Daily Archives: August 19, 2010

Banking on Brazilian credit

August 19, 2010 10:59 pm by Vincent Bevins

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One of the Brazilian government’s main anti-cyclical tools during the global recession has been state-controlled Banco do Brasil. Last year, top brass were replaced as the government insisted the bank expand lending as other banks turned back.

That strategy seems to have paid off. At least, Latin America’s largest bank by assets certainly succeeded in doing what it was told. In the first half of 2010, in which profits rose by 26.5 per cent on last year, total credit to individuals reached over R$100bn – a 47.7 per cent jump in one year. Continue reading »

Americas markets wrap: Stocks fall on US labour woes, Petrobras

August 19, 2010 10:18 pm by Shannon Bond

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Latin American markets fell today as a rise in US jobless claims spurred fresh worries over the US recovery. In Brazil, stocks were further dragged down by speculation that Petrobras, the state-controlled oil producer, would delay its planned share offering. Continue reading »

Posted in Global, LatAm | Permalink

Not-so-smooth sailing for Fernández government

August 19, 2010 8:00 pm by Jude Webber

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The d-word – default – is as dirty a word as there is in Argentina. It’s not something the government ever likes to admit is possible – no one, after all, wants to return to the horrors of 2001-02, when Argentina’s default on nearly $100bn, the biggest sovereign default in history, made it an economic pariah and pushed half the country into poverty.

But these are tough times for President Cristina Fernández, who used the word today. Continue reading »

Tags: bonds, pensions Posted in Argentina | Permalink

CEE markets wrap: US data drives losses; Turkish rates unchanged

August 19, 2010 5:58 pm by Henry Mance

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With risk aversion rising in reaction to poor US manufacturing data from the Philadephia Fed, emerging Europe’s currencies bid goodbye to some of their recent gains on Thursday. The Polish zloty, the Hungarian forint and the Turkish lira all fell around 0.7 per cent against the dollar. The zloty also saw its biggest fall in seven weeks against the euro, down 0.1 per cent to 1 percent to 3.97. Continue reading »

Posted in Europe, Global | Permalink

Deal of the day: Consolidation looms in Brazil’s power sector

August 19, 2010 5:08 pm by beyondbrics

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By Leandro Molina of mergermarket

Brazil has 64 power distribution companies – more than twice its number of states. With the government keen to reduce rates, and infrastructure requiring new investment, consolidation is on the cards. Continue reading »

Tags: M&A, mergermarket Posted in Brazil | Permalink

Doing business in Russia: go local

August 19, 2010 4:39 pm by Esther Bintliff

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As any traveller knows, when visiting a new country for the first time, it helps to know a few locals. In some respects, this is what ITE Group, the events organiser, offers for international companies that want to export into Russia and the CIS.

But while ITE Group might act like a local, it’s actually headquartered in the UK, and listed on the London stock market. So how did a British company become the leading international exhibition organiser in Russia and Eastern Europe? Continue reading »

Posted in Russia | Permalink

[Hey Bric Spender] LatAm airlines fly high on consumer demand

August 19, 2010 3:19 pm by Jude Webber

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Getting a plane in Latin America can often be a trying affair – and not only if you were booked on Mexico’s leading airline by passenger numbers, Mexicana, which filed for bankruptcy protection this month.

Strikes and delays are irritatingly common, airport facilities are often primitive, and nervous travellers may not want to recall that some airports still lack radars. But in a region seeing robust economic growth, passenger traffic is increasing sharply as middle-class consumers (and the employers sending them on business trips) get richer. Continue reading »

Tags: aviation, bric spender Posted in Global, LatAm, Uncategorized | Permalink

Calming the outsourcing debate

August 19, 2010 2:30 pm by James Lamont

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The equalisation of outsourcing costs between India and some parts of the US is striking. It could mean the likes of Genpact, Infosys and Tata Consultancy Services hire more people in their biggest market, the US.

It could also ease the protectionist rhetoric coming out of Washington. Some US senators regard Indian outsourcing companies as “chop shops” which steal US jobs. And the 0bama administration clearly wants to keep more jobs at home.

Global labour markets may help it achieve that goal. Continue reading »

Tags: outsourcing Posted in Asia, India | Permalink

Turkish derivatives receive double boost

August 19, 2010 2:00 pm by Jeremy Grant

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Çetin Ali Dönmez is a happy man. The chief executive of TurkDex, Turkey’s derivatives exchange, has received two pieces of good news that should make his market an easier place to invest.

Late on Wednesday, US regulators allowed TurkDex’s flagship Istanbul stock exchange index futures contract – the ISE 30 – to be offered directly into the US. Aside from a few hedge funds with special exemptions, US investors were not allowed to trade Turkish derivatives on TurkDex before the decision, which was made by the Commodity Futures Trading Commission (CFTC). Continue reading »

Tags: derivatives Posted in Turkey | Permalink

Chinese tycoon prefers heritage items and western baubles

August 19, 2010 1:00 pm by Tom Mitchell

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Empires like to collect booty. The Romans scoured their realm for strange beasts and other exotica, parading them through their capital. The British helped themselves to the Elgin Marbles, taken from the Acropolis.

But as the economic power of once looted regions grows, treasure can start flowing the other way. In Macao Stanley Ho, the Eurasian gaming tycoon and Chinese chauvinist, has “returned” artefacts to his motherland. Continue reading »

Posted in China | Permalink

Taiwan’s export economy sizzles

August 19, 2010 12:40 pm by Robin Kwong

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Having an economy as reliant on high-tech exports as Taiwan’s was seen as a bad idea last year, as the pain of the global economic downturn was doubly felt by Taiwanese companies who were present at nearly every stage of the technology supply chain. As a result, Taiwan’s economy shrank by a record 10 per cent at the beginning of 2009.

Now the story is reversed, as the island is enjoying outsized benefits from the rapid recovery in the tech sector. Continue reading »

Tags: GDP Posted in Taiwan | Permalink

Lenovo: new markets don’t come cheap

August 19, 2010 12:04 pm by Kathrin Hille

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The PC industry is highly cyclical – so no surprise that Lenovo has made a phenomenal recovery from the beating it took during the financial crisis. China’s biggest computer-maker returned to profit in the fiscal first quarter, and has been growing faster than all other PC vendors for three straight quarters now, at 60 per cent in the three months to June.

But the cycle will only get you so far. Continue reading »

Tags: China tech, IT Posted in China | Permalink

Asia markets wrap: ringgit rockets to 13-year high

August 19, 2010 12:00 pm by Henry Mance

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Asian markets continued their solid week on Thursday, buoyed by reports that a Japanese stimulus may be outlined next month. China’s Shanghai Composite and India’s Sensex hit their highest levels for three and 30 months respectively.

Malaysia’s ringgit reached a 13-year peak, after the central bank decided to allow residents to use the currency to settle trade with non-residents, adding to enthusiasm about the economy. Continue reading »

Posted in Asia, Global | Permalink

New York headlines

August 19, 2010 11:50 am by beyondbrics

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* Taiwan’s economy surges 12.5 per cent in Q2

* Blackstone to invest $4bn in India

* South Korean won boosted by Beijing

* Cnooc H1 profit doubles, beating estimates

* McDonald’s sells renminbi bonds in Hong Kong Continue reading »

Posted in Global | Permalink

Thailand: leniency on Thaksin a relief for foreign investors

August 19, 2010 10:19 am by Tim Johnston

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Some sleeping dogs are better left lying.

Thailand’s Department for Special Investigation has decided not to push for charges against Thaksin Shinawatra, the country’s de facto opposition leader.

Thaksin’s alleged offence was using nominees to hide shareholdings in telecoms group Shin Corp. But a prosecution might have unsettled foreign investors. Continue reading »

Tags: FDI Posted in Thailand | Permalink

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beyondbrics

Daily Archives: August 19, 2010

Banking on Brazilian credit

Americas markets wrap: Stocks fall on US labour woes, Petrobras

Not-so-smooth sailing for Fernández government

CEE markets wrap: US data drives losses; Turkish rates unchanged

Deal of the day: Consolidation looms in Brazil’s power sector

Doing business in Russia: go local

[Hey Bric Spender] LatAm airlines fly high on consumer demand

Calming the outsourcing debate

Turkish derivatives receive double boost

Chinese tycoon prefers heritage items and western baubles

Taiwan’s export economy sizzles

Lenovo: new markets don’t come cheap

Asia markets wrap: ringgit rockets to 13-year high

New York headlines

Thailand: leniency on Thaksin a relief for foreign investors

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