Daily Archives: August 6, 2010

Peruvian gas protests turn ugly as export opposition grows

August 6, 2010 11:08 pm by Naomi Mapstone

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Peru’s return to gas-exporting status is turning into an almighty headache for president Alan García, with protests turning ugly this week and threatening power supplies for a third of the country.

Nineteen people were injured and 25 arrested after protesters blocked roads, burned a workers camp and took two gas workers hostage in Convención province, south of Lima.

Yesterday, 1,000 more took their protest to the centre of Cusco, the jumping-off point for tourists heading for Machu Picchu, the crown jewel of the Andean nation’s tourism offering. Continue reading »

Posted in Peru | Permalink

Slim throws his hat in the telecoms consolidation ring

August 6, 2010 10:16 pm by Vincent Bevins

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Not to be left behind in the race for consolidation, Embratel, Carlos Slim’s telecoms operation in Brazil, announced on Thursday a R$4.6bn bid for the preferred shares of Net Serviços de Comunicação, the cable TV and internet service provider. Control of Net would allow Slim to offer fully integrated internet, TV, and telephone services, including through Claro, his local mobile operator.

The move came just one week after Telefónica successfully bought Portugal Telecom out of its mobile venture, a deal will allow Telefónica to integrate its own operations here. But it’s been common knowledge for years that Embratel eventually planned to take full control of Net. And at the moment, doing so is illegal. Continue reading »

Posted in Brazil | Permalink

Americas markets wrap: US jobs report weighs on stocks and currencies

August 6, 2010 9:58 pm by Shannon Bond

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Latin American markets fell on Friday after a disappointing US jobs report raised concerns over the state of the US recovery and sent commodities prices down.

The region followed global markets lower as news that the US lost 131,000 jobs in July, more than twice what analysts had expected.

“Without more substantial job gains there is little chance that we will see any acceleration in consumption growth in the second half of the year”, said Paul Ashworth of Capital Economics. But Hamilton Moreira, senior analyst with BB Investimentos, told Reuters, “I don’t see another recession in the United States just yet. I foresee a slow recovery.” Continue reading »

Posted in Global, LatAm | Permalink

Peru’s balancing act continues as growth surges

August 6, 2010 8:55 pm by Naomi Mapstone

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The nuevo sol turns 20 this year under the wary eye of Julio Velarde, Peru’s central bank governor.

Mr Velarde surprised economists for the second time in the past three months last night when he ratcheted up the benchmark rate by a more-than-expected 50bps to 2.5 per cent.

The governor has a delicate mission in keeping a lid on currency appreciation and preventing the economy from overheating amid intensifying inflows of capital, rising inflation and April 2011’s looming presidential election. Continue reading »

Tags: central banks, inflation, monetary policy Posted in Peru | Permalink

CEE markets wrap: Muted response to poor jobs data

August 6, 2010 6:17 pm by beyondbrics

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Central and eastern European markets regained some poise in late trading after disappointing nonfarm payrolls data from the US. Bourses across the region were mixed at the close, with small gains and losses aside from Romania, where stocks fell 1.6 per cent. Continue reading »

Posted in Europe, Global | Permalink

Egypt in a fix over Russian wheat ban

August 6, 2010 4:46 pm by Barney Jopson

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As the world’s largest grain importer, Egypt eats heaps of Russian wheat. What does Moscow’s impending ban on exports mean for Egyptians and the country’s economic diet?

So far Egyptian officials have played down its implications and said they have plenty of stocks in reserve, but the ban has the potential to affect two of Egypt’s biggest economic challenges: inflation and public debt. Continue reading »

Tags: food & drink, inflation Posted in Egypt | Permalink

Online gaming: Apple’s first acquisition in China?

August 6, 2010 4:10 pm by Alexandra Stevenson

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China’s online gaming business is booming. Last year revenues hit $3.97bn, and growth was 30 per cent. The industry’s revenue is expected to more than double in the next three years.

So it may seem a no-brainer that a foreign tech giant would eye online gaming giants like Tencent, Shanda or NetEase. But could that tech giant be Apple? Continue reading »

Tags: Apple Posted in China | Permalink

Asia markets wrap: China equities up; baht at 2-yr high

August 6, 2010 12:12 pm by Henry Mance

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Asian investors were cautious on Friday, ahead of US unemployment data, yet Chinese stocks rebounded on strong agricultural prices.

The Shanghai Composite rose 1.4 per cent to close at 2,658.39, with analysts suggesting that the recent modest fall in property prices may have placated the government. However, regulators repeated their demands that property speculation should be “resolutely” halted, and called for stress tests to be extended to loans to industrial sectors. Continue reading »

Posted in Asia, Global | Permalink

China lets insurers off the lease

August 6, 2010 12:01 pm by Josh Noble

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Chinese regulators took another step to loosen the investment landscape on the mainland on the Thursday night – this time for insurance companies.

From August 31, insurers will be able to invest in real estate and in unlisted companies – and the overall amount they can invest will go up to 20 per cent of assets. Good news for the bulls, says HSBC. Continue reading »

Posted in China | Permalink

New York headlines

August 6, 2010 11:59 am by beyondbrics

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* China widens stress tests to steel, cement -media

* Planes diverted and offices close as Moscow chokes

* Baidu is ‘increasingly keen’ on acquisitions

* Rio reaps benefit of iron ore surge

* China’s CIC denies interest in Liverpool FC Continue reading »

Posted in Global | Permalink

Who will be the next Ratan Tata?

August 6, 2010 10:37 am by James Fontanella-Khan

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Now that the race to fill Ratan Tata’s shoes has officially begun and a secret committee has been set up to name his successor, industrialists in south Bombay – as they prefer to call Mumbai – are having a good time at their local members-only clubs betting on who will takeover the helm of India’s most prestigious corporate group. Continue reading »

Tags: Ratan Tata Posted in India | Permalink

Brazil’s TV debate: ports, rates and Lula’s shadow

August 6, 2010 9:02 am by Jonathan Wheatley

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Campaigning for Brazil’s presidential election in October heated up last night with the first televised debate between the leading candidates: Dilma Rousseff (far right in photo) of the governing leftwing Workers’ Party; José Serra of the centrist opposition PSDB (centre); Marina Silva of the Green Party (far left); and Plínio de Arruda Sampaio of the far-left PSOL.

So, how did they fare? Continue reading »

Tags: elections Posted in Brazil | Permalink

London headlines

August 6, 2010 5:55 am by beyondbrics

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* China: US-Vietnam nuke talks ‘destabilising’

* Baidu is ‘increasingly keen’ on acquisitions

* Rio reaps benefit of iron ore surge

* China’s CIC denies interest in Liverpool FC Continue reading »

Posted in Global | Permalink

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Daily Archives: August 6, 2010

Peruvian gas protests turn ugly as export opposition grows

Slim throws his hat in the telecoms consolidation ring

Americas markets wrap: US jobs report weighs on stocks and currencies

Peru’s balancing act continues as growth surges

CEE markets wrap: Muted response to poor jobs data

Egypt in a fix over Russian wheat ban

Online gaming: Apple’s first acquisition in China?

Asia markets wrap: China equities up; baht at 2-yr high

China lets insurers off the lease

New York headlines

Who will be the next Ratan Tata?

Further reading: Chinese stress tests, looming food crisis, censorship

Brazil’s TV debate: ports, rates and Lula’s shadow

London headlines

Global equities macromap

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