Monthly Archives: October 2010

Brazil’s election: Dilma wins, though not by a mile

October 31, 2010 11:53 pm by Jonathan Wheatley

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It’s official: Dilma Rousseff of the ruling leftwing PT will be the next president of Brazil (and the first woman to hold the job) from January 1, 2011. She beat José Serra of the opposition centrist PSDB in a second-round run-off on Sunday, winning 56 per cent of the vote compared to Serra’s 44 per cent. Continue reading »

Posted in Brazil, Uncategorized | Permalink

Week ahead: November 1 – 7

October 31, 2010 3:00 pm by beyondbrics

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Will Barack Obama prove more popular in India than Indiana? Is India’s central bank more worried about inflation or the rupee? This week could provide some answers, with Asia’s third-largest economy hosting the US president and seeing an interest rate decision.

Brazilian politics will move into post-election mode. The country’s new president should be known by Monday morning but, with Dilma Rousseff enjoying a double-digit lead in the polls, a real race might not be seen until the São Paulo grand prix next Sunday. Meanwhile, global markets will hang on the US Federal Reserve meeting on Wednesday. In central and eastern Europe, the budget wrangling continues. Continue reading »

[Snap] Brazil’s election eve polls: Dilma to win

October 31, 2010 1:57 am by Jonathan Wheatley

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No surprises from the last two big opinion polls before Brazil’s election run-off on Sunday. Both Datafolha and Ibope show Dilma Rousseff of the ruling leftwing PT firmly on course to succeed her mentor, outgoing President Luiz Inácio Lula da Silva, with a lead of at least 10 percentage points over José Serra of the centrist opposition PSDB. Continue reading »

Posted in Brazil, Uncategorized | Permalink

Talk of Rousseff’s future cabinet

October 29, 2010 10:07 pm by Jonathan Wheatley

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With just two days to go before the second round in Brazil’s presidential election, there is little doubt that Dilma Rousseff, pro-government candidate of the ruling leftwing PT, will win Sunday’s run-off against José Serra of the centrist opposition PSDB who is the market’s and the FT’s preferred candidate. Continue reading »

Tags: Brazil politics Posted in Brazil, LatAm, Uncategorized | Permalink

CEE markets wrap: forint gains again; deficit warnings for Poland

October 29, 2010 6:21 pm by Henry Mance

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With US growth picking up slightly, Polish and Russian stocks rose on Friday. The region’s currencies fell against the dollar, led by the rouble, after the Russian central bank held rates. However, the Hungarian forint outperformed, nearing a six-month high against the dollar, ahead of this weekend’s budget announcement. Turkey’s stock market was closed for a holiday. Continue reading »

Posted in Global | Permalink

Standard Bank cuts 2,100 staff, as recovery disappoints

October 29, 2010 5:27 pm by Simon Mundy

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South Africa’s banks had a good crisis: prudent management and strict regulation meant they were less exposed than European and US peers. But they are being strained by a sluggish recovery – as shown by Standard Bank’s reluctant decision to lay off 2,100 staff, more than 4 per cent of its workforce.

Jacko Maree, chief executive of Standard Bank, Africa’s lender bank by assets, justified the redundancies by pointing to the bank’s declining revenues and return on equity. And he voiced little confidence that a revival was near. Continue reading »

Posted in South Africa | Permalink

China and India: friction grows; so do business ties

October 29, 2010 3:36 pm by beyondbrics

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By Barney Jopson and Alexandra Stevenson

This week began with India being pushed by the US to take a “more active” role in political and security cooperation in Asia, at a time when the region is becoming increasingly anxious about a more assertive China.

Indian leaders themselves have expressed fears their country is being hemmed in by Beijing’s expanding ties with Pakistan, Burma, Nepal and Sri Lanka. But recent days have provided a reminder that trade and business ties between the two regional heavyweights are proliferating too. Continue reading »

Posted in China, Global, India | Permalink

The business battle behind a Chinese internet outcry

October 29, 2010 2:00 pm by Kathrin Hille

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On the internet in China, many things are not quite what they seem, because the lack of press freedom often helps online rumours fly faster than they would elsewhere. The latest example is the growing outcry about the fact that Ma Huateng, chief executive of Tencent, China’s largest internet company, and one of the richest people in the country, is receiving a housing allowance from the government.

According to a notice published by the Shenzhen Human Resources and Social Welfare Bureau two weeks ago, Ma – pictured playing golf in his office a few years – gets Rmb3100 ($465) per month in the third quarter because he is a “local-level leadership talent”. Continue reading »

Tags: China tech Posted in China | Permalink

Will India’s billionaires fall for a $3.6m status symbol?

October 29, 2010 1:03 pm by Anjli Raval

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The world’s fastest and most expensive car – the Bugatti Veyron 16.4 Grand Sport – is coming to India, the country where the world’s cheapest car, the Tata Nano, was born.

The Veyron’s makers say the car is a luxury in the best tradition of the maharajas. But the sales focus is on the kings of the new India: the 69 people who form the largest national group of dollar billionaires outside the United States. Continue reading »

Tags: consumption, luxury, vehicles Posted in India | Permalink

New York headlines

October 29, 2010 11:57 am by beyondbrics

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* Boost for AIG, as AIA shares surge 17% on debut

* Jakarta eyes action to deter ‘hot money’

* India, US may jointly counter China’s power in Africa

* Bidders vie for Carrefour Asian stores

* Premium carmakers’ profits roar ahead Continue reading »

Posted in Global | Permalink

Asia markets wrap: ICICI earnings lift Mumbai; AIA jumps on debut

October 29, 2010 11:42 am by Henry Mance

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Ahead of next week’s US Federal Reserve meeting, Asian markets were again marked by investor caution on Friday. However, Indian stocks were lifted by the country’s second-biggest bank, ICICI, which said second-quarter profit rose 19 per cent.

In Hong Kong, insurer AIA gained 17 per cent on its debut, giving the company a market cap of $35.8bn. On the currencies market, the Indonesian rupiah was roughly unchanged against the dollar, following the central bank’s indication that it is considering intervention. Continue reading »

Posted in Global | Permalink

Building China’s (commodity) futures

October 29, 2010 9:49 am by beyondbrics

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We know that China is now the primary price setter for a plethora of global commodities, ranging from cotton to copper, but one curiosity of the country’s rise is that its commodity exchanges have not taken on a similar global role.

The FT’s Leslie Hook reports on Friday on the Dalian Commodities Exchange, one of the ambitious Chinese exchanges trying to change that by extending its reach with new products. But the possibilities are still limited by laws banning foreign investment and China’s renminbi capital controls. The full story is here.

Tags: commodities Posted in China | Permalink

Petronas Chemicals IPO: $4bn and rising

October 29, 2010 8:14 am by Kevin Brown

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People close to Petronas, Malaysia’s state-owned oil and gas producer, surprised the market earlier in October by suggesting that the impending initial public offering of its chemicals subsidiary might raise as much as $4bn, nearly double initial estimates.

That would make the IPO of Petronas Chemicals Group the biggest in Kuala Lumpur since the initial public offering of Maxis, the telecommunications group, which raised $3.3bn in 2009. But could even the $4bn figure be conservative? Continue reading »

Tags: IPOs Posted in Malaysia | Permalink

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Monthly Archives: October 2010

Brazil’s election: Dilma wins, though not by a mile

Week ahead: November 1 – 7

[Snap] Brazil’s election eve polls: Dilma to win

Talk of Rousseff’s future cabinet

CEE markets wrap: forint gains again; deficit warnings for Poland

Standard Bank cuts 2,100 staff, as recovery disappoints

China and India: friction grows; so do business ties

The business battle behind a Chinese internet outcry

Will India’s billionaires fall for a $3.6m status symbol?

New York headlines

Asia markets wrap: ICICI earnings lift Mumbai; AIA jumps on debut

Building China’s (commodity) futures

Further reading: Sinodependency, Kissenger on Vietnam and China’s property war zone

Petronas Chemicals IPO: $4bn and rising

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