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. 17, No. 6, June

Austria Struggles for Attention
A small exchange gets some good news.At last, Erich Obersteiner has something to smile about. Late March, HypoVereinsbank announced it was to float up to 25% of the stock of BankAustria Creditanstalt (BACA) on the Vienna Stock Exchange, two-and-a-half...
Battle of the Indexes
Another contender has emerged in a crowded market for tradable European stock markets indexes.This June, Euronext.liffe launches new futures and options contracts based on two European indexes that the exchange created with index-providers FTSE in April....
Best Business Hotels & Airlines
SECOND ANNUAL GLOBAL FINANCE AWARDSJust when you thought it couldn't get worse, it did.Tough times continue for the world's airlines. With their business model already under attack from no-frills carriers on short-haul and domestic routes, traditional...
Brazil: Steady as She Goes
Brazil's new government may still have enough wriggle room to implement reforms while keeping voters happy, but time is not on its side.South America's largest nation is slowly making its way out of an economic red zone as the new administration of President...
Credit Where Credit's Due
The booming credit universe is providing rich pickings for providers of independent research.If the change in fortunes for financial services companies has been a dip on a rollercoaster, then credit analysts have been sat in the last couple of carriages....
Europe: Russia's Oil Revenue Supports the Ruble
The ruble crisis seems like a distant memory. In August 1998, the Russian central bank threw in the towel. With the ruble under severe downward pressure, the central bank suspended trading of rubles for US dollars to conserve the country's dwindling...
Europe: Six Continents' Split-Up Creates Two New ADRs
Two new American depositary receipt programs were created in April as a result of the separation of Six Continents, the world's largest hotel group, into two companies. Bank of New York was selected as depositary for both programs.London-based Six Continents...
Fund Managers: Can't Pay, Won't Pay
An industry finds its cost structure under attack."We used to receive around two feet of research material a day," says one New York hedge fund manager. "In 2000 we were so swamped by the stuff, we even employed a temp that summer to write to the banks...
Going It Alone
Independent research houses are booming.Economic analysis by herd instinct. That could well be a fair description of most of the research material produced in the world's financial centers."Over the past decade the pressures on analysts to conform-not...
Hotel Outsourcing Helps Close the Financing Gap
The separation of hotel brands and ownership of properties is enabling the lodging industry to entice investors to cough up money for expansion and development.Tough economic times have spawned a fundamental change in the way the hotel industry operates....
Low US Interest Rates Spur Dollar Bears
THE AMERICASThe US dollar plummeted to a four-year low against the euro in early May, giving foreign investors little incentive to chase paltry US returns on investments that could be further eroded by a declining greenback, analysts say."The United...
Research-Coming from a Trading Floor near You
Tracking the direction of money flows is becoming an important research tool.With hundreds of billions of dollars of cross-border trades being executed every day, a new form of research has emerged-analyzing these flows and using them as a predictive...
Research under the Microscope
Analysts are coming under analysis, and it can be a disconcerting experience.The equity analysts' job has become a great deal ougher in the past three years. A sustained bear narket has meant pressures from all sides: within investment banks it has been...
Stand and Deliver
Three authors on modern business.The end of the great stock market boom and the subsequent flood of corporate scandals have unleashed a tidal wave of books on the iniquities of the market system, many of them run through with the unmistakable tang of...
To Outsource, or Not to Outsource
That's a question exercising the minds of many corporate treasurers these days, as Graham Field finds out.Treasury management outsourcing is a concept that is much talked about, but not yet widely implemented. In some forms, it has been around for many...
Turkish Turbulence
The country's reform program is on track-just.It was never going to be easy, but the first few months for Turkey's incoming Justice and Development (AK) government have proved more difficult than even its worst enemies would have predicted. War in Iraq...
United Kingdom: Banker under Fire
A row riveting the City of London threatens to bring down one of its few star financiers of recent years. As Global Finance went to press, Robin Saunders, head of principal finance at the London office of WestLB, was fighting fires on a number of fronts...
United States: Now, Where Did I Store That E-Mail?
When 10 big Wall Street firms in late April reached a $1.4 billion settlement with regulators for misleading investors with biased research reports, one of the key pieces of evidence leading to the result was a trail of analyst e-mail.And last December,...
When Is a Debt Not a Debt?
The war in Iraq has called into question much of the architecture of international relations built up since the Second World War. The aftermath might shape the way that money is lent to emerging markets.In Plato's Republic, Socrates argues that it is...
When Neglect Is Not Benign
Does the steady fall in the dollar matter? Not if US economic policy makers are to be believed. New Treasury secretary John Snow this month effectively made public an abandonment of the Clinton-era strong dollar policy that had already sunk into abeyance...