Daily Archives: July 16, 2010

Americas markets wrap: Stocks end week lower on US worries

July 16, 2010 10:00 pm by Shannon Bond

Share this on

Latin American markets fell sharply on Friday to end the week lower as a weak US consumer confidence reading stoked worries over the health of the world’s largest economy. Disappointing earnings from a number of bellwether companies also weighed on sentiment.

“In the reports we are seeing profits beat, but sales are below estimates. We are seeing with all the layoffs the companies are profitable, but demand is not activating,” Carlos Alonso, a trader at brokerage Interacciones in Mexico City, told Reuters. Continue reading »

Posted in Global, LatAm | Permalink

Mexico holds rates steady amid hopes of renewed domestic demand

July 16, 2010 9:12 pm by Adam Thomson

Share this on

Mexico’s central bank on Friday left interest rates unchanged at 4.5 per cent, the lowest level since the bank started setting a reference rate towards the end of 2005.

With inflation now appearing a distant threat – it has fallen for the last three consecutive months – there is almost no chance that the bank will change rates before the end of the year. Indeed, many economists now believe that interest rates will remain at present levels until at least the second quarter of 2011. Continue reading »

Tags: central banks, monetary policy Posted in Mexico | Permalink

Economic woes raise stakes in Venezuelan election

July 16, 2010 8:25 pm by Shannon Bond

Share this on

As the official campaign for Brazil’s October presidential election gets underway, markets seem unconcerned about the outcome, as both candidates are expected to carry on the market-friendly policies of the incumbent president, Luiz Inácio Lula da Silva.

Not so in Brazil’s neighbor to the north. Venezuela’s legislative elections, scheduled for September 26, are a “watch-this-space development,” according to Michael Roche, emerging markets strategist at MF Global.

Investors will be closely watching the election results, he told beyondbrics, for a signal about the direction of Venezuela’s economy. Continue reading »

Tags: bonds, elections Posted in Venezuela | Permalink

CEE markets wrap: investors wobble; currencies slip against euro

July 16, 2010 5:42 pm by Henry Mance

Share this on

Global concerns about the weakness of US economic recovery took their toll on central and east European markets on Friday.

Currencies, including the Russian rouble, the Polish zloty and the Hungarian forint, suffered from a general flight to safety. The rouble sank 0.3 per cent to a three-month low against the euro at 39.434: the zloty and the forint both slipped 0.8 per cent. Continue reading »

Posted in Europe, Global | Permalink

Brazil: the ghost of BP overshadows Lula’s oil celebration

July 16, 2010 5:11 pm by beyondbrics

Share this on

By Andrew Downie in São Paulo

Brazilian President Luiz Inácio Lula da Silva yesterday flicked a switch, opened a valve, turned a wheel, or did whatever it is petroleum engineers do, and heralded a new beginning for his nation.

Lula’s symbolic move marked the start of commercial oil production from the pre-salt fields, the vast, deep-water reserves of crude that promise to transform Brazil into a key energy producing nation.

But this historic moment passed with the minimum of pomp and circumstance. A combination of events seems to have encouraged Lula to play it cool – ranging from the BP disaster to the complex politics surrounding Petrobras, the national oil company. Continue reading »

Tags: oil & gas, Petrobras Posted in Brazil | Permalink

Local business, global network: Naspers seeks to conquer the emerging world

July 16, 2010 3:30 pm by Richard Lapper

Share this on

This week South Africa’s Naspers spent $388m for a stake in Russian internet group Digital Sky Technology – thus confirming its status as one of the country’s most prolific emerging market players. But what does the $15bn pay TV and internet company do next? Continue reading »

Posted in Brazil, Russia, South Africa | Permalink

Deal of the day: Honam in $1.25bn Asian plastics acquisition

July 16, 2010 3:03 pm by beyondbrics

Share this on

By Thomas Williams of mergermarket.com

Polymer-makers are often better binding molecules than companies. But after several years of searching, Titan Chemicals has finally found an outside investor – and Honam Petrochemicals has extended its regional influence.

Honam, South Korea’s second-largest ethylene maker, will buy Titan, a Malaysian company which supplies plastics manufacturers, in a deal that values the latter at $1.25bn, above its market valuation of $1bn. Continue reading »

Tags: M&A, mergermarket Posted in Asia, Global, Malaysia, South Korea | Permalink

Thailand: the prime minister and the mobile phone texts

July 16, 2010 1:55 pm by Tim Johnston

Share this on

Given that a past prime minister of Thailand lost his job for appearing on a cooking show, could Abhisit Vejjajvia, the incumbent, and Korn Chatikavanij, the Finance minister get kicked out because of a mobile telephone text message?

After cogitating for 18 months, Thailand’s National Anti-Corruption Commission was expected to give a verdict today in a case in which Korn asked three mobile telephone operators to send out free texts to more than 17m subscribers. But it didn’t – adding more political uncertainty to a country that already has more than its fair share.

Posted in Thailand | Permalink

Chinese energy use: a sudden revision in the numbers

July 16, 2010 1:29 pm by beyondbrics

Share this on

By Leslie Hook in Hong Kong

It’s amazing what a bit of creative accounting can do. As recently as last week, China looked set to miss its energy intensity targets for the end of this year by a wide mark.

But now, after revisions from the National Bureau of Statistics, the country is within reach of its targeted 20% reduction in energy intensity from 2005 levels. Beijing has long called for energy intensity—a measure of power consumption per unit of GDP—to be a global benchmark for environmental regulation. Continue reading »

Tags: energy Posted in China | Permalink

Only the best will do: China upgrades its trucks

July 16, 2010 12:30 pm by Patti Waldmeir

Share this on

Europe’s biggest truckmaker and China’s biggest truckmaker have been courting for years. Finally, Beijing has said they can marry. Continue reading »

Tags: FDI, transport Posted in China | Permalink

Global M&A: New Europe stirs

July 16, 2010 12:00 pm by Henry Mance

Share this on

Five per cent is not usually a remarkable figure.

But when it measures Central and Eastern Europe’s share of a half-year in global M&A, then it’s a record.

According to mergermarket, the CEE region saw M&A deals rise to $31.8bn in the second quarter of 2010. In real terms, it’s the first time value has passed $20bn since the same period in 2008 – an impressive show of confidence by cautious foreign investors. Continue reading »

Tags: M&A, mergermarket Posted in Europe, Global | Permalink

New York headlines

July 16, 2010 11:50 am by Josh Noble

Share this on

*AgBank said to ask underwriters for 36% IPO fee cut

*China, Germany sign 10 agreements during Merkel visit

*John Mack joins China’s CIC as advisor

*TSMC says plans $9.4bn Taiwan plant

*Hong Kong Aviation seeks $4bn to double leasing fleet Continue reading »

Posted in Global | Permalink

Minsk and Managua to get 4G before Manchester

July 16, 2010 11:45 am by beyondbrics

Share this on

By Maija Palmer, technology correspondent

While mobile phone operators in Western Europe deliberate over when and how they are going to roll out the next generation of super-fast, 4G mobile broadband services, Russian start-up Yota is quietly rolling out these advanced networks across a number of emerging markets. Continue reading »

Tags: internet Posted in Russia | Permalink

Asian markets wrap: Indonesia posts fresh high; currencies prove resilient

July 16, 2010 11:25 am by Henry Mance

Share this on

Fears of a dipping global economy hit shares in Korea, Taiwan, the Philippines and Malaysia, but other Asian markets proved unexpectedly robust in Friday’s trading. Continue reading »

Posted in Global | Permalink

Russia: the shopper makes a modest comeback – on tick

July 16, 2010 11:10 am by Courtney Weaver

Share this on

The Russian consumer is back—and she’s using credit.

After two years of crisis-induced parsimony, Russian consumers are gradually starting to spend again as employment improves, real wages grow and banks are ready to supply finance, at least to the better-off shopper. Continue reading »

Posted in Russia | Permalink

Older entries

beyondbrics

Daily Archives: July 16, 2010

Americas markets wrap: Stocks end week lower on US worries

Mexico holds rates steady amid hopes of renewed domestic demand

Economic woes raise stakes in Venezuelan election

CEE markets wrap: investors wobble; currencies slip against euro

Brazil: the ghost of BP overshadows Lula’s oil celebration

Local business, global network: Naspers seeks to conquer the emerging world

Deal of the day: Honam in $1.25bn Asian plastics acquisition

Thailand: the prime minister and the mobile phone texts

Chinese energy use: a sudden revision in the numbers

Only the best will do: China upgrades its trucks

Global M&A: New Europe stirs

New York headlines

Minsk and Managua to get 4G before Manchester

Asian markets wrap: Indonesia posts fresh high; currencies prove resilient

Russia: the shopper makes a modest comeback – on tick

Global equities macromap

Most popular posts

Recently commented

Number of the day

beyondbrics

The emerging markets hub

BB shortcuts

beyondbrics team

Regional teams:

Emerging markets data

Archive

What we are writing about

What we’re reading