Americas markets wrap: Homebuilders and steelmakers fall on US growth worries
Latin American markets fell today amid concern over tomorrow’s US GDP data. Stocks had rallied in the morning after US jobless claims were lower than expected, but optimism faded as investors anticipated the economic growth figures and the outcome of the Fed’s Jackson Hole meeting.
Meanwhile, an unexpected fall in Brazil’s unemployment rate to 6.9 per cent in July has investors speculating the central bank may hike interest rates. Continue reading »
CEE markets wrap: Russia rebounds
With news that US jobless claims fell slightly last week, central and eastern European currencies rose against the dollar – and Russian stocks recovered Tuesday’s losses.
The Micex index was up 1.6 per cent. Sberbank, the country’s biggest bank, led gains, up 3.5 per cent, after sliding yesterday on disappointing earnings. Continue reading »
[Hey Bric Spender] The politics of Chinese consumption
The Chinese might not have the freedom to get involved in politics. But the ruling communist party has given its subjects one freedom while opening the economy to the world since 1979, and especially since China joined the WTO in 2000 – that’s the freedom to consume.
The stories about the booming Chinese consumer market strike a discordant note on one level. After all, the dominant global political debate about the Chinese economy is about how the country is a chronic under-consumer. Continue reading »
[Hey Bric Spender] A healthier Ramadan in Dubai
Traditionally during Ramadan, the Muslim holy month of fasting, the hours when one can eat are filled with large feasts. The ubiquitous fast-food brands that dominate so much of Dubai’s eating culture see revenues collapse as day-time snacking stops and Muslims spend more time at home with their families.
But a new trend of healthy eating in the UAE means these brands face a longer term threat, too, as the challenge of the fast has quickened a broader trend towards healthier eating among the country’s middle class expatriate and Emirati nationals. Continue reading »
By Patricia De Leon of mergermarket
Fraser & Neave has expanded into property and publishing over the last two decades. But the Singapore group’s latest move suggests a renewed focus on Asia’s food and drinks industry, where its products are household names.
F&N has bought a 23.1 per cent stake in Cocoaland, a Malaysian sweet-maker that exports to more than 50 countries, for 54.6m ringgit ($17.3m). A small deal, but one that hints at how competitive Asia’s snack market has become. Continue reading »
Philippine growth spurt: it’s election spending, stupid
Expensive elections are not always good for democracy. But they can boost the economy – as today’s Philippine growth figures show.
First-half GDP grew the most in 22 years, and economists say one key factor was spending on political campaigns and vote organisation. Continue reading »
India: monsoon dampens summer sales
By Girija Shivakumar in New Delhi
India is having its wettest August for a decade. The monsoon season should increase harvests, lower inflation and ease pressure on the Congress-led government.
So is everyone happy? Not sellers of soft drinks, air conditioners and fridges. Their sales have fallen 15 to 30 per cent compared to last year’s sweltering August, according to Indian media reports. Continue reading »
New York headlines
* North Korea leader makes surprise China visit: sources
* China Life says no recent talks with AIA
* Time Warner buys Chile TV network
* Ford targets India for assembly growth
* Publicis talks over stake in Brazil’s Talent Continue reading »
Asia markets wrap: Philippine growth up, rates steady
The Philippines became the latest emerging Asian economy to beat growth forecasts: its economy grew 7.9 per cent in the second quarter compared to 2009, the fastest rate in three years, as industrial production and confidence rises.
Philippine stocks and the peso gained, while the central bank held interest rates. Other Asian equities were subdued. Continue reading »
Thailand’s car industry: motoring
Thailand’s auto industry is going from strength to strength. In the last two months Ford and its partner Mazda have committed a total of almost $800m to new and expanded plants in Thailand.
The US company announced a new $450m greenfield compact car factory in June, and now AutoAlliance Thailand – a joint venture between Ford and Mazda – have just said they are going to invest a further $350m in expanding their existing plant just south of Bangkok to build “compact pick ups”, a class that attracts a hefty tax break in Thailand. Continue reading »
Pride of the Himalayas: Nepal looks to gay tourism
By Prateek Pradhan in Kathmandu
Nepal’s gay community has added some extra colour to the traditional festival of Gaijatra this year, in a carnival of humour, satire, fanfare and fun.
On Wednesday, hundreds of gay people from around the country – along with friends and family – joined a rally around the capital led by Sunil Babu Pant, a parliamentarian representing gays and sexual minorities in the House. Continue reading »
Further reading: Scramble for Africa, Putin’s machismo, NBA in India
From the FT:
From elsewhere:
London headlines
* Time Warner buys Chile TV network
* Chinese premier stresses M&A of coal mine industry
* Publicis talks over stake in Brazil’s Talent
* Mukesh Ambani restructures his holding in Reliance
* Indian builder creates new WEF HQ Continue reading »
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