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. 26, No. 8, July/August

A Letter from Kabul
The sense of anticipation is mounting in the Afghan capital of Kabul as the country gears up for a crucial double transition to take place in 2014. It is the year of the next presidential elections and the deadline for the withdrawal of all US and NATO...
Alfa Group Oligarch Leaves TNK-BP Chair
RUSSIAMikhail Fridman has overcome a lot of hurdles since his humble beginnings as a window-cleaning entrepreneur in Russia, just as the Soviet Union was unraveling. As head of Russia's Alfa Group, an investment consortium spanning the oil, mobile telephony,...
A Missed Opportunity in Tohoku?
Many Japanese companies are awaiting tempting tax breaks and other incentives to make a business opportunity out of the earthquake, tsunami and nuclear disaster of March 2011.But Tokyo aircraft parts maker Jamco did not waste time in taking advantage...
A New Reality
Corporate liability risk is increasing as jurisdictions around the world adopt liability laws that mimic the stringent framework in the US.Just over two decades ago, the European Commission began the process of harmonizing regulatory regimes on liability...
Building Blocks
The winners of this year's awards come from a wide array of bank and nonbank backgrounds. They offer unique financing solutions and are helping buyers and suppliers connect as never before. Supply chain finance is at a turning point.There have been advances...
Crafting A New Future
Keenly aware that its vital oil resources are dwindling, Oman has embarked on a major economic diversification program. By Gordon PlattOman's economy has grown steadily in recent years, helped by rising oil income - owing to increased production made...
Euro Tumbles as Market Awaits Debt Crisis Solution
CORPORATE FINANCE FOCUSThe European debt crisis remains the key focus of foreign exchange market participants, as the slowdown in the global economy increases pressure on central banks and government officials to take action to stimulate growth.European...
Financial Reporting Still Plagued by Delays
GLOBALCompanies worldwide are making big changes to their reporting processes - seeking relief from the high costs associated with missed regulatory deadlines and poor-quality data. They are investing more and more in their financial reporting systems,...
Former FDIC Head Launches Her Latest Crusade
UNITED STATESSheila Bair is determined to turn up the heat on regulators and accelerate financial reforms. In her latest effort to do so the former head of the Federal Deposit Insurance Corporation (FDIC) in June announced the launch of the Systemic...
FX Update
Gold: Barometer Of Investor ConcernsOver the course of the past 40 years gold has acted as a barometer of investor concerns over currency debasement. This was the driving force behind the uptrend that defined the 1970s as well as providing the catalyst...
Global Winners
BEST SUPPLY CHAIN FINANCE PROVIDER-BANKCitiWith trade and supplier finance capabilities in more than 80 countries, few providers can match Citi's extensive geographical footprint. It provides different forms of supplier finance (receivables financing,...
Indigenization Minister Targets Foreign Banks
ZIMBABWEAfter targeting the lucrative mining sector, Zimbabwe's indigenization minister Saviour Kasukuwere is now ramping up pressure on foreign banks operating in the country to hand over 51 % of their shareholdings to indigenous Zimbabweans as part...
Inmet Mining Funds Panama Project
Inmet Mining, a global mining company based in Toronto, placed $1.5 billion of senior notes in the US high-yield debt market to fund a copper-mining project in Panama, in which it holds an 80% interest.The issue of unsecured eight-year notes was increased...
Marubeni Buys US Grain Supplier
Japanese trading company Marubeni placed a large bet that China's demand for imported corn will continue to grow. Marubeni will buy US grain merchant Gavilon for $5.6 billion, including $2 billion of debt, more than doubling its grain-handling capacity.Armed...
New Horizons
With every new regulation that hits global trust and custody banks, a new service is born for subcustodians. Keeping up is expensive and challenging, but nonetheless it is a good time to be in subcustody.With every new regulation that hits global trust...
New Securities Standards to Reduce Liquidity Squeeze
GLOBALWith Spanish banks accepting bailouts to shore up their balance sheets and the eurozone crisis showing no signs of abating, global firms are looking for alternative financing options to maintain liquidity buffers. And members of the International...
New Shopping List
GCC sovereign wealth funds and banks are still selectively buying low-value assets in Europe, but higher-growth markets are increasingly on their radar. By Justin KeayWhen the global financial crisis first hit back in 2008, Gulf sovereign wealth funds...
Next Generation Multi-Channel Transaction Banking Portals
Transaction banking divisions across the globe are facing significant changes in the present operating environment. Increasing competition for a piece of the transaction banking pie in developed and emerging markets, the growth of dis-intermediaries...
No More Special Relationships
Global Finance sat down with Jan Stuart, managing director, head of energy commodity research, fixed income, at Credit Suisse in New York, to get his perspective on the global economy and oil markets.A native of the Netherlands, Jan Stuart joined Credit...
Prime Target
Portugal is being held up as a model of reform in meeting its fiscal restructuring targets, but it faces a drag on growth from financial sector deleveraging. Meanwhile, Portuguese firms have become prime targets for foreign investors keen on a good bargain.Portugal...
Regional Winners
NORTH AMERICACitiCiti 's Global Transaction Services division has the largest proprietary custody network in the world, covering 61 markets and 98.5% of global market capitalization. Lee Waite, global head of direct custody and clearing, notes that cost...
Reigning Supreme
Global Finance evaluates the Best of the Best Subcustodians in The Winners' Circle: An ongoing look at the top awards winners over the magazine's 25-year history, launched as part of our 25th Anniversary in 2012.Since 2003, Global Finance has given awards...
Seeking More-Inclusive Growth
After strong economic growth in 2011, the six nations of the Gulf Cooperation Council are spreading the wealth by putting a priority on non-oil job creation and social welfare. By Gordon PiattStrong oil demand from emerging markets is fueling growth...
Small Firms Take on Big Four Accountants' Fee Model
UNITED STATESUS tech firms, including Google And Twitter, are taking advantage of a new model for accounting and tax services. A stripped-down, low-cost solution is gaining in popularity among Silicon Valley tech firms weary of paying their external...
Strong IPO for Malaysia's Felda
Malaysian palm-oil producer Felda Global Ventures priced its $3.1 billion initial public offering near the top of its indicative range on June 1 3, amid strong demand from investors, who are bullish on the economic outlook for Southeast Asia.The Felda...
Summer Revival?
The summer has been alive with global central bank activity - from lower interest rates to new and more creative monetary measures. In the US we have seen renewed talk of quantitative easing and the extension of the Operation Twist debt swap program...
Sustainable Growth: Privatisations in Portugal
An interview With Paulo Oliveira Silva (Head OfM&A) and Ana Santos Martins (Head Of Equity Capital Markets) at CaixaBI.Do you consider that the latest privatisations which took place in Portugal have been successful?Paulo Oliveira Silva: We think...
The Benefits of Democracy and Stability in Egypt
CIB, Egypt's number one private sector bank, discusses the opportunities for growth and development in Egypt, and the bank's strong performance in the first quarter of 201 2.As the political landscape finally begins to take shape, Egypt started reaping...
The Power of One
Thirty-one years have passed since the six Arab oil-producing countries of the Gulf formed an economic and strategic alliance, following the outbreak of the Iran-Iraq war. Known as the Gulf Cooperation Council, or GCC, the group has had some notable...
Time for Change
Nigeria holds great promise with its massive oil reserves, but endemic corruption, unfettered militant attacks on pipelines and lack of regulatory clarity could halt progress in its tracks.When the Nigerian government three years ago signed an amnesty...
Will Japan Regain Its Greatness?
Business is trying to resurrect Asia's economic miracle a year and a half after the Tohoku tragedy.Tokyo is enjoying a long-deserved renaissance. Young professionals are converging from all across the Japanese archipelago, driving the population of the...