Daily Archives: December 7, 2010

China’s Bright Foods eyes US vitamins

December 7, 2010 11:00 pm by Shannon Bond

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Coming soon to Chinese medicine cabinets: American-made vitamins? Bright Food, the Shanghai-based group, seems to think so. The group is in talks to buy US vitamin retailer GNC Holdings for more than $2.5bn, the FT’s Louise Lucas and Helen Thomas report.

Bright Foods had been eyeing the UK’s United Biscuits, but “Bankers said the deal was a better fit than United Biscuits for Bright Food, which already runs a joint venture with GNC in China, and better plays to local culture – with vitamins and health supplements proving popular in the country.” Continue reading »

Tags: consumption, health, M&A Posted in China | Permalink

Venezuela floods reveal chronic problems

December 7, 2010 9:45 pm by Benedict Mander

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Not for the first time, Hugo Chávez is blaming the problems facing his country on capitalism. With some 100,000 people forced out of their homes and at least 34 dead due to serious flooding, Venezuela’s socialist president seems to be saying that this is essentially the fault of a “criminal development model” that has destroyed the environment.

Yes, the environment is in a bad way largely because of industrialised countries, and something urgently needs to be done about it. But quite apart from the fact that Venezuela is hardly the most environmentally friendly country itself, there are further important reasons that Chávez may prefer not to mention that go some way to explaining why the government is now having to shell out $2.3bn for an emergency relief fund. Continue reading »

Tags: environment, infrastructure Posted in Venezuela | Permalink

Americas markets wrap: US tax deal lifts Mexico, oil weighs on Brazil

December 7, 2010 9:29 pm by Shannon Bond

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Latin American investors followed the global risk rally, buoyed by news of a deal on US tax cuts that lifted hopes for growth in the world’s biggest economy next year and by an easing in fears over eurozone debt. Indices rose in Mexico and Chile, though most currencies slipped against the stronger dollar.

Meanwhile, in Brazil, the Bovespa pared earlier gains to fall slightly at the end of trading, dragged down by shares of Petrobras. The state-controlled oil company fell as crude prices slumped after hitting a two-year high earlier in the day. Continue reading »

Posted in Global, LatAm | Permalink

Russia: Mazda moves up a gear

December 7, 2010 8:57 pm by Isabel Gorst

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When Japanese automakers flocked to Russia to build car assembly plants, Mazda got left behind. It is now playing catch up as Russian car sales recover from a slump during the crisis.

“With our own assembly plant we could compete more successfully with other foreign (car) producers,” said Takashi Yamanouchi, the president of Mazda. Continue reading »

Tags: vehicles Posted in Russia | Permalink

South Africa moves forward on green power subsidies

December 7, 2010 8:20 pm by Simon Mundy

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South African environmentalists have grown increasingly frustrated of late: while the government is full of bold plans for renewable energy, it has been slow to bring about real growth in the sector. So they will be cautious in their approval of Monday’s announcement that the government will start a long-awaited subsidy scheme in the first quarter of next year, in the hope of unleashing a wave of green electricity investment.

The cause is more urgent now than ever. For one thing, it has become a key part of the government’s fight against unemployment – the state wants to create 300,000 jobs in the “green economy” in the next decade. Continue reading »

Tags: energy, environment, renewable energy Posted in South Africa | Permalink

Turkey: Sabanci goes for energy

December 7, 2010 7:30 pm by Maria Sovago

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Guler Sabanci, chairperson of Sabanci Holding, one of Turkey’s largest conglomerates, is betting on energy.

The bulk of the diversified group’s $1.5bn investments this year will be in electricity as the company tries to take advantage of “the serious transformation of Turkey’s energy sector,” Sabanci explains in an interview in FT’s special report on Turkey published on Tuesday. Continue reading »

Tags: energy, FDI Posted in Turkey | Permalink

CEE markets wrap: Hungary continues revival

December 7, 2010 7:15 pm by Ranjit Lall

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Hungarian stocks continued to claw back recent losses on a good day for central and eastern European markets on Tuesday. The Budapest Composite rose 1.5 per cent, closely followed by indices in Romania and Poland, as risk appetite improved among investors. The Hungarian forint rose sharply against the dollar.

“There is a sense that the worst fears about the European debt crisis have passed,” Neil Shearing, emerging markets economist at Capital Economics, told beyondbrics. “Investors are more optimistic that the EU’s bailout package will prevent contagion in the region.” Continue reading »

Posted in Global | Permalink

Latvia: sovereign credit gets stronger

December 7, 2010 7:13 pm by Andrew Ward

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Latvia was one of the first countries hit by the full force of the global financial crisis in late 2008. Now, as the latest phase of the crisis unfolds elsewhere in Europe, the Baltic state is showing signs of recovery.

On Tuesday, Latvia received its first sovereign credit upgrade in more than six years when Standard & Poor’s lifted its rating to BB plus and said the country had proved more resilient than expected. Continue reading »

Tags: credit ratings Posted in Latvia | Permalink

Deal of the day: Tsingtao strengthens grip on Chinese market

December 7, 2010 6:40 pm by beyondbrics

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By Thomas Williams of Merger Market

Tsingtao Brewery took a big step towards consolidating its position as one of China’s largest beer producers on Tuesday, acquiring Shangdong Xin Immense Brewery Company in a Rmb1.9bn (£178.3m) deal.

Shandong Xin is the second largest beer producer in the Shandong province after Tsingtao itself. The brewer owns the Silver Wheat beer brand sold in mainland China and is estimated to have a production capacity of 550,000 litres per year. Continue reading »

Tags: food & drink, M&A, mergermarket Posted in China | Permalink

Worth the wait: Russia & the WTO

December 7, 2010 6:10 pm by Charles Clover

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Russia seems to have been six months away from joining the World Trade Organisation for a decade and a half, which makes veteran Russia watchers hesitant to join in the growing excitement over the country’s approaching accession to the trade body.

“The expectation of imminent WTO membership has been around many many times in the last 15 years” quipped Roland Nash, chief strategist for Renaissance Capital, the Moscow investment bank. Continue reading »

Tags: trade, WTO Posted in Russia | Permalink

Why are Chinese schoolkids so good?

December 7, 2010 5:40 pm by Henry Mance

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There are two stereotypes about schooling in east Asia: the students work extremely hard, and the learning is by rote. In fact, things are more complicated, as the OECD’s latest global schools survey has shown.

Shanghai came top in the Pisa survey, with three other east Asian territories in the first five. But not all east Asian countries did well, says the OECD’s Andreas Schleicher, adding that it’s innovative thought that is assessed. Shanghai schools aren’t turning children into walking textbooks: they are channelling their ability and enthusaism into exceptional results. How? Continue reading »

Tags: education Posted in China | Permalink

BTG Pactual: “a tropical Goldman Sachs”?

December 7, 2010 5:15 pm by Jonathan Wheatley

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What kind of a bank is BTG Pactual? One answer must be “a bank unlike any other” given Monday’s announcement that it had attracted $1.8bn in capital from a consortium led by three of the world’s biggest sovereign wealth funds.

The investment is not only the biggest of its kind in Brazil. It is also, as André Esteves, BTG Pactual’s founder, told the FT, “a sign of a new financial order”. So has the focus of the world’s financial industry shifted to emerging markets? Continue reading »

Tags: Andre Esteves, banking, BTG Pactual, M&A Posted in Brazil, LatAm | Permalink

[Snap] EU backs Russia WTO entry

December 7, 2010 4:55 pm by Stefan Wagstyl

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Russia’s 17-year campaign to join the World Trade Organisation has taken a big leap forward with a formal decision by the European Union to back the bid.

The EU says it clears the way for accession in 2010, even though the US and Russia’s hostile neighbour Georgia have yet to give their agreement for a deal that has to be supported by all the trade body’s members. Continue reading »

Tags: trade, WTO Posted in Russia | Permalink

YPF makes major gas find in Argentina

December 7, 2010 4:15 pm by Jude Webber

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Argentina’s former state energy monopoly, YPF, has announced a major discovery of so-called unconventional gas. The news is a significant boost for Argentina’s troubled energy sector, where production has been sinking by about 6 per cent a year.

YPF, which is majority owned by Spain’s Repsol, is teaming up with Brazil’s Vale do Río Doce to develop part of the new discovery, and the companies will jointly invest some $140m in the initial phase. YPF shares are up over 8 per cent since Friday, following leaks of the announcement, while Vale’s São Paulo shares have reached a seven-month high. Continue reading »

Tags: oil & gas, Vale, YPF Posted in Argentina, LatAm | Permalink

Axiom pullout a wake-up call for Dubai

December 7, 2010 3:41 pm by Simeon Kerr

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Axiom Telecom’s decision to cancel its initial public offering in Dubai – what would have been the first in two years – casts a shadow over plans for future listings in the emirate, not least the debt-laden government’s privatisation programme.

In spite of Dubai’s reviving economic confidence, the opening of debt markets and the proposed asset sales, the mood in the local equity markets is decidely gloomy.

Tags: IPOs, telecoms Posted in Middle East, Saudi Arabia, United Arab Emirates | Permalink

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beyondbrics

Daily Archives: December 7, 2010

China’s Bright Foods eyes US vitamins

Venezuela floods reveal chronic problems

Americas markets wrap: US tax deal lifts Mexico, oil weighs on Brazil

Russia: Mazda moves up a gear

South Africa moves forward on green power subsidies

Turkey: Sabanci goes for energy

CEE markets wrap: Hungary continues revival

Latvia: sovereign credit gets stronger

Deal of the day: Tsingtao strengthens grip on Chinese market

Worth the wait: Russia & the WTO

Why are Chinese schoolkids so good?

BTG Pactual: “a tropical Goldman Sachs”?

[Snap] EU backs Russia WTO entry

YPF makes major gas find in Argentina

Axiom pullout a wake-up call for Dubai

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