Country Report
Hanging On, Portugal Staves Off Downgrade
<strong>PORTUGAL | </strong>With a hefty debt overhang, Portugal can’t quit now on structural reform.
Western Europe
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Banking
Scandal And Risk Drive Private Banks Out Of Russia
Facing reputational risk and poor prospects, private banking operations are bailing on Russia and encouraging its wealthy to park their assets offshore.
Capital Raising & Corporate Finance
UK Could Exit Brexit
Britain might not leave the European Union after all. A lot of things have to happen to agree on a divorce that many seem to have changed their minds about.
News
Can Khan Deliver On Affordable Housing Pledge?
<strong>UK</strong><br />
The promise of London’s new mayor, Sadiq Khan, to build 50,000 homes (half of them affordable) with a reasonable commute is being heralded but also questioned.
Capital Raising & Corporate Finance
ECB Corporate Bond Buying Lures US Issuers
<strong>Capital Markets | Fixed Income</strong><br />
US companies are rushing to borrow in European bond markets. They’re taking advantage of low interest rates on euro-denominated issues after the European Central Bank’s decision to start buying investment-grade corporate bonds in June—part of its economic stimulus program. Last year already set a record for corporate borrowing in Europe’s bond markets, where rates are significantly lower than in the US.
Economics, Policy & Regulation
Growing Pirate Party Channels Populist Fury
<strong>Iceland</strong><br />
The Panama Papers’ revelation that Iceland’s prime minister had offshore interests, including claims on Icelandic banks, caused outrage in this naturally volcanic island state.
Capital Raising & Corporate Finance
Serial Inverters Curtailed As Global Reforms Move Forward
<strong>Trends | Inversions</strong><br />
The US Treasury Department’s recent rules against corporate inversions are intended to stop “serial inverters.”
Economics, Policy & Regulation
Tax Planning Goes On Steroids
<strong>Tax Reporting & Compliance</strong><br />
The OECD’s “Base Erosion and Profit Shifting” principles are being incorporated into tax laws in some nations, requiring more transparency from corporate treasury departments.
Capital Raising & Corporate Finance
Celebrating 25 Years Of Investment
In April the European Bank for Reconstruction and Development (EBRD) commemorated a quarter-century of history, with president Suma Chakrabarti emphasizing how far the Bank had come since its first investment—to WBK Bank in Poland (now Bank Zachodni WBK).
Award Winners
Growing Strong And Clean
Ralph Hamers, CEO and chairman of ING Group, talks with Global Finance about how ING’s lending practices and use of fintech are bolstering the bank—and sustaining the environment.
Economics, Policy & Regulation
Iconoclast Economy Minister Mixes It Up
He’s a kickboxer and a football fanatic, an accomplished pianist and possibly the next president of France—and only 38.
Award Winners
Regulation, Diversification, Innovation
Nordea Chief Financial Officer Heikki Ilkka, appointed in December after many years with Ernst &Young, talked with Global Finance editors about how the bank is handling negative interest rates and regulatory challenges, and how it deploys technology to satisfy its customers.