Daily Archives: May 11, 2010

Drug groups step up emerging markets push

May 11, 2010 11:31 pm by Shannon Bond

More signs today that big pharma is looking to expand its reach in emerging markets: GlaxoSmithKline is taking a 9.9 per cent stake in South Korea’s Dong-A Pharmaceutical, while Abbott Labs is licensing drugs from Zydus Cadila, an Indian group, to sell in developing countries including Brazil, Russia and Mexico.

Continue reading: “Drug groups step up emerging markets push”

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Posted in Asia, Global, India, South Korea |

[Exclusive] London chosen for Baltic state sell-off

May 11, 2010 11:00 pm by Miles Johnson

On first glance the Baltics would appear an unlikely setting for a roaring petro-economy. But the hotels of Tallin may soon be busy with international energy investors.

Estonia’s national energy company has lined up advisors for a UK stock market listing in what would be the biggest foreign privatisation on the London market in three years. The Estonian cabinet is expected to decide this week on whether to sell around a quarter of the state-owned Eesti Energia into the public markets for between €400-€500m.

Continue reading: “[Exclusive] London chosen for Baltic state sell-off”

Posted in Estonia, Europe |

Americas markets wrap: Europe and China keep stocks from extending rally

May 11, 2010 10:49 pm by Shannon Bond

Latin American stocks and currencies were mostly lower on Tuesday as fears that China may be overheating and ongoing concerns over European debt pushed investors away from extending Monday’s rally.

“This is a reflection of a reduction of risk in asset exposure rather than any endogenous risk in the emerging markets,” said Michael Roche, a global emerging markets analyst at MF Global.

Continue reading: “Americas markets wrap: Europe and China keep stocks from extending rally”

Posted in Global, LatAm |

América Móvil’s canny move points to growth strategy

May 11, 2010 8:40 pm by Adam Thomson

Taken strictly at face value, América Móvil‘s tender offer today for Carso Global Telecom and Telmex Internacional might appear to some as a lot of paperwork for relatively little gain.

Continue reading: “América Móvil’s canny move points to growth strategy”

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Posted in LatAm, Mexico |

Argentina to Greece: don’t do what we did

May 11, 2010 5:36 pm by Jude Webber

The EU and IMF’s massive €110bn EU bailout for Greece will fail. This is the stark view of Argentine President Cristina Fernández, whose country had the dubious distinction of crashing into the world’s biggest debt default in 2001, on nearly $100bn.

Speaking at an event on Monday night to refinance debt for Argentina’s provinces, which are mired debt, Fernández said the Greek rescue plan repeated “the same recipes that they applied to us and that provoked (what happened in) 2001″.

Continue reading: “Argentina to Greece: don’t do what we did”

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Posted in Argentina, LatAm |

FT makes light reading…

May 11, 2010 5:10 pm by Stefan Wagstyl

The FT has the reputation as a heavyweight among newspapers, even a superheavyweight, especially when all the supplements and special reports are considered. But here, for the benefit of beyondbrics readers, is conclusive proof that it weighs nothing at all. Indeed, less than nothing.

Posted in Global |

Brazil: choosing partners for the Vivo samba

May 11, 2010 4:41 pm by Jonathan Wheatley

Spain’s Telefónica must have thought it was making an offer Portugal Telecom could not refuse: €5.7bn for its stake in Vivo, Brazil’s biggest mobile operator, of which the Spanish and Portuguese companies have shared control. That is a lot more than the €3bn-plus offer Telefónica made in 2007 and represents a premium of more than 150 per cent to the current value of the controlling shares. But it was still not enough.

Continue reading: “Brazil: choosing partners for the Vivo samba”

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Posted in Brazil, LatAm |

The race begins for Bank Zachodni

May 11, 2010 4:09 pm by Jan Cienski

Action is heating up around the potential sale of Poland’s fifth-largest bank, Bank Zachodni WBK. The bank is being put on the block by its troubled owner, Allied Irish Banks, which is looking to offload its foreign affiliates in an effort to raise capital. And now potential buyers are coming out of the woodwork. 

Continue reading: “The race begins for Bank Zachodni”

Posted in Europe, Poland |

India’s 3G bidding hits a $3bn high

May 11, 2010 3:18 pm by Joe Leahy

When the price of pan-India spectrum in the country’s ongoing auction of airwaves for third generation mobile networks reached $1.9bn last month, analysts were already describing the bidding as moving beyond “rational” levels. Kunal Bajaj, director for India at Analysys Mason, a consultancy, said bidding at that time was by one measure already more than double the high end of international benchmarks.

Few would have imagined that nearly two weeks later, the bidding would still be continuing, this week hitting $3bn. And there is yet another auction to come – the sale of broadband wireless access spectrum, which will kick off after the 3G process ends.

Continue reading: “India’s 3G bidding hits a $3bn high”

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Posted in Asia, India |

Russia draws up plans to cool ‘hot’ money, says Shuvalov

May 11, 2010 2:45 pm by Neil Buckley

Russia is not planning to introduce Brazilian-style capital controls or tax short-term inflows, as suggested by the Interational Monetary Fund, says Igor Shuvalov, first deputy prime minister. But it is looking at slowing flows of “hot” money into the country through increasing banks’ reserve requirements on short-term inflows.

Continue reading: “Russia draws up plans to cool ‘hot’ money, says Shuvalov”

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Posted in Europe, Russia |

Turkey sets out new rules, now it has to obey them

May 11, 2010 2:25 pm by Delphine Strauss

Turkey may be an aspirant to European Union membership, but it has no wish to be associated with the bloc’s current economic convulsions.

As the European Central Bank threw its weight behind the eurozone rescue package, Ali Babacan, Turkish economy minister, was announcing details of a long-awaited fiscal rule, no doubt hoping to convince markets that Turkey’s management of public finances will bear no relation to that of its Mediterranean neighbours.

Continue reading: “Turkey sets out new rules, now it has to obey them”

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Posted in Europe, Turkey, Uncategorized |

Video: Brazil sets 6% growth limit

May 11, 2010 2:03 pm by Financial Times

Yesterday our Brazil correspondent Jonathan Wheatley posted here on his interview with Brazil’s finance minister Guido Mantega. Here’s the full video interview:

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Posted in Brazil, LatAm |

IMF to Russia: this is a ‘golden moment’ to rethink monetary policy

May 11, 2010 2:02 pm by Courtney Weaver

If there’s one word to describe the International Monetary Fund’s outlook on Russia it is cautious, cautious, cautious.

In Moscow to present the organisation’s biannual report on Europe, IMF representatives praised Russia’s fiscal stability against the backdrop of the continent’s sovereign problems, noting the country’s large stockpile of reserves and low level of government debt. But for all its praise of the Russian government’s response, the IMF was quick to note these compliments only applied to the short-term.

Continue reading: “IMF to Russia: this is a ‘golden moment’ to rethink monetary policy”

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Posted in Europe, Russia |

Cash-rich Arab states try to connect

May 11, 2010 1:40 pm by Robin Wigglesworth

For a region that is closely related by culture, religion, language and economic structure, the Arab Gulf is remarkably disconnected logistically.

Roads criss-cross the sandy dunes of the Arabian peninsula, but experts say they are hopelessly insufficient and a major hindrance to internal trade among the six Gulf Cooperation Council countries. Saudi Arabia is the only country to have any sign of a railway system.

But this situation looks to be changing as Abu Dhabi’s newly established Union Railway announces plans to spend about $11bn on a 1,5000km railway across the United Arab Emirates and will start the bidding process for investment in the next two months, as Dow Jones reported today.

Continue reading: “Cash-rich Arab states try to connect”

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Posted in Middle East, Saudi Arabia, United Arab Emirates |

Market rally helps Poland’s PZU to IPO

May 11, 2010 1:00 pm by Jan Cienski

The €750bn rescue of the eurozone orchestrated by EU leaders is being greeted with relief in Warsaw even though the country does not use the euro. The steep rebound in markets after last week’s panic is calming anxiety around tomorrow’s initial public offering of PZU, central Europe’s largest insurer.

Continue reading: “Market rally helps Poland’s PZU to IPO”

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Posted in Europe, Poland |
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