Americas markets wrap
Latin American markets fell on Thursday as Wall Street finished the session lower after a choppy day where early gains were erased by plummeting technology and consumer staples stocks. Continue reading »
Brazil’s central bank: open to interpretation
Brazil’s central bank surprised many economists by raising interest rates by less than expected last week. Today, it published the minutes (in Portuguese only) of the monetary policy committee meeting at which the decision was taken. Anyone hoping they would make matters clearer may be disappointed. Continue reading »
A true Mexican soap opera: the bank loan and the billionaire
Grupo Televisa, the world’s largest Spanish-speaking media company, is in the business of producing “telenovelas”, the quintessentially Latin soaps that in recent years have become a formidable export.
But in the last few months, it found itself starring in a real-life one. Continue reading »
The deal for Vivo: everyone’s a winner
A long-awaited deal between Telefónica of Spain and Portugal Telecom opens the way for the final wave of consolidation of Brazil’s telecoms sector. It will also allow operators to put years of distractions behind them and get on with building their businesses.
After months of increasingly acrimonious negotiations, all sides seem to have emerged victorious. Continue reading »
Russia: farmers hoping for rain will have to wait
As bikini-clad Muscovites fling themselves in city fountains to escape the scorching heat, it is too late for Russia’s drought-stricken farmers even to hope for relief.
The dry heat wave that has gripped Russia since June has already destroyed more than one fifth of the country’s grain crops and parched pasture lands. SovEcon, the Moscow-based agricultural consultancy, estimates that Russia’s grain harvest will barely meet national demands. Continue reading »
CEE markets wrap: Russian equities higher, Hungary’s debt solid
Central and eastern European equities performed strongly on Thursday, as more US companies beat earnings expectations and European business and consumer confidence reached two-year highs. Russian stocks led the gains, amid privatisation promises and a higher oil price, while Turkey’s ISE 100 index is now up nearly 25 per cent since February’s low.
Meanwhile, increased risk appetite helped Hungary sell more debt than expected, but Nomura bears remained focused on the country’s fiscal flaws. Continue reading »
East or west? Ukraine readies for debt rehab
It was hardly a surprise when Ukraine passed the bar for a $15.5bn IMF bailout. Desperate to plug a budget gap and stay financially afloat, Kiev caved in to unpopular but economically necessary austerity measures in recent weeks.
While painful for average cash-strapped Ukrainians, a nod from the IMF should reopen the door to international debt and capital markets. But in which currency? Continue reading »
An anti-US blast from China
So much for the US and China having patched up relations – the Communist Party’s mouthpiece has just slammed the US in an editorial.
“Is the US ready for China’s ascent as a great power?” the People’s Daily asked on Thursday, warning that the two countries are on collision course if Uncle Sam doesn’t give way. Continue reading »
TSMC gets gung-ho on growth
Taiwan Semiconductor Manufacturing Company, the world’s biggest contract chipmaker, on Thursday raised its bet on the continued rapid growth of the global semiconductor industry to the tune of $1bn.
The company, which commands half the global market for contract chips, on Thursday raised its capital expenditure plans for this year from $4.8bn to $5.9bn. A large part of that extra spending is to expand capacity for next year and to fund plans to begin mass production of chips using more advanced, 28nm technology. Continue reading »
Privatisation has an unhappy history in Russia – the chaotic 1990s asset sell-offs that gave birth to the infamous “oligarchs” are often seen as an example of how not to do it. Plans being considered in Moscow for $29bn of asset sales in 2011-13 provide an opportunity to get it right this time, potentially burnishing Russia’s investment image. But big questions remain over whether the government can pull them off. Continue reading »
Th
ere is one Gandhi-sized gap on David Cameron’s programme of visits in India.
Sonia Gandhi suddenly pulled out of a meeting with the prime minister, which was scheduled for this afternoon. The cause is still a mystery. But, at first sight, it does not bode well for the new Anglo-Indian “special relationship”. Continue reading »
Next to watch: emerging African consumers
If you weren’t already convinced of Africa’s growth story, here’s another quote to add to the ever-growing chorus of investors keen on the continent, courtesy of Mark Richards of Actis, one of the biggest private equity funds focused on emerging markets. He tells beyondbrics that “Africa is our DNA.”
Actis has backed a 100 per cent management buyout of a leading Egyptian credit card chip maker on Tuesday. The $30m deal, which highlights the importance of the emerging African consumer, comes as private equity hawks circle the continent, and Indian and Chinese companies come rushing in. Continue reading »
Tired of deficits, Fitch downgrades Vietnam
Fitch has set the cat among the pigeons by downgrading Vietnam’s debt from BB- to B+ and slamming the government’s economic management.
While the move, on Thursday, isn’t a complete surprise – the agency signalled its concerns in March – it has upset some other observers, not least the Asian Development Bank. Continue reading »
New York headlines
* IMF approves $15bn loan to Ukraine
* Record prices for Turkish stocks lure Mobius
* China govt approves Geely acquisition of Volvo
* Bangladesh lifts pay for garment workers
* BP may sell Venezuela oil stakes to Russian TNK-BP venture
Continue reading »
Asia markets wrap: equities ignore global doubts
Despite cooling winds of caution from the Fed, Asian equities pushed higher on Thursday thanks to strong US corporate earnings and continuing hopes that China will boost its economy.
The Shanghai Composite was 0.6 per cent to 2,648.12, with energy firms PetroChina and Sinopec leading gains. The Shenzen Composite was up 0.5 per cent to 1,076.878. Continue reading »
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