turmoil, and the economy continues to prosper.Business as usual," proclaimed President Gloria Arroyo as she closed another chapter in the Philippines' lengthy history of coup plots...
Don't Look, Leap!
After going through this month's cover story (see page 14), readers might be left with the impression that Western banks are being a little hasty in their headlong rush to gain a slice of the Chinese banking market. After all, while the banking landscape...
Fdi Inflows Hit Record Levels
INDIAThe Indian government has been quietly liberalizing foreign direct investment rules to the point that most of the restrictions covering even tightly regulated industries have been lifted. The results are beginning to show. For January 2006, FDI...
Foreign Firms Take Up Slack in US Market
New issuance of high-yield debt in the US corporate market fell sharply in February to about $4.8 billion from $13.5 billion in January, according to Montpelier, Vermont-based KDP Investment Advisers. There was no lack of foreign companies, particularly...
FX Update
The BANK of NEW YORK.The Bank of Japan's shift in monetary policy stirs debateA substantial debate has already sprung up over whether the recent shift in monetary policy in Japan actually matters. On one side of the argument are those who note that,...
Global Custody Buyer's Guide 16th Annual Buyer's Guide
Wafer-thin margins, unrelentling competition and ever increasing demands from clients are themes that recur year after year in the custody industry. So much consolidation has taken place over the past decade and service providers have expanded their...
Kicking the Oil Habit
While they are wallowing in petrodollars from $60-perbarrel oil, some of the more forward-looking Gulf states are planning to ease themselves off their own addiction to oil.Searing oil prices have brought a historic transfer of wealth to the countries...
Mexican Airport Operator Raises $1 Billion in IPO
Grupo Aeroportuario del Pacifico, or GAP, Mexico's largest airport operator, raised $1 billion in the country's largest privatization since the sale of Telmex in 1990.The government sold its 85% stake in GAP, which operates 12 airports in Mexico, including...
Mexico's Coming of Age
MEXICODespite uncertainty over the likely result of Mexico's impending election, financial markets are showing remarkable stability. It's a sign of their newfound resilience.Mexico is known for its banking and financial systems. The country has one of...
Mission Possible: Simplifying Foreign Currency Payments
SPONSORED STATEMENTToday's multinational companies face a dynamic business environment, characterized by an ever expanding supply chain and customer base and a mobile workforce. Money flows follow business expansion.Just as treasury must nimbly align...
Presidential Race Takes Shape
BRAZILCapital markets were encouraged by the opposition party PSDB's tapping in March of São Paulo state governor Geraldo Alckmin as its candidate for the October presidential election. Following the announcement, emerging market bond spreads narrowed...
Rapid Reversal
Shrugging off concerns about increasing centralization, banks and corporations are enjoying boom times in Russia.Booming hydrocarbon exports, GDP rising at over 7% a year and a rapidly growing middle class-all of these factors and more have made Russia...
Reforms Boost Business Confidence
SPONSORED STATEMENTSyndicated loan market benefits from growing economic momentumSince assuming power less than two years ago, the newly appointed Egyptian government has launched a wide range of economic reforms that have boosted business confidence...
Reforms Start to Take Hold
TURKEYAt a meeting in Istanbul, outgoing governor of Turkey's central bank, Süreyya Serdengeçti, joined Global Finance and a group of key figures in the Turkish banking industry to discuss the country's economic progress.GLOBAL FINANCE: Last year was...
Scotia Capital's New NAFTA Platform Provides One-Stop Shopping for Multinationals
Multinational companies can now take advantage of Scotia Capital's "one-stop shopping" strategy in the NAFTA region. Scotia Capital is the global corporate and investment banking and capital markets arm of the Scotiabank Group-Canada's most international...
Shift in Japan's Monetary Policy Threatens to Reduce the Appeal of Lucrative Yen "Carry Trade"
The logic couldn't be simpler. An investor borrows Japanese yen at a low interest rate and invests the proceeds in US treasury bonds or higher-yielding emerging market bonds. The interest-rate differential provides an easy route to arbitrage yield gains....
Telecom, Energy Deals Keep M&A Boom Going
Even before AT&T announced plans last month to buy BellSouth for $67 billion in stock, the pace of mergers and acquisitions worldwide in 2006 was keeping pace with the same period last year, which was a very good year for corporate takeovers.Announced...
Vodafone's Sarin Defuses Board Revolt
UNITED KINGDOMEmbattled CEOs of the world must have been pleased last month when one of their own, Arun Sarin of Vodafone, tightened his grip on the company and put down a boardroom revolt that had threatened his ability to move the struggling British...
VTB: A New Vector of Leadership
Over the two years of operations in the corporate securities market Vneshtorgbank has gained a true leadership in arranging public finance. Among its customers are dozens of major Russian companies and constituencies of the Russian Federation. Now VTB...