Americas markets wrap: Risk aversion and Petrobras worries drag stocks
Uncertainty over Petrobras’s oil-for-shares swap and disappointing US income data weighed on Latin American markets today amid at atmosphere of faltering risk appetite in global markets.
“It’s more of the same: fear about global growth and commodities weak again,” Mirela Rappaport of Investport in São Paulo told Bloomberg.
Chile, however, was a bright spot; stocks rose after the government reported better-than-expected industrial production data. Continue reading »
Shanghai schools experiment with less work, more play
Wang Chuanfu, head of BYD, the Chinese electric car company that Warren Buffett loves best, is famous for saying he does not understand the concept of leisure. He told the FT recently, “I enjoy working very much, if you ask me to go sightseeing for a day I probably wouldn’t enjoy it”.
He predicted that the next generation in China may adopt the post-modern Western habit of putting play before work – and he made clear where he thought that would land them. But now there are signs his nightmare is beginning to come true: elementary schools in one Shanghai district, which starts a new academic year this week, will abolish homework on Wednesdays. Continue reading »
CEE markets wrap: Polish stocks slip despite strong GDP growth
Central and eastern European stocks were mixed today as upbeat growth figures from Poland showed positive signs for domestic demand, but risk appetite showed some signs of waning.
Poland’s 3.5 per cent GDP growth in the second quarter from a year earlier was better than expected. The figures showed domestic demand strengthening and companies beginning to rebuild their inventories. Continue reading »
India seeks more diamonds in the rough
India, the world’s largest polisher of diamonds, is taking steps to move aggressively into the procurement of roughs by setting up its own syndicates.
Over 120 years after De Beers, the global diamond group, set up its own central selling organisation, India’s diamond city of Surat, which cuts and polishes nine out of 11 of the world’s diamonds, is seeking to guarantee its own supply of the raw material. Surat Diamond Sourcing India has been established to source diamonds directly from mining firms across the globe. Continue reading »
New York headlines
* India meets for decision on BlackBerry ban
* Rising China wages cut advantage over Mexico, Flextronics says
* Mining mogul with a mountain to climb
* Japan, Qatar funds may bid for AIG Taiwan unit: report
* China’s Lenovo to launch video games console Continue reading »
London headlines
* Rising China wages cut advantage over Mexico, Flextronics says
* Mining mogul with a mountain to climb
* Japan, Qatar funds may bid for AIG Taiwan unit: report
* Doubts over Chinese coal-bed methane
* Hungary ‘can’t afford’ to delay deficit cuts, EU’s Rehn says Continue reading »
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