|
CORPORATE
FINANCE |
|
|
MANAGING THE DOLLAR’S DECLINE
The melting greenback isn’t necessarily bad news. Still, CFOs must decide how best to adjust. (February 2008) |
|
SURVEY
SAYS FIX FX
Managing foreign currency exposure. (September
2007) |
|
MANAGING
THE FLOAT
How quickly can
China revalue the yuan? (September
2007) |
|
RE-ENGINEERING
FOREIGN EXCHANGE
FXall's strides
toward an integrated global currency trading platform as seen
by how it works at Cisco. (Dec/Jan
2003) |
|
THE
GREAT CURRENCY CLAMP-DOWN
The
new exchange-control policy in Malaysia has stabilized the ringgit,
but it's shaking up the lives of finance managers who have to
live with the plan. (Dec/Jan 1999) |
|
ADVENTURES
IN EUROLAND
CFOs in Asia stand
to benefit from a single currency in Europe -- if they take
the right line up the hill. (Dec/Jan
1999) |
|
|
AN ABERRANT ABACUS
Gauging the reliability of China’s dodgy economic statistics. (June 2008) |
|
SHARING THE DOWNSIDE
Why CFOs, on the whole, should buy more of their companies’ stock. (June 2008) |
|
ANOTHER TROUBLED MARKET
IPOs decline. (May 2008) |
|
RESTATE AT YOUR PERIL
The personal cost of restatements. (May 2008) |
|
NO UNCERTAIN TERMS
Creditors learn the delicate art of turning the screws. (April 2008) |
|
YES, WE’RE OPEN
Convertible bonds remain hot. (April 2008) |
|
STILL SHOPPING
Private equity stays strong in Asia. (March 2008) |
|
SIGNALS OF DISTRESS
America’s troubled bond issuers. (March 2008) |
|
SAVING FACE TIME
Talking to bank analysts. (February 2008) |
|
A HEDGE FUND MYSTERY
Big losses suffered by equity hedge funds last August may say something about systemic risk. (February 2008) |
|
THE NEXT FINANCIAL OASIS?
Islamic finance could be a promising well of capital for Asia’s CFOs, but many questions remain unanswered. (February 2008) |
|
INDIA’S TURN
As China phases out foreign investment incentives, companies may find havens in India’s special economic zones—if they get built. (February 2008) |
|
IS THE PARTY OVER?
Some of the excitement is gone, but Asia’s frenetic wheeling-dealing may resume next year. Plus: CFO Asia’s Best Deals of the Year Awards. (Dec 2007/Jan 2008) |
|
RESTATING YOUR CASE
Restatements as a fact of life. (Dec 2007/Jan 2008) |
|
DEBATING THE NEED FOR SPEED
The cost of accelerated buybacks. (Dec 2007/Jan 2008) |
|
BOUND TO GROW?
Spending IPO proceeds. (November 2007) |
|
ONE NATION, LEFT BEHIND
Banks in Asia and Europe may have the advantage over U.S. competitors because of Basel II. (November 2007) |
|
DEBT IN DISGUISE
The boundaries between receivables securitizations and loans are blurring. (November 2007) |
|
FEAR FACTORS
The global credit crunch is far from over. Six banking executives discuss their concerns. (November 2007) |
|
STILL
LENDING
Asia and the global
liquidity crunch. (June 2007) |
|
A
STEP BACKWARD?
Indonesia’s new investment law. (June
2007) |
|
MULTITASKING
Can bankers move beyond traditional
trade finance? (June 2007) |
|
DEVELOPMENT
LOANS, DIRT CHEAP
The Philippines gets more loans from China. (June
2007) |
|
| DAVID
GERALD, SECURITIES INVESTORS’ ASSOCIATION OF SINGAPORE
(Feb 2007) |
|
IN
THE COUNTRY OF NEXT MOVES
There’s more cash than ever in the world’s companies.
Why? (November 2006) |
|
THE
BIG GET BIGGER
Consolidation
among bookrunners is making it harder for small companies that
want to IPO. (November 2006) |
|
ARE
YOUR SECRETS SAFE?
Potential
for conflict and opportunities for self-enhancement abound with
what banks know about your company. (November
2006) |
|
MEET
YOUR NEW BANKERS
Should
you raise money from cash-rich hedge funds? (Mar
2006) |
|
CHEERS!
Asia’s corporates and dealmakers
celebrate a banner year, but how long will the party last?
(Dec 2005) |
|
READY
FOR THE GAME
As the economy
recovers, Japan’s banks look to rebuild overseas business.
(Dec 2005) |
|
HOW
GLOBAL IS YOUR BANK?
Even
the most global of banks cannot cover every corporate’s
needs. (Dec 2005) |
|
INSIDE
YOUR BANKER’S HEAD
Understanding how banks make money can mean a better relationship.
(Dec 2005) |
|
ONWARD
WITH THE PARTY?
Foreign
investors buy stakes in Chinese lenders and bring in best practices.
(Dec 2005) |
|
STUCK
ON YELLOW
Our 2005 cash
management scorecard reveals that US companies continue to be
cautious with their cash. (Oct
2005) |
|
HOW
TO TALK TO A HEDGE FUND
Keeping the lines open can be a good capital-raising strategy.
(Jul 2005) |
|
SHADOW
MARKET
Spurned by state-owned
banks, China’s private entrepreneurs turn to grey financing.
(Jul 2005) |
|
FLYING
THE INTEGRATION EXPRESS
DHL
tries to minimize the pain as it digests various acquisitions.
(Feb 2005) |
|
LIFT-OFF
The region's CFOs wheeled and dealt
robustly in 2004, making strides in M&A and helping local
markets grow. (Dec 2004/ Jan 2005) |
|
TRADE
FINANCE : A WHOLE NEW TRADE
The
old business has withered away, replaced by an increasingly
useful basket of services to manage working capital more effectively.
But are banks overdoing the complexity? (Sep
2004) |
|
RAISING
CAPITAL: LIABILITIES' LONG ARM
Asia's
issuers are waking up to US class-action suits. (Jul/Aug
2004) |
|
RAISING
CAPITAL: STAR PERFORMANCE
A
perfect alignment has led to a sun-burst of equity-linked deals.
(Jul/Aug 2004) |
|
FEATURE:
LEAN, MEAN, GROWING MACHINE
Growing
sales in Asia while keeping a tight rein on working capital
is never easy, but the CFOs of BASF and Honeywell are proving
that it can be done. (Nov 2003) |
|
FEATURE:
THE BIG SQUEEZE
Privatization
bids - dubbed squeeze-outs - are controversial at the best of
times and the latest have met with a very mixed reception. But
the share prices of several failed bids suggest a silver lining
for companies and investors. (Oct
2003) |
|
FEATURE:
CASH NEXUS
The promise of a
global center to manage cash and liquidity is being put to the
test by Sony. CFO Asia looks at the progress of the company's
global treasury, now operational. Is all that cash being put
to better use? (Jul/Aug 2003) |
|
FEATURE:
CLIPPING THEIR WINGS
The merging
of commercial and investment banks into the so-called universal
institutions has stirred concerns that these houses use their
cheap bank-deposit dollars to buy their way into lucrative investment
banking deals. The fear is that smaller banks and investment
houses can't compete, and CFOs will feel the pinch via rising
capital costs. (May 2003) |
|
FEATURE:
THE TWILIGHT REGULATOR
Following
the penny stocks fiasco last July, the Hong Kong stock exchange
has had to face up to the fact that it may be time to get out
of the regulations business. The move is crucial to Hong Kong's
integrity as a free market and long overdue. (Mar
2003) |
|
ALTERED
STATES - DEALS OF 2002
Seize
the day was the mantra of Asia's companies this year. Unfazed
by the crippling financial climate, they grasped the opportunity
to transform their businesses with innovative deals. CFO Asia
chooses the top ten deals for 2002. (Dec
2002) |
|
POLISHING
GEM
In the
eyes of Chinese companies, Hong Kong's tarnished Growth Enterprise
Market is regaining its luster. (Sep
2002) |
|
RATINGS
UNDER REVIEW
Recent measures
are the first steps in an overhaul of credit analysis in Asia
over the next few years. (Jul
2002) |
|
HOT
STOCK ENVY
Despite the sickly
stock markets, some small-cap stocks have taken off. Hong Kong's
Kingmaker, for one, has tapdanced all over the Hang Seng Index
for the past two years. But Tai Ping Carpets has not been so
fortunate. Its newfound profitability aside, investors are stepping
around ChinaÕs largest carpet maker. (Jul
2002) |
|
LE
PRIX FIXE
Are fee structures
for investment banking services starting to loosen? This year,
a few high-profile transactions hit the market with fees at
bargain rates. It turns out these are the exceptions that prove
the rule. Bankers generally agree that there are certain fee
'norms', based on the industry's pricing precedence, but deny
that there is any aspect of collusion. Still, how do banks manage
to keep their fees steady? (Jun
2002) |
|
ACCESS
PREMIUM
The majority of Asian
companies are totally missing the boat to cheap debt-market
funding. Investors remain wary of second-tier credits, so liquidity
tends to stay within a handful of the largest Asian names. For
those who do not belong to this club of corporate elite, the
access premium for the privilege of borrowing from global investors
is still too high. (Jun 2002) |
|
POV:
SUNK BY JUNK
Should an offer
that is too good to be refused be refused anyway? In the case
of ship owner Golden Ocean, the answer is yes. Fred Cheng, former
CEO of Golden Ocean, followed his bankers into a bumpy high-yield
bond issue that eventually led to the company's collapse and
bankruptcy. (Feb 2002) |
|
UPPER
LIMITS
It's a difficult time
for any small-to-medium-sized company to raise money, but for
the enterprising CFO funding can be found. (Oct
2001) |
|
FOR
WHOM THE BELL CURVES
A look
at options value in convertibles, and how they can affect the
performance of an issue. (Sep
2001) |
|
CORPORATE
FINANCE
To get financing today,
CFOs need to jump on an opportunity and take the risks that
go with it. Capital-seeking finance managers that act fast enough
can do wonders for their balance sheets, whether by taking advantage
of low interest rates or tapping private equity funds.
(Jun 2001) |
|
E-BONDS:
WILL THEY FLY?
Nearly a year
ago, Dow Chemicals became the first industrial corporation to
hold an Internet bond auction. Yet on-line bond auctions are
still more idea than reality. Thanks to widening spreads on
corporate bonds, raising debt capital has been a difficult proposition
on-line or off. But the method still remains an excellent way
for corporate issuers to lower their cost of capital.
(Apr 2001) |
|
CASH
ON DELIVERY
With prices for
technology stocks in retreat, how does a young company get funding?
(Dec/ Jan 2001) |
|
THE SHIPPING
NEWS
With trade on the rebound
in Asia, bankers are squeezing out costs and starting to innovate.
(Nov 2000) |
|
LIVING DANGEROUSLY
Despite the sharp improvement of Asian
economies, CFOs seeking cash must take some risks if they want
their company's growth to take flight. (Sep
2000) |
|
ROAD WARRIORS
Going public is a fast-track
to fame and fortune. The recent Nasdaq crash, however, has made
the racecourse that much trickier. (Jul
2000) |
|
IN BONDS
WE TRUST
Political risk insurance
can boost the ratings of companies with below-investment grade
bond offerings, facilitating funding. It is already transforming
other developing bond markets - and it's coming to Asia.
(Jun 2000) |
|
GETTING
REAL
CFOs are eyeing the use
of real options as an alternative to net present value measurements
as a way to evaluate capital investments. That's because real
options can "capture" a company's opportunity to expand
or scrap a project depending on how market changes affect its
value. (Feb 2000) |
|
ROUGH
SEAS FOR L/Cs
Convincing bankers
to issue a letter of credit is simple - assuming your company
has endless receivables, a reservoirs of excess cash and an
impeccable balance sheet. (Jan
2000) |
|
PUBLIC
OFFERINGS
Putting together
an investor relations program requires time, guile and a commited
CFO. (Sep 1999) |
|
THE
BIG CHILL
Banks may not be
lending much, but CFOs can still help their companies land credit
facilities. (Jun 1999) |
|
HARD
TIMES FOR EASY MONEY
To raise
capital in Asia these days, CFOs are having to improve disclosure,
appease investors, manage risks better and seek out wider sources
of funds. This is a bad thing? (May
1999) |
|
THE
RIGHTS STUFF
Cash-strapped
CFOs are taking another look at the benefits of a rights issue.
(Mar 1999 POV) |
|
TOMORROW'S
CASH TODAY
Faced with sky-high
capital costs, some CFOs in Asia eye asset-backed securitization.
(Feb 1999) |
|
|
TO INFINITY AND BEYOND
China is developing a local private-equity industry partly at the expense of foreign investment firms. But one Israeli fund has discovered an unlikely path to success. (June 2007) |
|
THE BUYOUT
BINGE
The massive flow of
funds into private-equity firms has created monster deals, and
no one is quite sure how it will all end. (Apr
2007) |
|
DEALWATCH:
BOUNCING BACK
Four banks in
Japan are enjoying a renaissance under foreign ownership.
(Mar 2004) |
|
DEALS OF
THE YEAR: A BETTER FIELD OF PLAY
In
a tough year for dealmaking, marked by Sars, war in Iraq, and
- at the outset - global economic doldrums, the top deals shone
in proportion to their ingenuity. (Dec
2003) |
|
POINT OF
VIEW: SPOON-FED FINANCE
Giving
the CEO a concise, easily understood summary of the numbers
can be one of the CFO's toughest jobs. Here's one CFO's solution.
(Apr 2002) |
|
DEALS OF
THE YEAR: ON THE BALL
With
daring and panache, Asia's companies went to work in 2001 to
raise money, grow larger and become more competitive. These
companies braved tough market conditions o get their deals done.
CFO Asia chooses the top ten for 2001 (Dec
2001) |
|
THE TELEPHONE
GAME
Globe Telecom's merger
with Islacom in the Philippines is a case study in how to include
foreign partners in a restricted market. (Jun
2000) |
|
JOINT VENTURES
IN CHINA
China Unicom signed
agreements with foreign companies to help develop cellular and
wire-line networks throughout China. But now the government
is forcing them out. Here's how one company plans to fight rather
than take its money and run. (Apr
2000) |
|
THE MORNING
AFTER
As cross-border mergers
and acquisitions accelerate in Asia, two experts warn CFOs to
think long and hard about synergies before taking the plunge.
(Mar 2000) |
|
VALUING
YOUR DOT.COMRADES
Dazzling
market prices of dot.com companies have prompted a spate of
Internet-company aquisitions in the region. For the CFO tapped
to evaluate the worth of a dot-com company, the task is daunting.
Here's how one investor and a team of entrepreneurs produced
a sensible evaluation in the anything-goes world of Asian Internet
investment. (Mar 2000) |
|
PERFECTING
THE END GAME
When partnerships
sink, companies with solid exit strategies can avoid major grief.
(Nov 1999) |
|
THE MOST DANGEROUS
GAME
For CFOs in Asia, the
opportunity to buy and sell corporate assets has never been
greater. Neither has the risk. (Sep
1999) |
|
DUNGEONS AND
THE DRAGON
For finance managers,
due diligence in China can be a house of horrors. (Mar
1999) |
|
RED CHIPS
AND WHITE KNUCKLES
Partnering
with a Chinese company can be a nerve-racking affair. But one
China hand says things may be getting better. (Feb
1999 POV) |
|
PULP FRICTION
The takeover battle for Thailand's
Phoenix Pulp and Paper, the country's largest pulp producer,
is a tale of corruption, fraud and greed. To date, no winners
have emerged; everyone involved is losing. (Dec/Jan
1999) |
|
|
HEADED
FOR A HARD LANDING?
China’s
stock markets – too hot? (May
2007) |
|
BAND
OF BROTHERS?
Private equity
firms take the group approach to buy big. (Sep
2005) |
|
LATE
FOR THE BASEL
Are Asia’s
second-tier banks ready to comply with the accord? (May
2005) |
|
LOCAL
BANKS VS. THE GLOBALS
Once
given up for dead, Asia’s local lenders are giving the
international giants a run for their money. (Apr
2003) |
|
BASEL'S
NEW BALANCE
A new accord from
the Basel Committee on Banking Supervision may soon help financial
institutions lend more for less. (Dec
2003) |
|
ON
CONDUITS
Conduits, special
purpose vehicles increasingly touted by financial institutions,
can be used to garner fee business in exchange for cheap loans.
Is this loan-tying? (May 2003) |
|
TAIWAN'S
DIRTY LITTLE SECRET
Short-selling
of the underlying shares around the pricing of a convertible
bond issue is giving Taiwan's bond market a bad name.
(Mar 2003) |
|
MONEY
FOR NOTHING
Loans are cheap
these days. With key base rates at their lowest levels in 40
years, no wonder Asian CFOs have become so fond of them. But
the lending is not lucrative for banks, and bankers have begun
combining their loan and bond desks, trying to siphon demand
for one form of borrowing to the other. (Feb
2003) |
|
LIFE
AFTER DEATH
The South Korean
government's wiping out of the non-performing loans problem
during the Asian crisis has led many other Asian governments
to take heed of its solution: the introduction of a new capital
market based on securitization. (Dec
2002) |
|
THE
SOFT SELL
If you're thinking
of an IPO, here's a primer on both soft and hard underwriting.
Soft underwriting is done on a best-effort basis and leaves
most of the risk with the company. In hard underwriting the
bank accepts the risk, but these deals can be hard to find.
(Jul/Aug 2002) |
|
CASH
CALLS
Finance chiefs in the
region are taking advantage of low interest rates to refinance
maturing debt. But in some cases a complete transformation of
the credit profile would be better. Globe was the only Asian
telecommunications company to tap the global high-yield bond
market this year - and it did so with success. (May
2002) |
|
CAPS
OFF
Companies in countries
with currency controls are starting to break the barriers of
sovereign caps. But even more telling, investors are sometimes
discounting the caps when these companies go to the markets
to raise funds. And countries themselves are also occasionally
getting better rates than the sovereign cap would warrant. For
these countries, the cap is becoming less rule than rule-of-thumb.
Asian spreads to US treasuries continue to rally. (Apr
2002) |
|
PUT
IT PROPERLY
With the IPO market
dead for the time being, some CFOs are using more creative means
to raise funds. Convertible bonds are essentially equity issues
with a hybrid of bonds, that are a cheap cost of funding as
most recent ones have leaned towards a zero coupon. But CFOs
beware; these bonds can burn you if not handled with care.
(Mar 2002) |
|
THE
DEBT MONSTER
The short history
of Pacific Century CyberWorks is more a read on financing and
related deal-making than serving markets. But the cost of its
deals has become a less-than-academic matter - its cost-cutting
has resulted in the loss of 846 jobs and it raised tariffs 20
percent for its phone service, as the amount paid to its bankers
soared in 2001 to nearly the equivalent of what it pays its
staff. (Feb 2002) |
|
GOOD
CONNECTIONS
How could SingTel
pull off a record-breaking corporate bond issue in today's treacherous
market? For one, it had a different investment story to tell.
It also structured the issue to tap three different investor
bases. (Dec 2001) |
|
UOB
SCORES A GOAL
The recent S$1.3
billion (US$724 million) bond issue by United Overseas Bank
made the record books. (Nov 2001) |
|
WATCH
OUT, FANNIE MAE
Structuring
assets for sale before they mature remains almost unknown in
the region. But in the Philippines this is about to change.
(Nov 2001) |
|
TAKING
STOCK
The Chinese stock markets
are not what they seem. Authorities blame the ills of China's
markets on small investors....yet evidence shows that there
are in fact a huge number of informal funds. (Oct
2001) |
|
COLD
COMFORT
Hutch considers a guarantee;
China tames its stock market. (Sep
2001) |
|
CHANGE
OF HEART
Sovereign ratings
will no longer hold back blue chips at Moody's; Americans are
in love with non-US equities. (Jul
2001) |
|
COMMON CURRENCY
Foreign exchange trading on-line levels
the playing field; Chinese companies hunt for fresh capital.
(Jun 2001) |
|
NEGATIVE
VIBES
Rating agencies get tough;
Hutch goes opaque. (May 2001) |
|
THE STANDARD
BEARERS
Washington-based Carlyle
Group, which has strong and long-held ties to both US President
George W Bush and his father, is making a splash in Asia; The
Philippines' new administration is betting it can raise up to
US$2 billion in bonds, backed in part by revenues from gambling
casinos. (Apr 2001) |
|
ROBBING
HONG KONG
The Singapore Exchange
goes public and competes with Hong Kong. (Mar
2001) |
|
THE THAIS
UNBIND
Foreigners get a new
way to invest in the Thai market; and a Hanjin innovation.
(Feb 2001) |
|
DING'S DEBUT
China Mobile Hong Kong comes up with
the right mix ; Singapore Airlines risks some cash to expand.
(Nov 2000) |
|
AN LBO TASTER
Are leveraged buy-outs finally becoming
more popular in Asia? Don't hold your breath. Also, JP Morgan
wants it all. (Oct 2000) |
|
LOCAL BOND
BOOST; A FRESH LOOK AT JUNK
Regulators
in Korea and Malaysia are lending a hand to domestic bond markets.
(Sep 2000) |
|
SAMURAI
BONDING; DINERS' DELIGHT
CFOs
seeking funds are looking to Japan; Securitization in Singapore
(Jul 2000) |
|
|
PICKING UP THE PIECES
In the wake of a broken deal, how do companies move on? (May 2008) |
|
THE
ANSWER IS PRIVATE
Private-equity
investors may soon be knocking on your door. (Feb
2005) |
|
Translucent
Temasek
The powerhouse Singapore
investment vehicle published its first annual report recently.
Look carefully, and you may find impressive results.
(Nov 2004) |
|
Catch-up
IPO
A new take on the summer's
most celebrated IPO. Did Tata wait too long, and did it get
enough, from its showcase issuance? (Sep
2004) |
|
The
Runaway Market
A deal frenzy
has hit India's mobile phone sector. (Jul/Aug
2004) |
|
Great
Expectations
Dotcom travel
consolidator Ctrip has become a hot property on Nasdaq. CFO
Neil Shen is counting on China's newly empowered travelers to
deliver on the hype. (Jun 2004) |
|
Acquired
Tastes
How to survive a buyout
if you're the CFO of the target company. (May
2004) |
|
Let
a Thousand IPOs Bloom
How one
venture capitalist is building his own Silicon Valley in China.
(Apr 2004) |
|
Frankfurt
– All Aboard!
Hubei Pharmaceutical's
listing in Frankfurt culminates a cleverly executed investment
plan. (Feb 2004) |
|
India's
Yellow Brick Road
The success
of Tata Sons' US$100 million issue demonstrated Asian banks'
passion. (Dec 2003) |
|
Deal
Breakers
Buyers are giving
themselves more outs by greatly expanding material adverse change
clauses. (Nov 2003) |
|
Doubly
Blessed?
Integrating HP and
Compaq may have been the easy part. Can the combined company
beat powerhouses like Dell and IBM at their own game?
(Oct 2003) |
|
Best of
Both Worlds
China's push for
free markets has been fast - so fast, in fact, that several
accounting standards seem to be operating at once. China Southern's
recent A-share listing shows how one CFO navigated the cloudy
issue of disclosure in a local market deal. (Sep
2003) |
|
JV
On The Rocks
Without plenty
of attention and tender loving care, joint ventures may run
aground. One of the reasons that they often do is that the corporate
partners simply do no prenuptual planning. (Jul/Aug
2003) |
|
Creditors
Win One
The Jinro creditors
suit in South Korea, in which Goldman Sachs forced Jinro's management
into bankruptcy, may prove to be a watershed case, setting a
precedent for tougher action by debtholders throughout the region.
(Jun 2003) |
|
Turning
the Tide
China's government
is keen to find new ways to finance the world's biggest hydropower
project. (Apr 2003) |
|
Sizing the
X-Factor
China Telecom's multibillion-dollar
dual listing is complicated by government meddling. (Nov
2002) |
|
Un-Chartered
Waters
Chartered Semiconductor's
disastrous rights offering is regarded as an enormous management
mistake. But events prior to the deal suggest that this explanation
is too simple. (Oct 2002) |
|
The
Mystery of 551 Revealed
Hong
Kong-based Tom Group has financed 19 acquisitions over the past
two years by exchanging its stock at a set rate of HK$5.51.
Intriguingly, its share price has been below that magical figure
all the while. Just why do companies accept Tom shares at such
a big premium to market rate? (Sep
2002) |
|
The
0.1 Percent Solution
With tougher
competition globally and dull economic performance, Japanese
companies are starting to accept that having a new owner or
co-owner is better than going it alone. But mergers raise the
question of who's in charge. Roche's acquisition of Chugai Pharmaceutical
shows how a company can widen its access to the Japanese market
if it is prepared to tread very carefully. (Jun
2002) |
|
Winning
Markets, Not Friends
Of all
Asia's former telecom stars, only SingTel maintains some momentum
and a semblance of a growth strategy. But what SingTel also
has is a withering share price - investors think it has spent
too much on certain acquisitions. (May
2002) |
|
LOAN
RANGERS
In a precedent-setting
transaction for China, its banks came up with the largest loan
to a foreign company to date. More remarkable is that the banks
were lending in US dollars, proving that China's banks are more
competitive than originally thought. (Apr
2002) |
|
DRAM THE
TORPEDOES
US memory chip manufacturer
Micron is expected to gobble up the core dram assets of its
heavily indebted competitor, Korea-based Hynix. But the two
sides haven't been able to reach agreement on price, with Micron
offering about half what Hynix wants. (Feb
2002) |
|
SEED MONEY
Environmental projects can pay in China,
as Canada's Sino-Forest learned. Turned away by commercial banks,
Sino-Forest financed its management of some 60,000 hectares
of trees in China from development banks. (Nov
2001) |
|
NIGHTMARE
ON WIMPOLE STREET
Singapore's
Parkway Holdings ventured into London's hospital business, but
an inhospitable welcome from the industry's incumbents turned
the venture into a cash burner. (Oct
2001) |
|
GRAINY
PICTURE
Acquiring privately
held foreign assets can be a double-edged sword. (Sep
2001) |
|
TAI
BREAKER
One of China's most
successful companies, Legend, hived off its distribution arm
and listed it at the same time, solving several problems at
once. (Jul 2001) |
|
WHEN
2 PLUS 2 EQUALS 5
Two companies
merge to create a sum that is larger than its parts.
(Jun 2001) |
|
JAKARTA
CALLING
In Indonesia's booming
telecom sector, a deal to level the playing field raises as
many questions as it answers. (May
2001) |
|
WHEN POLITICS
PAY
One Indian company's successful
bid to buy a stake in an oil and gas project in far-off Sakhalin
Island will help it meet its domestic demand. It should also
bring big returns. (Apr 2001) |
|
FIZZ OR
FIZZLE
On the face of it, San
Miguel's repurchase of Coca-Cola's bottlers in the Philippines
looks like a great deal. But did they pay too much? (Mar
2001) |
|
GRAB YOUR
PARTNER
NTT DoCoMo has joined
up with ATT for its long-awaited entry into the US market. The
team effort looks good, but the timing may be off. (Feb
2001) |
|
OFF
THE STARTING BLOCKS
Ten deals
that shook the region in 2000. (Dec/
Jan 2001) |
|
HANJUNG'S
TRIPLE JUMP
In South Korea,
privatizations can be a tough sell. Hanjung has improved its
chance for success by taking a three-pronged approach.
(Nov 2000) |
|
FROM JUNK
TO GOLD
Investment-grade paper
from a junk-rated company has long been an impossible dream.
For Indonesia's Asia Pulp and Paper, it's now reality.
(Oct 2000) |
|
TERMINAL
FUNDING
Tapping the bond market
for project finance is difficult, but not impossible, as one
Malaysian company has discovered. (Sep
2000) |
|
LET'S TALK
The largest mobile phone provider in
Malaysia got to the bargaining table early and learned that
cooperation pays dividends. (Jul
2000) |
|
DEAL OF
THE CENTURY
The man on the
financial highwire in the Pacific Century Group's US$38 billion
mega-deal to buy Cable & Wireless HKT is Francis Yuen, the
company's vice-chairman and head of finance. A day-by-day look
at how he's managing the deal of the Century. (Apr
2000) |
|
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