'Tis the season
I suppose we’re supposed to be jolly, but it’s difficult not to be worried. As you can see in our cover story and the awards write-ups, much of 2011 was marked by market closure. It seems entirely likely that 2012 will be similar, given that Europe is nowhere closer to sorting its debt issues and the US will be distracted by its presidential election-year political circus.
Asia won’t be free of its own home-grown drama. Protests have been on the rise in Guangzhou as workers demand more overtime but manufacturers are receiving fewer orders because their pricing is less competitive. That is a result of having to pay higher minimum wages. As we went to press, news broke that North Korean dictator Kim Jong Il had died, which could be a destabilising factor in Korea. And Thailand’s political situation could implode thanks to economic pressure from the floods coupled with an increasing number of people jailed for les majeste.
And yet, there is reason to be hopeful. As we point out in our Malaysia report, their economy is getting a boost from economic reform and the success of Islamic finance. Similarly, we point out that Bangladesh, an economy often ignored because the nation mostly appears in the press after a natural disaster, has a vibrant entrepreneural class that may put the nation on the map. But most important, our awards write ups underscore how proactive and innovative the banking community is here in Asia in helping forge new companies with innovative M&A, and in bringing to market deals when any window of opportunity opens. Lara Wozniak, Editor lara.wozniak@financeasia.com
REGULARS 4 Deal of the month HKT Trust's $1.2 billion IPO 6 Primary markets A summary of key equity and debt deals 18 Asia in numbers Offbeat numbers from the region 20 Month in Asia Political and conomic news briefs 22 Investor Dialogue Suchad Chiaranussati, managing director and founder of Real Estate Capital Asia Partners 26 People on the move News of the latest hires and moves 140 CFO Solutions Pilar Morais, chief executive and financial officer of CHI Residences 144 Reel Lessons The Debt COVER STORY 28 Boxed in The insanity in the rest of the world constrained deals in Asia AWARDS 34 Achievement Awards Our annual look at Asia’s best banks and deals FEATURES 59 Trade banks enter choppy waters Asia’s importers and exporters will turn to structured trade loans 76 Asia threatened by crises in the West DBS and guests discuss the risks of contagion from developed markets 82 Behind China’s wealth gap Inequality is on the rise 110 Succeeding in the West Challenges facing Chinese companies listing offshore 116 Confidence crisis 2011 marked the decline in listing of new Chinese ADRs 118 Gold rush Owen Hegarty talks about raising money for new exploration 132 Qantas makes Asia play Will the company’s plan to move costs offshore work? 134 The cost of justice The Khmer Rouge’s court hearings 136 Asia to the rescue The BOAO Forum for Asia in Paris 138 Societe Generale’s Asia outlook Committed to growth 142 Celebrating our Top 20 Women in Finance Photos from the luncheon REPORT JAPAN 64 Stocks for building blocks Funding reconstruction of Japan 66 FX as an asset class New opportunities in Japan 68 Japan’s contrarian fate Why some investors think the time is right to re-think Japan 72 What’s occupying Japan lately? New opportunities for the country’s energy-related industry 74 New ways to grow Japan’s mid-tier companies are making global acquisitions REPORT BANGLADESH AND SOUTHEAST ASIA 86 Rethinking Bangladesh Bangladesh is emerging as a viable destination for investment 88 Unlocking a world of potential: the Bangladesh journey HSBC/FinanceAsia roundtable discussion 96 Landing in the limelight Political actions that are bad public relations moves 100 Bangladesh’s entrepreneurs are worth watching Their success is often overlooked 102 Challenging management Meet the founders of Institutional Investor Advisory Services 106 India’s interest in Africa Much has been made of China’s investments into Africa, but check out India’s input REPORT MALAYSIA 120 Getting re-elected Prime Minster Najib Razak is banking on a strong economy 126 Islamic finance to the rescue Its use is on the rise 130 Brain drain Malaysia needs to figure out a way to retain its best and brightest
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