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Electoral Gains

One nice side effect of the recent Presidential election is that the American people now understand that their media coverage is not unbiased. With any luck, it will drive people to question their news sources, and perhaps even seek sources from outside their country. So even if the country finds itself with an inward-focused, isolationist administration, its people, at least, will be more aware than ever that there is a big world out there, and American is playing a major role in it.

Newsmakers: Around The World

Fox Wins Kudos for Transparency Gains

Mexican President Vicente Fox, who won office on an anti-corruption platform in 2000, got a pat on the back from the OECD on his administrations efforts for greater transparency. With corruption an endemic problem, Pricewaterhouse-Coopers estimates Mexico loses some $8.5 billion in potential investments each year, partly due to what some call the country's "corruption tax" on businesses.

Central Bank Chief Rattled by Allegations of Disharmony

Rafael Buenaventura, governor of the central bank of the Philippines, is one of the few repeat A-grade winners in Global Finance magazine's annual Central Banker Report Cards. But this year, in our October issue, he got a B...and we heard from him. He was ungappy at our suggestion that he is not in complete harmony with President Gloria Macapagal-Arroyo on how to tackle the country's fiscal crisis - an impression that we share with many observers.

Emerging Markets

Tax Revenues and Spending On the Rise

The fiscal year 2003-2004 (April-March) was wonderful for the Indian government, with unprecedented levels of tax collection. That inflow set new records for direct and indirect taxation and gave the government a lot of fiscal flexibility.

Investors Get Comfortable

Investor confidence in Brazil continues to grow, as witnessed by the sovereign's successful return to international capital markets on October 6 with a $1 billion 15-year global bond issue via JPMorgan and Citigroup. The deal, priced at 97.78 with an 8.875% coupon, to yield 9.15% or 492 basis points over US treasuries, had to be upped from an initial $750 million on account of strong demand. The book for the deal was estimated as high as $5 billion.

Sector Focus

Check 21 Pushes Paper Checks Closer to Oblivion

Check 21 was enacted in response to the terrorist attacks of September 11, 2001, which brought the check processing system to a halt as checks could not be physically transported between banks. However, the longer-term ramifications of the legislation are far reaching in terms of the impact it will have on check processing volumes and reducing the costs associated with traditional check clearing, with some anticipating it will pave the way for electronic settlement of the 40 billion checks th...

Corporate Financing News: Mergers & Acquisitions

Sony-Mgm Deal Boosts Comcast

A Sony-led consortium's successful bid for film and TV studio Metro-Goldwyn-Mayer will give Sony's Columbia TriStar Home Entertainment significant additional. content for DVD releases. It could also give a major lift to cable giant Comcast.

Cemex Seeks Stable Cash Flow From Major Uk Acquisition

Japanese Railway to Buy Retailer

Annual Survey

Best Banks in Project Finance 2004

Privale finance initiatives, or PFIs, in Europe, big petrochemical plants in Asia and power- sector restructurings in the United States are contributing to a sharp rise in project finance activity worldwide. The volume of project financing rose 19% in the first nine months of 2004 compared with the same period last year, according to Dealogic ProjectWare, a global database covering nonand limited-recourse debt facilities provided by commercial banks. Five of the banks are: 1. Credit Suisse Fi...

World's Best Companies 2004

For most of the world's top companies this has been a remarkable year. Revenues have been rising strongly and, for many, profits have been rising even faster. As we see in this report, the world's greatest companies have weathered the downturn and emerged stronger and more dominant than ever. With rising oil prices threatening to choke off global economic growth, however, we might look back on mid-2003 to mid-2004 as a golden year. Of course, one of the most accurate measures of a successful...

Corporate Financing News: Foreign Exchange

Philippine Peso Down, but Not Out

The Philippine peso fell to a record low of 56.45 to the dollar in late September, but analysts say the currency likely would stabilize for the remainder of this year, as the country slowly comes to grips with its fiscal crisis. The Philippines targets the inflation rate and not the exchange rate, central bank governor Rafael Buenaventura says.

Dollar Getting Stuck in Economic Soft Patch

Weaker-than-expected US payroll data triggered a sell-off in the dollar last month, and analysts say the outlook for the greenback has deteriorated. The dollar slumped to the lower end of its months-long trading range against the euro and hit a 11-year low against its Canadian counterpart in early October.

Roundtable

Emerging Issuers Find Keys to Cheaper Funding

Experts in emerging markets corporate funding gathered at Global Finance's offices to discuss the state of the markets.

Country Report

Opportunities Abound for the Nimble Investor

Developments on the macroeconomic front continue to be resoundingly upbeat. After expanding by 7.3% in 2003 - its fifth consecutive year of posting growth above 4.5% - the Russian economy is on pace to grow by at least 6% in 2004. Most estimates suggest that Russian GDP will grow by at least 5% a year through 2010. Industrial production grew by 7% last year and is on target to grow almost as much in 2004. Inflation is falling, from 12% last year, and will likely fall below 10% in 2004. Foreig...

Corporate Financing News: Global Depositary Receipts

Braskem Raises $423 Million in Global Stock Offering

Brazil-based Braskem, the largest petrochemical company in Latin America, has raised $423 million in an initial global public offering of class - a preferred shares and American depositary shares. The company increased the number of shares offered to meet stronger-than-expected foreign demand.

Tata Motors of India Lists On Nyse

Tata Motors, India's leading automotive manufacturer, upgraded its global depositary receipt program listed outside the US to an American depositary receipt program listed on the New York Stock Exchange. Ratan N. Tata, chairman of the Tata Group conglomerate, came to New York to ring the opening bell on the NYSE.

Japan Airlines Selects Depositary

Cpfl Energia Issues Shares

Recruiter in China Launches Adrs

British Insurer Starts Program

Corporate Financing News: Corporate Bonds

Enterprise Places $2 Billion of Notes

European Issuers Flocking to Us Private Placements

European issuers are making an increasing number of private placements in the US debt market to take advantage of low interest rates and to diversify their sources of funds, according to market participants. The private placement market in the US has emerged as an attractive alternative to public bond issues, in part because of the fewer reporting requirements and lower costs of selling directly to sophisticated investors, investment bankers say.

Cib: Sponsored Statement

Commercial International Bank

Milestone: Taking Note

Gm Dealers Take Desperate Measures to Boost Stalled Sales

General Motors enjoyed enormous publicity in September when Oprah Winfrey gave away a free Pontiac G6 to each of the 276 audience members at the 19th season premiere of her popular talk show. Now, some GM dealers in Kansas City, Missouri, are offering a free Chevrolet Aveo sub-compact to buyers of pricier sport utility vehicles.

Us Consumer Remains a Beacon of Hope in a Gloomy World

High oil prices and weak job creation are creating worries about a potential slowing in US and global economic growth, but don't count out the American consumer. Consumer spending accounts for two-thirds of the US economy and there are few signs that it is about to slow down. This is good news for the countries around the world that rely on the US market to absorb a large share of their exports.

Emerging Markets: Taking Note

One Door Closes As Another Opens

In response to a dramatic increase in terrorism - most notably the attack in the town of Beslan in southern Russia, which resulted in the death in hundreds of schoolchildren, parents and teachers - Russian President Vladimir Putin announced a range of political reforms that will significantly strengthen the power of the Kremlin. The stated objective of the changes, which include ending popular elections for governors and the elimination of single-mandate seats in the lower house of parliament...

Rush to Modernize Is Matched by the Race to Invest

Competition between Beijing and Shanghai to become China's financial center intensified as Beijing officials launched a road show to lure European financial institutions to the capital. Although Shanghai is home to one of China's two stock exchanges, Beijing contains nearly all of its big financial institutions, regulators and policymakers. Beijing plans to create a range of financial markets for investments, including bonds, insurance and equities.

Risk Management

Old Technique, New Appeal

The techniques of risk management have in recent years progressed by leaps and bounds, driven in no small part by the risk-weighted approach of Basle II's capital adequacy rules. So, too, has the burgeoning market in credit derivatives, through which means risk managers at major international banks have successfully unloaded large concentrations of credit risk. Put simply, the banks have been net buyers of protection against "credit events" whether these be downgrades, restructurings or corpo...

Jp Morgan: Sponsored Statement

Payment Outsourcing: An Effective Alternative